Peter Thiel-Backed Unicorn TransferWise Posts Record Profits

Peter Thiel-Backed Unicorn TransferWise Posts Record Profits

TransferWise, one of Europe’s top five FinTech startups, announced profits for the third fiscal year in a row, with revenue after taxes 66 percent higher than last fiscal year, CNBC reported on Wednesday (Sept. 18).

The London-based firm, backed by Peter Thiel’s Valar Ventures and Sir Richard Branson, said it recorded £179 million ($223 million) of revenue for the fiscal year ending March 2019, up from £117 ($146 million) the previous year. Net profit was £10.3 million pounds ($12.8 million).

The FinTech unicorn was valued at $3.5 billion during a May funding round. 

TransferWise has altered the cross-border remittance industry