TransferWise is one of the more successful companies in the remittance industry. According to its annual financial report, there is significant growth noticeable. Despite this success, the company can still be disrupted by cryptocurrencies with relative ease.
The Positive TransferWise News
Sustaining growth in the fintech industry is never a given. It is something that can only be earned through hard work and dedication. TransferWise has successfully made its impact in recent years, and continues to note growth across the board. With 2,100 employees across 14 global offices, the company is becoming a staple in the money transfer industry.
To this date, the company provides 2,500 currency routes across several dozen currencies. An important statistic, but one that can be improved upon much further. There are ample remittance corridors companies need to begin exploring sooner rather than later.
In terms of customer growth, 2 million extra users have approached this service between 2019 and 2020. Additionally, there are 107,000 new business customers, all of whom seek out competitive money transfer solutions. All of this growth has allowed the TransferWise volume to surpass 67 billion. Two-thirds of this volume are cross-currency volume,
It is estimated that TransferWise customers save 3 million GBP per day through this service, A very ambitious representation, but the figures have been audited by PwC. This further highlights how overpriced existing money transfer solutions are today. It also confirms there is plenty of room to go make it even cheaper.
What About Bitcoin?
It is no secret TransferWise officials do not like Bitcoin all that much. In fact, they have condemned this cryptocurrency in the past. It appears very little has changed in the past few years. Integrating Bitcoin support natively can do wonders for the company, but also its growing group of users.
That being said, there are other crypto assets with much lower transaction fees. Exploring those options may prove worthwhile too for any remittance providers. Whether TransferWise will adopt any of them, remains rather unlikely. The financial world continues to shun crypto assets, instead of embracing their benefits.
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