06 November 2024

Wise’s Financial Surge Amid Strategic Adjustments

Written By FinTech Alliance in FinTech

Wise’s Financial Surge Amid Strategic Adjustments

Wise, the UK-based payments firm, reported a significant 55% increase in first-half profit to £217.3 million, alongside a 19% revenue increase. The growth was fueled by a 25% boost in active users, with 11.4 million customers globally. The company’s stock surged after forming a strategic partnership with Standard Chartered. Wise’s profitability exceeded expectations, but a forecasted profit margin reduction is anticipated due to pricing adjustments intended to enhance competitiveness. Despite setbacks earlier this year from a sales warning, Wise has achieved strong financial resilience.

Key Points:

  1. Revenue and Profit Growth: A robust profit increase alongside a 19% revenue boost, driven by user growth.
  2. Active Customer Surge: A 25% increase in users underscores Wise’s expanding market presence.
  3. Stock Performance: Shares rose sharply, bolstered by Wise’s new cross-border payment partnership with Standard Chartered.
  4. Profit Margin Adjustments: Despite exceeding margin targets in the first half, margins are expected to normalize due to pricing strategies.
  5. Executive Challenges: Wise’s CEO, Kristo Käärmann, recently faced an FCA fine, yet the company’s financial position remains strong.

Read more here

Up Next ...
06 November 2024

FINTECH Circle and Started Announce New Strategic Partnership

This collaboration has a singular aim: to accelerate growth and nurture innovation within the fintech ecosystem

06 November 2024

Wise’s Financial Surge Amid Strategic Adjustments

The growth was fueled by a 25% boost in active users, with 11.4 million customers globally

06 November 2024

Money2020 2024 Highlights: Fintech’s Evolving Landscape

Money2020 2024 in Las Vegas demonstrated fintech’s resilience, highlighting several critical areas of growth, innovation, and cautious adaptation

05 November 2024

MeaWallet Introduces New Features to Support Click to Pay, Enabling Safer, Faster Online Shopping

MeaWallet product updates support businesses facing mandatory regulatory requirements that state they must support Click to Pay

More in FinTech

FINTECH Circle and Started Announce New Strategic Partnership

06 November 2024

This collaboration has a singular aim: to accelerate growth and nurture innovation within the fintech ecosystem

Money2020 2024 Highlights: Fintech’s Evolving Landscape

06 November 2024

Money2020 2024 in Las Vegas demonstrated fintech’s resilience, highlighting several critical areas of growth, innovation, and cautious adaptation

MeaWallet Introduces New Features to Support Click to Pay, Enabling Safer, Faster Online Shopping

05 November 2024

MeaWallet product updates support businesses facing mandatory regulatory requirements that state they must support Click to Pay

Nium and HyperGuest Join Forces to Streamline Payments for the Travel and Hospitality Industry

05 November 2024

This partnership will enhance payment efficiency and security for HyperGuest’s global network of travel and accommodation partners with Nium’s virtual card solution...

White Papers FinTech

Open Finance in Review: Looking back at 2023

28 November 2023

In this insightful report, OzoneAPI delve into the pivotal developments that have shaped the landsca...

White Papers FinTech

Fintech 2030: The Industry View

02 October 2023

Key findings from the report:Embedded finance is expected to dominate the industry in 10 yearsThere...

White Papers FinTech

Pulse of Fintech H2 2022 report

27 July 2023

UK FinTech investment falls 56% to £14.42bn in 2022After an incredibly strong 2021, with total FinTe...

White Papers FinTech

The Rise and Impact of Fintech in Latin America

29 June 2023

Fintech also provides tools to help manage these risks. Financial authorities and their supervisees...

FinTech Connect 2024 - The Global FinTech Ecosystem . Connected.

FinTech Connect 2024 - The Global FinTech Ecosystem . Connected.

04 December 2024 - 05 December 2024

12:00 AM - 12:00 AM

ExCel London, Western Gateway, Royal Victoria Dock, London, London, E16 1XL

Free
Finnovate Europe

Finnovate Europe

25 February 2025

12:00 AM - 12:00 AM

InterContinental London - The O2, 1 Waterview Drive, London, Greenwich, SE10 0TW

£1,699.00