The financial sector is abuzz with competition. More specifically, there are a lot of new service providers which have come to market in the past few years. TransferWise is one of the firms getting a lot of attention as of late. The company has noted two straight years of profit, further confirming their business model is both working and competitive.
Competing in the money transfer business is a pretty difficult venture. Various service providers exist, and remaining competitive will be the biggest hurdle to overcome. Select players have a firm grip on this industry, although some up-and-comers manage to solidify their position as well. TransferWise is one of those firms which seemingly continues to grow.
Further Growth for TransferWise Looms Ahead
For the second straight year, the company notes a net profit. This is a positive development, especially when considering how the firm recently expanded its Europe-wide borderless account service. At this time, the firm serves over 4 million customers, and has noted 30 price drops for clients in just nine months. These changes are direly needed to remain ahead of the competition, as international money transfers remain rather expensive.
Transferwise CEO and co-founder Kristo Kaarmann adds:
“It’s been a landmark year for TransferWise. We’ve set a new standard for financial services companies, consistently lowering the prices we charge customers and inspiring the beginnings of a refreshing wave of transparency amongst other providers. We’ve proven that fintech can offer consumers an unbelievable experience at a low price, all whilst creating a solid business that can be trusted long-term. Looking forward, sustained growth and our healthy financial position means we can continue to drive down costs whilst investing in developing our product.”
At this time, the firm supports 49 different currencies. There are still plenty of territories waiting to be tackled by TransferWise. For now, the firm will continue to focus on Europe, although its debit card will be a viable tool for a global expansion down the line. The next region on the agenda is the United States.