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Online money transfer firm Wise shares surged 16 per cent on Tuesday as the company reported a jump in profits thanks to rising interest income. The company said in a statement to the stock market that its profit before tax had tripled to £146.5 million ($186.5 million). Earnings per share tripled to 11.53 pence. During that period, the company saw customers grow by 34%, reaching 10 million users by March 31, 2023, and volumes grew by 37% to £104.5 billion. Wise shares closed at £6.11 Tuesday, up 16% on the day.

As a result of high inflation, the Bank of England raised interest rates to 5% last week. This helped Wise achieve financial success. Like other fintechs, Wise has accrued income from interest on funds in customer accounts. Monzo and Starling Bank recently reported their profitability milestones, citing increased lending income. Wise said Tuesday its revenues grew 51% to £846.1 million from £559.9 million the year prior. The overall income reported by the firm rose to £964.2 million, up 73% year-on-year. This was boosted by a surge in customer deposits. Still, Wise has been grappling with less positive developments.

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