TransferWise, The British online money transfer company reports great fun raising service of $300 Million. The company deals in more than 750 currency accorss the world which includes USD, EUR, GBP, CAD, AUD and many others. It provides multi Currency accounts. The service was founded by Kristo Käärmann and Taavet Hinrikus in 2011, it is a London based company.
TransferWise rep[rting great profits from last three years. In 2018 TransferWise’s net profit reached $8 million with 4 million targeted customers who transfer around $4 billion per month. the company charge small commission while transferring money via the inter-bank mid exchange rate. The comapny adopting modern ways of money transfer, in which users need to suffer from fewer commission rates. However, in the traditional Currency transfer, the brokers charge the big difference of currency buying and selling rate.
- TransferWise reports an annual net profit of £10.3 million on revenues of £179 million.
- The company also reported the no. of target customers is £1 billion with its multi-currency account.
- the company is backed by the great profitable investors Richard Branson and Peter Thiel.
The money transfer services are earning profit from the last three years, The Financial technology recent;y posted a profit of third-year whi9ch is really unbelievable. The start-up struggled a lot to reach this level. On Wednesday the company said, It’s net profit after paying tax is reached to £10.3 million ($12.8 million) by the end of Financial year March 2019. The total revenue of the firm is raised by 53% to £179 million.
The money transfer giant was recently valued for $3.5 billion. This is really a great online money transfer platform which allows users to transfer money around the world with ease.
- With over $400 Million raised funds, TransferWise becomes one of the top-funded financial technology in Europe. the company attracting a lot of investors and customers, There is a great npo. of major banks associated with the company.
- TrasnferWise transfers 50 currencies through more than 1,300 cross-border routes, and reported an $8 million profit by end of march 2018.
- The fin-tech charge less than 1%, compared with the 7% global average for the cross-border transfers. The company giving tough fight o other money transfer companies by proving low-cost services, the competitors of the company struggling a lot.
- It provides the multicurrency bank account to customers which allow users to circulate money between multiple currencies.
- TransferWise expanding it’s reveu portal continuously and signing a number of deals to provide its services to both established lenders and startups.
Here is the statement was given by the TransferWise
“TransferWise is quite unique in that it’s both still growing significantly as well as turning a profit, which is especially challenging given the fierce competition in this market from both incumbents and startups. It’s also managed to stay in regulators’ good grace despite operating in a market filled with regulatory landmines, unlike others, including Revolut and Robinhood. These factors make it an attractive proposition for investors.” — Tomer Michaeli, Viola Fintech general partner