Fintech Unicorn TransferWise is reportedly planning to recruit 750 additional workers in the coming months. These new hires would be equivalent to over a third of the online money transfer service’s existing team of professionals.
This latest announcement has come after quite a successful period for the UK-headquartered Fintech company. TransferWise has confirmed that it has recorded a substantial 70% growth in overall revenue over the last financial year (FY) to £302.6 million (appr. $403.8 million).
The 10-year old firm also managed to double its net profits from £10.1 million to £20.4 million during the financial year ending on March 31, 2020. TransferWise now claims over 9 million customers.
The Fintech firm plans to hire the most workers in the UK with 175 new roles expected to be added in the next 6 months.
TransferWise has also revealed that it will be further expanding its London headquarters (the Tea Building in Shoreditch). The cross-border money transfer service provider says it’s committed to a 5-year lease from 2023. The firm also increased its office space by 54% so that it can accommodate additional staff members while also being able to work more productively with more space within the office.
TransferWise is also looking to adopt a new hybrid working model for its employees and has updated its remote working policy from 30 to 90 days, the company confirmed. Like many other companies, the Fintech firm is making changes to its working environment due to the COVID-19 outbreak.
As reported recently, TransferWise acquired a restricted banking license in Australia as it continues to expand operations globally. As covered, the firm’s customers in Indonesia can now send remittance payments to 80 different countries.
Finaxct, a core as a service banking solution provider, will be adding Unqork and TransferWise to its marketplace.
Nick Catino from TransferWise suggested in October 2020 that the US should allow payment firms to directly access payments systems.
As covered in September 2020, TransferWise is saving US customers lots of money compared to other Fintechs and banks. Also in September, the Fintech firm reported that it booked its 4th year of profitability, and now serves over 8 million individuals, processing £67 billion for the last fiscal year.
In July 2020, TransferWise finalized a $319 million investment round at a $5 billion+ valuation as growth remains steady for the profitable Fintech.