TransferWise posts fourth straight year of profitability
TransferWise, one of Europe’s most valuable private financial technology firms said Wednesday that its net profit more than doubled to £21.3 million ($27.1 million) in the fiscal year ending March 2020. Annual revenues came in at £302.6 million, TransferWise said, up almost 70% from the previous year.
TransferWise’s annual accounts have been in the black since 2017, a rare display of sustainable growth in the fintech sector. Other start-ups in the space have reported deepening losses due to spending on new product features and overseas expansions.