Wise says revenue to grow more than 30% as results top estimates

WISE said revenue hit £559.9 million (S$951.7 million) in its first set of full-year results as a listed company, up a third from the previous year.

The revenue figure was above the average Bloomberg-compiled analyst estimate of £556 million. The company said its volumes grew to £76 billion in the period, which was 40 per cent more than in the year to March 2021, according to a statement Tuesday (Jun 28). It had 4.6 million active customers, an increase of 29 per cent.

The money-transfer firm also said it expects revenue to grow by between 30 per cent and 35 per cent in the 12 months to March 2023, and in the medium term it expects to deliver revenue growth above 20 per cent.

The firm “will continue to invest in our infrastructure” and “expand globally”, said Kristo Kaarmann, Wise co-founder and chief executive officer (CEO).

The company is one of a string of London-listed technology firms, whose shares have slipped since their listing, dampening investor confidence in London IPOs. Wise made headlines since going public for losing about 60 per cent of its value. 

Kaarmann himself is also in the spotlight. Wise said Monday that the Financial Conduct Authority has commenced an investigation into the CEO almost a year after he was fined by HMRC for deliberately defaulting on his taxes. BLOOMBERG