- The UK-based startup is on its second profitable year
- In 2017, TransferWise’s user base was 2 million
- The company’s revenue increased by 75% this year
Cross-border payments provider TransferWise now has a total of 4 million users, reports say. The UK-based brand even got a revenue increase on top of this new development. According to an announcement by TransferWise representatives on Wednesday, 11 September 2018, the company made a substantial amount of money for the second consecutive year. In 2017, TransferWise made $86 million. This year, the money transfer brand has already made $156 million. Fintech observers say that the 7-year-old company is already profitable, unlike other startups like Revolut and WorldRemit.
TransferWise, along with other challenger banks, have disrupted the international money transfer scene and as a result, leading banks around the world have already invested money to create new digital services.
TransferWise is expected to grow more according to reports, as international money transfers see a steady increase. World Bank data shows that an estimated $585.1 billion was sent around the world in 2016 alone and remittances are expected to be higher in 2018 and in the coming years. Projections also show that the money transfer industry will be worth $5.9 billion by 2023.
TransferWise owes its success to its innovative platform because its money transfer process gets rid of the middlemen. TransferWise’s technology has enabled the company to cut fees to 0.6%. The usual money transfer fee shouldered by senders is around 5%.
TransferWise also launched its very own “borderless” debit card in Europe recently, a welcome development to individuals who want seamless money transfer services. The card allows users to send and receive money in a range of currencies. It is noted that the borderless card will benefit TransferWise account holders in Britain.
Find out more about the best cross-border payment brands here.
