FinTech unicorn Transferwise hits the black

FinTech unicorn Transferwise says the company has reached operational profitability six years after launch. The London-based currency exchange startup says it is currently amassing £8 million a month in revenue and is on target to reach £100 million for the year.

Transferwise more than doubled revenue in the year to March 2017, pulling in one million customers attracted by the ease and simplicity of its user interface and promise of fee-free foreign exchange rates.

The company, which claims a 10% share of the overseas money transfer market in the UK, says it expects to add another 500 000 customers over the coming year.

CEO Taavet Hinrikus says: "To have hit break-even just six years on from launch shows how strong the foundations of our business are. This is just the starting point. With the unique platform we've built, we're looking forward to creating a new kind of financial services for the future."

TransferWise was founded by Estonian friends Hinrikus and Kristo Kaarmannhas, who wanted to shake up the money transfer market, in 2011 in London. The firm made a loss before tax of £17,4 million in the year ended March 2016, but has now reached profitability. Prominent investors include Sir Richard Branson, Facebook investor Peter Thiel, Betfair co-founder David Yu and venture capital firm Andreessen Horowitz.