Wise confirms Wall Street debut on track, sees income spike

(Sharecast News) - London-listed fintech Wise Group confirmed on Monday it was on track to debut on Wall Street next month, as it posted a jump in quarterly income.

Updating on year-end trading, the money transfer specialist said it expected to list on Nasdaq on 11 May. Wise first announced plans to move its primary listing to Wall Street last July, arguing that it would give it greater visibility in the US, which it views as its biggest market opportunity, and better access to the world's "deepest and most liquid" capital market.

It will retain a secondary listing in London.

Wise also confirmed on Monday that fourth-quarter cross-border volumes had grown 26% to £49.4bn, while active customers rose 22% year-on-year to 11.3m, helping lift underlying income 24% to £435.3m.

For the year as a whole, active customers were 21% higher at 18.9m, while cross-border volumes spiked 25% at £181.7bn. Underlying income grew by 19% on a constant currency basis to £1.6bn.

Wise said it continued to expected the pre-tax profit margin to come in towards the top end of its 13% to 16% range.

Co-founder and chief executive Kristo Kaarmann said: "We are making good progress on building the network for the world's money. More and more people are using Wise at home or abroad for their everyday spending, for paying bills, for savings and investments."

As at 0830 BST, the FTSE 250 stock was up 5% at 1,017p.

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Wise Group