TransferWise becomes profitable on operational basis

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.

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