TransferWise lowers fees by 15%; net profit more than doubles

CEO expects Asia-Pacific business to sustain its growth momentum amid macro uncertainties

Published Wed, Sep 23, 2020 · 09:50 PM

Singapore

AT a time where most businesses are shoring up their finances against the Covid-19 crisis, payments startup TransferWise has reduced its money transfer fees by around 15 per cent for the majority of its eight million customers globally.

This comes as net profit for the UK-based firm, which has its Asia-Pacific base in Singapore, more than doubled to £21.3 million (S$37.42 million) year-on-year for the fiscal year ended March 31, 2020, marking its fourth straight profitable year. Over the same period, revenue jumped 70 per cent to £302.6 million.

In an interview with The Business Times, TransferWise chief executive Kristo Kaarmann said the firm's new product launches an…