TransferWise Doubles Annual Profit, Adds Millions of Customers
- Revenue surges 70% with boost in cross-border transactions
- London-based startup sees volume return to pre-pandemic level
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TransferWise Ltd. said annual profit more than doubled as it attracted millions of new customers with an expansion of its money-transfer business around the world.
Pretax profit for the year ended March 31 rose to 20.4 million pounds ($26 million) from 10.1 million pounds a year earlier, the London-based startup said in an annual report. A surge in cross-border transactions drove a 70% increase in revenue to 302.6 million pounds, Chief Financial Officer Matt Briers said. About 26% of revenue came from the U.S., up from 25% from a year ago.