Transferwise doubled profits in the last financial year and said it had continued to grow in 2020 despite the volatility brought by the coronavirus pandemic.

The 10-year-old money transfer company has expanded rapidly since co-founders kristo krmann and taavet hinrikus started it as a way to reduce the fees they paid to move funds between london and their native estonia.

In the 12 months to march 31 it reported a pre-tax profit of 20.4m, up from 10.1m in the previous year. revenues rose 70 per cent to 302.6m.

Mr krmann said: we need to be able to scale globally while building a business that people can trust will be here for the long term. the numbers show that were continuing to do that, while staying focused on bringing our service to everyone that needs it.

Transferwise noted that it had experienced fluctuating volumes and dramatic shifts in currency values since covid-19 began to take a toll on it in january, but said the business was nonetheless trading in line with expectations as of june.

It processed 42bn of cross currency transactions in the year to march, up from 27bn in the 2019 financial year.

Transferwise says its aim is to make cross-border payments transparent and eventually free, but the average rate it charged on transactions edged up from 0.65 per cent of the amount sent to 0.68 per cent, which it said was because of investment in underlying infrastructure.

The company does not provide a breakdown of its revenues by different business lines, but has put an increasing focus in recent years on products beyond its core consumer money transfer service, including business payments, partnerships with banks such as monzo, and borderless current accounts.

Customers held just under 2bn in its borderless accounts at the end of march, higher than fully-licensed digital banks such as monzo and starling bank had in their most recent annual reports. transferwise on wednesday said it planned to start offering savings and investment products in the uk within 12 months to further encourage customers to store money on the platform and use it more regularly.

Transferwise was valued at $5bn in a secondary share sale in july, making it one of europes most valuable private fintechs. unlike most of its peers, however, the company has not raised new cash from investors since 2017, and it has talked down the need to go public in the near future.