TransferWise posted an annual net profit of £10.3 million on revenues of £179 million.
It was set up in 2011 by Estonian friends Taavet Hinrikus and Kristo Kaarmann with the stated aim of making foreign exchange fees more transparent. Kaarmann, TransferWise's CEO, said the firm was among a "rare breed of unicorns" that have managed to create a profitable business.
Many other fintech unicorns — private companies worth $1 billion or more — have so far failed to generate an annual profit. Monzo's losses climbed to £47.2 million in the fiscal year ending February 2019, while Revolut last year reported a £14.8 million for 2017. TransferWise said its customers hold over £1 billion with its multi-currency account and the firm is signing up 10,000 businesses a month. It's also struck deals with banks including
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