Business
UK fintech Wise profit soars as customers reach 10 mln
British financial technology firm Wise, which is specialized in money transfers, said Tuesday annual net profit soared sixfold as the number of customers jumped by one third to 10 million.
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Wise, which also takes deposits, saw income surge on higher interest rates.
Profit after tax jumped to £111.5 million ($142 million) in the 12 months to the end of March, it said in a results statement.
“At Wise we are laser focused on our mission of money without borders,” Kristo Kaarmann, Wise co-founder and chief executive, said in the earnings statement.
Its share price rallied 21 percent to £6.33 following the results, giving it a market value of £6.5 billion.
This was, however, down on the £8-billion valuation when Wise listed on the London stock market nearly two years ago.
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