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 in Singapore.
Estonians Taavet Hinrikus and Kristo Käärmann launched the peer-to-peer money transfer service TransferWise in London in 2011.
Cover: The founders of TransferWise, Taavet Hinrikus and Kristo Käärmann.