European payments group Transferwise nears profitability. Interesting comparable if you compare like for like a player like Adyen and Transferwise. Valuation delta 2-3x higher Adyen; Revenues 10x higher Adyen...profitability 1000000000+x higher for Adyen....with both doubling revenues growth yoy
Transferwise, the British payments group known for its fierce campaigns to take market share from traditional banks in the UK, more than doubled its revenues last year and approached profitability for the first time. The cross-border foreign exchange group is one of Europe’s few startups valued at over $1bn and earlier this month raised $280m from investors in a record fundraising round for a UK fintech group. The company, which is backed by investors including IVP — a Silicon Valley venture capital group that also backed Twitter — Old Mutual, Andreessen Horowitz and billionaire Sir Richard Branson, is widely viewed as a bright spot in the continent’s technology industry. However analysts have questioned whether the company, which relies on a loss-leading pricing strategy and high profile advertising campaigns, could ever become profitable.