Transferwise, which was briefly crowned Europe’s most valuable privately owned fintech company last year, saw pre-tax profits climb 29% to £10.1m in the 12 months to March 31, according to its latest annual report published on Wednesday. Its revenues rose 53% to £179.1m.
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UK ‘unicorn’ TransferWise taps business demand to lift profits
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“We’re generating enough cash from the business to fund the business,” Mr Briers said. “We are a truly rare unicorn rather than an inflatable one . . . which means we don’t keep needing to be blown up.” Its customer numbers and monthly processing volumes doubled since July 2018, to 6m customers and £4bn in monthly payments. Customer deposits in TransferWise’s borderless accounts surged more than fivefold over the financial year, from £148m to £830m, and Mr Briers said the total had since risen above £1bn.
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