TransferWise has 5 million customers worldwide and is processing $5 billion (£4 billion) of money orders every month. The company, which employs 1,600 people across 12 offices, claims it saves customers £1 billion every year in banking fees. Instead, it is giving employees and early investors the opportunity to sell some of their stake in the company. TransferWise recorded a net profit of $7.9 million (£6.2 million) for the fiscal year ending March 2018, as revenues almost doubled to $148 million (£117 million). With its shiny new $3.5 billion price tag, TransferWise has become the most valuable fintech firm in Europe, surpassing U.K. digital lender OakNorth, which is valued at $2.8 billion.

Source: Forbes May 22, 2019 09:26 UTC