Transferwise

TransferWise lets people send money abroad at the lowest possible true cost. Using only real exchange rates and tiny not-hidden-fees. TransferWise lets expats, foreign students and businesses move money globally. The firm's pricing and operating model are a substantial departure from standard practice in the money transfer sector, providing customers with a lower-cost alternative to traditional means of moving money internationally.
Company Growth (employees)
Type
Private
HQ
London, GB
Founded
2010
Size (employees)
700 (est)+17%
Transferwise was founded in 2010 and is headquartered in London, GB

Key People at Transferwise

Kristo Kaarmann

Kristo Kaarmann

Founder & CEO
Harsh Sinha

Harsh Sinha

VP of Engineering
Joe Cross

Joe Cross

General Manager, USA
Scott Miller

Scott Miller

VP Global Partnerships
Taavet Hinrikus

Taavet Hinrikus

Chairman and Board Member
Steve Pole

Steve Pole

Engineering Lead
Nilan Peiris

Nilan Peiris

VP of Growth

Transferwise Office Locations

Transferwise has offices in London, Tallinn, New York, Budapest and in 5 other locations
London, GB (HQ)
6th Floor, Tea Building, 56 Shoreditch High Street
Singapore, SG
6 Raffles Quay
Sydney, AU
1 Farrer Place
Tampa, US
4012 Gunn Hwy
Cherkasy, UA
46 Smilyans'ka St
Budapest, HU
126 Lajos U.
Show all (9)

Transferwise Data and Metrics

Summary Metrics

Founding Date

2010

Total Funding

$116.4 m

Latest funding size

$26 m

Time since last funding

about 1 year

Investors

Transferwise's latest funding round in May 2016 was reported to be $26 m. In total, Transferwise has raised $116.4 m. Transferwise's latest valuation is reported to be £1.1 b.

Transferwise Financial Metrics

Transferwise's revenue was reported to be £27.9 m in FY, 2016 which is a 187% increase from the previous period.
GBP

Revenue (FY, 2016)

27.9 m

Revenue growth (FY, 2015 - FY, 2016), %

187%

Gross profit (FY, 2016)

15.4 m

Gross profit margin (FY, 2016), %

55%

Net income (FY, 2016)

(17.6 m)

EBIT (FY, 2016)

(17.4 m)

Market valuation

1.1 b

Cash (31-Mar-2016)

47.8 m
  • Source: Company Filings, Forbes
GBPFY, 2014FY, 2015FY, 2016A

Revenue

1.9 m9.7 m27.9 m

Revenue growth, %

411%187%

Cost of goods sold

400 k4.5 m12.4 m

Gross profit

1.5 m5.2 m15.4 m

Gross profit Margin, %

79%54%55%

Operating expense total

3.5 m17.9 m32.8 m

EBIT

(2 m)(11.4 m)(17.4 m)

EBIT margin, %

(105%)(118%)(62%)

Interest expense

8.9 k7.3 k33 k

Pre tax profit

(2 m)(11.4 m)(17.4 m)

Net Income

(2 m)(11.4 m)(17.6 m)
GBPFY, 2014Y, 2015FY, 2016

Cash

5.3 m45.5 m47.8 m

Accounts Receivable

99.7 k

Current Assets

5.5 m48.1 m55.4 m

PP&E

151.2 k372 k1.7 m

Goodwill

374.6 k1.3 m3.8 m

Total Assets

6 m49.8 m60.9 m

Accounts Payable

4 m1.5 m787 k

Current Liabilities

4 m12.1 m25.8 m

Total Liabilities

4 m12.1 m25.8 m

Retained Earnings

(11.1 m)(17.6 m)

Total Equity

2.1 m37.7 m35.1 m

Financial Leverage

2.9 x1.3 x1.7 x
GBPFY, 2015FY, 2016

Cash From Operating Activities

(3.7 m)(9.4 m)

Cash From Financing Activities

46.7 m14.7 m

Income Taxes Paid

(168 k)
GBPY, 2016

Revenue/Employee

70.3 k

Financial Leverage

1.7 x

Transferwise Operating Metrics

Transferwise's Customers was reported to be 1 m in May, 2017
Y, 2011Y, 2012Y, 2013Y, 2014Y, 2015Q2, 2016May, 2017

Cumulative Amount Transferred

$10 m$50 m$645 m$2.9 b

Monthly Average Transfers

1.7 k16 k100 k325 k

Customers

10 k1 m

Average Transfer Value

$1.5 k

Average Monthly Transaction Volume

£500 m£1 b

Currencies

40

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