TransferWise will book another year of profit in its latest fiscal year, the online money transfer start-up’s financial chief told CNBC on Tuesday.
The London-based firm reported revenues of £67 million ($94 million) inside the year ended March 31, 2017, more than double the previous year. in which made an adjusted operating profit of £2 million, its first profitable year.
Speaking to CNBC at the Goldman Sachs Disruptive Technology Symposium in London, Matt Briers, chief financial officer at Transferwise, said the company could achieve another profit inside the year ended March 31, 2018.
“We’re managing to be a sustainable business. So I’d expect us to be profitable,” Briers said.
“We’ve been profitable for the last year. We’re very much focused on just driving growth as a business. in which’s all about growing, yet growing in a sustainable manner. We’re not managing to a margin, yet rather creating sure in which we have This particular sustainable business which benefits everybody.”
Briers did not disclose the profit in which TransferWise expects This particular fiscal year, yet did say in which revenues will see “similar growth” to what in which has recorded before. In its 2017 fiscal year, revenues more than doubled.
TransferWise will be one of Europe’s biggest technology companies, reportedly valued at around $1.6 billion. Its core product allows people to transfer money across the entire world in different currencies, yet without incurring the high fees charged by traditional banks in addition to companies like Western Union.
yet in which has tried to branch out beyond in which. in which recently launched a product known as “borderless account,” which lets a user hold money in multiple currencies. in which could be useful if a business will be getting paid in different currencies or a person goes to work abroad, for example. in which could allow them to convert between different currencies at a cheaper cost than at a traditional bank.
Incumbents are fighting back, however. Western Union has been investing heavily in its digital money transfer business, which continues to grow.