(Alliance News) - Wise PLC on Tuesday reported a substantial increase in revenue and profit as the company said "more customers than ever" were using its services.
Wise, formerly known as TransferWise, is a London-based company offering international money transfers.
In the six months that ended September 30, Wise's pretax profit more than doubled to GBP51.3 million from GBP18.8 million in the same period last year.
Total income grew 63% to GBP416.1 million from GBP255.1 million in the same period last year.
Wise moved more than GBP51 billion for customers globally in the first half, 49% more than the same period the year before.
The company said "more customers than ever" moved money with Wise. In the second quarter of financial 2023, Wise had 5.5 million active customers, a 40% increase on 3.9 million a year before.
Looking forward, Wise said it expects total income to increase by between 55% and 60% for financial 2023. Over the medium-term, it expects an adjusted earnings, before interest, taxation, depreciation and amortisation margin of 20% or above.
It recorded an adjusted Ebitda margin of 22% in the first half of financial 2023.
Co-founder & Chief Executive Officer Kristo Kaarman said: "In the first half of this financial year, our payments got faster, hitting a key milestone with 50% of all transfers now instant. And while we had to increase prices on some routes, we were able to decrease fees on others, enabling us to limit the impact of more volatile markets. As a result, our average fee today is 0.64%, and we consistently remain one of the cheapest and fastest options for moving money around the world."
Shares in Wise were trading 3.6% lower at 608.80 pence each in London on Tuesday morning.
By Chris Dorrell; chrisdorrell@alliancenews.com
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Wise Plc (WISE)