UK FinTech Transferwise has reported a rise in profits up to the end of March this year.
In Brief:
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Pre-tax profits stood at £20.4mn.
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This is up from £10.1mn the previous year.
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Transferwise also saw a 70% increase in revenue within 12 months.
What does this mean?
The firm has said staying profitable is key to proving itself as a FinTech. It hopes to scale globally but also remain sustainable. Amid economic uncertainty the figures are in stark contrast from many of the key challenger banks which have yet to turn a profit.
