---
title: "TransferWise becomes profitable on operational basis"
id: "24430"
type: "post"
slug: "transferwise-becomes-profitable-operational-basis"
published_at: "2017-05-17T00:00:01+00:00"
modified_at: "2017-05-19T17:55:50+00:00"
url: "https://estonianworld.com/business/transferwise-becomes-profitable-operational-basis/"
markdown_url: "https://estonianworld.com/business/transferwise-becomes-profitable-operational-basis.md"
excerpt: "The Estonian-founded, London-based money transfer service, TransferWise, has announced it has for the first time become profitable on operational basis. That does not necessarily mean […]"
taxonomy_category:
  - "Business"
taxonomy_post_tag:
  - "Estonian startups"
  - "Transferwise"
taxonomy_post_format:
  - ""
publisher: "Estonian World"
language: "en-GB"
author: "Sten Hankewitz"
author_url: "https://estonianworld.com/author/stenhankewitz/"
---

# TransferWise becomes profitable on operational basis

![Image](https://estonianworld.com/wp-content/uploads/2013/10/TransferWise-2067-e1382366955338.jpg)

By  [Sten Hankewitz](https://estonianworld.com/author/stenhankewitz/)
  ·  May 17, 2017  · [Business](https://estonianworld.com/category/business/)
 · 1 minute of reading

### The Estonian-founded, London-based money transfer service, TransferWise, has announced it has for the first time become profitable on operational basis.

That does not necessarily mean the company is going to make a profit in the fiscal year of 2017-2018, and is certainly going to make a loss in the fiscal year 2016-2017 (that ended in March), but reaching operational profitability six years after it was founded is a massive milestone for the company.

TransferWise is expected to make a loss of about £2.6 million (US$3.4 million) in the last fiscal year, but has reached profitability in the calendar year 2017.

The company also said in a business update it’s currently doing £8 million (US$10.4 million) a month in revenue, and is on track to make £100 million (US$129.5 million) revenue this year.

According to the company, its revenues grew by 150% last year. Its customers are transferring over a billion pound sterlings every month, and the company has 700 staff.

TransferWise [recently opened a hub for the Asia-Pacific region](https://estonianworld.com/business/transferwise-open-office-singapore/)
 in Singapore.

Estonians Taavet Hinrikus and Kristo Käärmann launched the peer-to-peer money transfer service TransferWise in London in 2011.

I

Cover: The founders of TransferWise, Taavet Hinrikus and Kristo Käärmann.

## About The Author

![Avatar photo](https://estonianworld.com/wp-content/uploads/local-avatars/15/1707599474-bpfull-100x100.jpg)

[Sten Hankewitz](https://estonianworld.com/author/stenhankewitz/)
Sten Hankewitz is a lifelong journalist and the Executive Editor at Estonian World. Having lived in Estonia, Spain, the UK and all around the US, he now resides in the White Mountains of New Hampshire. He loves to write and besides working at Estonian World, he [writes books](https://estonianworld.com/culture/the-grand-illusion-estonian-worlds-sten-hankewitz-publishes-a-novel-about-growing-up-in-the-soviet-union/)
 and contributes to other outlets. He has strong convictions and shows them unashamedly. You can follow Sten on [Threads](https://www.threads.net/@stenhankewitz)
, [X](https://twitter.com/stenhankewitz)
 and [Facebook](https://www.facebook.com/shankewitz/)
. You can also [email him](mailto:sten@estonianworld.com)
.