TransferWise’s prospective $300 million funding round would cement its position as one of Europe’s leading fintechs:
The startup is already profitable, which is likely to attract high investor demand for its anticipated $300 million raise. The firm, which transfers 50 currencies through more than 1,300 cross-border routes, reported in post-tax profits for the fiscal year ending in March 2018, on £117 million in revenue.
It's launched a number of new products and broadened its revenue strategy in the last two years — and new funding should help accelerate its expansion.Among these products is its, a multicurrency bank account, in effect, that allows customers to move money between dozens of currencies.
While TransferWise continues to log impressive numbers, its share of the global cross-border flows remains small, giving it a long growth runway. Global remittance flows, for instance, hit a total ofin 2017. Based on this figure and TransferWise's publicly available numbers, Business Insider Intelligence estimates the startup's share of this segment is around the 4% mark.
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