TransferWise reports accelerating profits development to 70% in its March, 2020 fiscal year

TransferWise reports accelerating profits development to 70% in its March, 2020 fiscal year

TransferWise, a European fintech unicorn, announced the financial outcomes of its fiscal year ending March, 2020. The company posted strong development, continued profit and brand-new customer records. TransferWise was most recently valued at $5 billion throughout a secondary sale worth $319 million in July of this year. On the results front, we can compare the […] , a European fintech unicorn, announced the financial outcomes of its fiscal year ending March, 2020. TransferWise handled a fourth year of consecutive profitability, producing ₤ 21.3 million in “net revenue after tax” for the March 2020 financial year. Its U.S. organization was worth around a fourth of its March 2020 year’s income. …

Plum raises $10M for its ‘smart’ money management app

Plum raises $10M for its ‘smart’ money management app

Plum, the London and Athens-based fintech that uses a”wise”finance app to assist you enhance your”monetary durability,” has raised an even more $10 million in funding as it prepares for European growth. The brand-new round is led by Japan’s Global Brain and the European Bank for Restoration and Development, which has actually taken part […]
Like comparable apps, Plum’s”artificial intelligence”also deems what you can pay for to conserve by evaluating your bank deals. Another associated function is”Splitter,”which, as the name suggests, lets you split your automatic savings in between Plum cost savings pots and financial investments, selecting the percentage amounts to go into each pot, from 0-100 %. In a call with Trokoudes, he talked me through a couple of recent Plum updates that he says bring it much better to satisfying its financial control centre mission and being a prospect to replace your individual banking apps. Crucially, you can now link all of your accounts to Plum, whereas previously Plum just let you access a single linked bank account. More immediately, Plum is releasing interest for savers who utilize Plum to set cash aside but do not want to invest any or all of it….

TransferWise to provide financial investment products however has ‘no plans’ to become a bank

TransferWise to provide financial investment products however has ‘no plans’ to become a bank

TransferWise, the London-headquartered global money transfer service recently valued at $3.5 billion, has actually secured an additional license with U.K. regulators to enable it to provide financial investment items in the future. This will suggest that U.K. customers who have money deposited in a TransferWise multi-currency or so-called “borderless” account will be given the alternative to make […] Up to ₤ 85,000 of cash held as investments within a TransferWise account per customer will be safeguarded under the Financial Services Settlement Scheme. Zooming out even more, TransferWise states an increasing number of its 8 million consumers are utilizing the borderless account as a global banking solution.”You and I have actually been talking since 2011, when you first reported that TransferWise was going live, and I think you’ll appreciate that over time we’ve broadened the functions that TransferWise uses our consumers, for sure,” co-founder and present CEO Kristo Käärmann tells me on a call. That, of course, begs the question: Does TransferWise have any plans to end up being an actual bank, with a full banking license, further including to its existing approvals from regulators. …

Fintech startups amass war chests for the economic slump

Fintech startups amass war chests for the economic slump

Consumer fintech startups were enormously successful in 2019, drawing in millions of new users and interrupting standard retail banks and monetary services with mobile-first, consumer-oriented products. Despite the economic recession in public markets and the huge wave of cuts at public and private business in recent weeks, fintech startups have been raising a ton of money. […] It feels like they’re all building a war chest to survive the economic winter season as standard banks continue to iterate so they can catch up and provide more user-friendly services. And that’s without pointing out Starling Bank, Atom Bank, Bunq, Bnext, Paysend, and so on. …

TransferWise partners with Alipay for international money transfers

TransferWise partners with Alipay for international money transfers

TransferWise, the London-headquartered international money transfer service most recently valued by investors at $3.5 billion, has partnered with China’s Aliplay for international transfers. The launch enables TransferWise’s now 7 million-plus users to be able to send Chinese yuan from 17 currencies to users of Alipay, which serves more than 1.2 billion people worldwide including via […] …