The Hiscox Sunday Times Tech 100 is out and offers further evidence of the growth of the Currency transfer market. Some of the biggest currency platforms, such as Revolut and TransferWise are scaling rapidly as people search for viable alternatives to banks.
These new platforms have made a real splash with a bold and brash advertising campaigns which tend to focus on rubbishing established institutions in various eye catching ways, normally by having scantily clad staff protest outside the Royal Exchange.
These currency transfer platforms have been scaling for years, but until recently, most were a long way from operating at a profit. That’s beginning to change as more and more of them are announcing profits to go alongside their rapid growth.
Top of the table comes Revolut which was valued at $1.7bn in 2018 and is reported to be raising an additional $500m which could take its value as high as $5bn. It saw three year sales rise by 507.56% making it easily the fastest growing fintech provider out there.
Transferwise is the biggest and currently lies in 52nd place growing at just over 80% over the past three years. After it raised £292 in November, it was valued at $3.5bn and posted its second year of profitable results.
Azimo, which enables currency transfer to more than 200 countries is in 62nd position and has been showing solid growth of around 70% over the past three years. It recently announced that it was profitable first time along with the promotion of Richard Andrews to CEO.
Currency Cloud makes it for the second year in a row. The platform allows developers to use their API building blocks to create their own customised payment solutions and has been growing at 50% per year since 2017.
World Remit is in 96th place and has raised more than $900million since 2010, while financial marketing platform Dianomi just makes it into the list at 100. It works with eight of the top ten asset managers in the world and helps financial institutions place billions of dollars worth of ads in financial publications each year.
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Tom Cropper is a financial journalist with work which has appeared in titles such as the Guardian, Euromoney and many others.