TransferWise has long been considered a darling of the UK tech scene, one of a clutch of UK-based scaleups that have seen stratospheric success.
Its peer-to-peer money transfer service is squarely aimed at taking on the high bank fees and lack of transparency when transferring money across international borders.
It is clearly on to something. The company, launched in 2011, has grown from 300 employees two and a half years ago, to over 1,000, its head of business Stuart Gregory tells Techworld.
It now has about 400 staff in its largest office in Talinn, Estonia (the home country of founders Kristo Käärmann and Taavet Hinrikus) and 200 in London alone.
“TransferWise broke even for the first time in January 2017. And we’re seeing our transfers are growing at a greater rate than our costs,” Gregory says.
“There is no reason international transfers should be three percent. We’ve dropped it to 0.35 percent but we want to push it further – so we’re really focused on cutting our cost base,” he adds.
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