TransferWiseOnline international money transfer service TransferWise has revealed its financials with marketing budget for the first time, showing it spent £12.3 million on advertising in the year to March 31, 2016. Looking at the numbers overall, quite a stretch to get to "unicorn" economics
Accounts filed with Companies House and seen by Business Insider show marketing expenses were TransferWise's biggest cost last year, followed by £10.6 million on "other expenses" and £10.4 million on staff pay and benefits. The £12.3 million marketing spend was up from £9.37 million in 2015. TransferWise wouldn't break out marketing spend by geography or category when contacted by BI, and declined to comment. The increase seems to have paid off, with revenue leaping from £9.7 million to £27.8 million, as reported elsewhere earlier in the week. TransferWise is also now moving £800 million across its platform each month and claims to have an 8% share of the UK market.