Online international money transfer service TransferWise has revealed its marketing budget for the first time, showing it spent £12.3M on advertising in the year to March 31, 2016. The spend seems to have paid off with revenue increasing from £9.7M to £27.8M
The £12.3 million marketing spend was up from £9.37 million in 2015. TransferWise wouldn't break out marketing spend by geography or category when contacted by BI, and declined to comment. The increase seems to have paid off, with revenue leaping from £9.7 million to £27.8 million, as reported elsewhere earlier in the week. TransferWise is also now moving £800 million across its platform each month and claims to have an 8% share of the UK market. However, the cost of sales also jumped from £4.5 million in 2015 to £12.4 million in 2016, as TransferWise continued to expand internationally and the company's losses stretched from £11.1 million in 2015 to £17.3 million. Administrative expenses also doubled from £16.32 million to £32.7 million.