TransferWise Reports $3.9B In Transaction Volume/Month

London-based money transfer firm TransferWise has revealed that has been profitable for the second year in a row.

One of Europe’s largest FinTech startups, TransferWise reported an annual post-tax net profit of £6.2 million ($8 million USD) for the fiscal year ending March 2018, according to CNBC. Its annual revenue nearly doubled to £117 million during the period, while operating profit came in at £9.5 million. Founded six years ago by Estonian entrepreneurs Taavet Hinrikus and Kristo Käärmann, TransferWise became profitable for the first time in March 2017.

“We’ve proven that FinTech can offer consumers an unbelievable experience at a low price,

Five At Five: Mastercard’s Freight Deal With Stargo

Welcome to Five at Five, your late look at some of the payments and commerce news you might have missed. Today’s stories include a look at Mastercard’s new commercial payments deal, and a fresh look at spending trends for augmented and virtual reality. A new, heavyweight group is looking at the moral and ethical implications of AI, while a new product launch highlights the issue of privacy and data security in connected vehicles. And there is a new financial services partnership in Europe.

Mastercard Partners with Stargo for Freight Payments Solution

With Mastercard’s commercial payment solutions and Stargo’s price optimization

TransferWise Teams Up With Groupe BPCE To Offer In-App Transfers

With a partnership between TransferWise and Groupe BPCE, customers of the European banking group will be able to use TransferWise’s international money transfer service directly through the company’s app. In addition, TransferWise will have access to the banking group’s 15 million retail clients, Reuters reported.

“TransferWise has a mission to make money move around the world as fast and as cheaply as email,” TransferWise co-founder and chief executive Kristo Käärmann said in a statement. “This partnership is a momentous step on that journey.”

The pairing marks the first time that a large banking group in Europe will offer TransferWise’s service directly

TransferWise Adds Batch Payment Capabilities For Corporates

Money transfer company TransferWise is adding batch payment support for payroll and corporate transactions.

Reports in Crowdfund Insider on Tuesday (May 8) said TransferWise has launched batch payments to facilitate up to 1,000 payroll and supplier payments at once. The solution can be used to pay workers, freelancers and vendors across borders with a single file.

The new solution comes as TransferWise noted that $1 billion has been deposited into its account service, reports added. Nearly a third of its U.S. volume comes from small businesses (SMBs), which pay an average fee of between 0.6 percent and 0.9 percent, the