Estonia, EU – Baltic States, Financial Services, Good for Business, Innovations, Investments, Technology

Annual revenue of Transferwise grew by more than 75% to 117 mln pounds, the company announced. Net profit, 6.2 mln euros, was 16.2% smaller than the year before.

Kristo Kaarmann, CEO and co-founder of Transferwise, described the year as a landmark year for Transferwise.

"We've set a new standard for financial services companies, consistently lowering the prices we charge customers and inspiring the beginnings of a refreshing wave of transparency amongst other providers," Kaarmann said.

"We've proven that fintech can offer consumers an unbelievable experience at a low price, all whilst creating a solid business that can be trusted long-term. Looking forward, sustained growth and our healthy financial position means we can continue to drive down costs whilst investing in developing our product," he said. "Bringing banks, old and new, into our mission to provide faster, cheaper international payments is a vital step on this journey."

Where in the financial year 2016 the net profit of Transferwise resulted from the amortization of assets and a tax credit in the amount of seven mln pounds, as a result of which the company's net profit totaled 7.4 mln pounds despite an operating loss of 56,000 pounds, in the past financial year the company also registered an operating profit in the amount of 9.5 mln pounds.

Transferwise said that it now serves four mln customers worldwide who are using Transferwise to transfer an amount equaling three billion pounds every month, saving themselves one billion pounds a year compared to making the same transaction with their bank. The company offers 1,300 currency routes for 49 currencies.

Co-founded by Taavet Hinrikus and Kristo Kaarmann, Transferwise launched in 2011. It is one of the world's most successful fintech startups having raised 397 mln U.S. dollars from investors such as IVP, Old Mutual, Andreessen Horowitz, Sir Richard Branson, Valar Ventures and Max Levchin of PayPal.