Wise shares slip despite income and revenue growth
Wise’s share price fell as much as 9% on 16 April after it reported financial results for the fourth quarter.
The City fintech now has 7.9 million active customers, up 29% compared with the same period in 2023, according to a 16 April trading update. Business customers of Wise jumped by 16% to 395,000.
Wise’s revenue growth of 24% year-on-year to £277.2m also failed to revive investor confidence on 16 April.
READ ‘Banks should disclose hidden markups,’ says Wise policy head
Wise moved a total of £30.6bn in cross-border payments during the recent quarter, up 16% year-on-year.
Wise CEO Kristo Käärmann called the recent period a “strong quarter” for the fintech.
“This quarter, we resumed business customer onboarding across the vast majority of Europe, and we continued to invest in our infrastructure and broaden our offering across the world,” Käärmann said.
Wise has expanding its services across Asia since the start of 2024. In March, the fintech firm obtained a licence in Japan to increase its cross-border transaction limit for users in the country.
Wise established a partnership with Hong Kong’s Mox Bank in March to help the firm’s customers with global payments.
Wise’s share price dropped from 916p to as low as 820p during early trading on 16 April. Amid the recent dip, the firm’s market value dropped from £9.4bn to £8.6bn.
Despite global expansion and partnerships, Wise’s share price has been struggling recently. In the past four weeks, the shares of London-listed fintech have been down by roughly 10%. However, the firm’s chief executive is optimistic about its future growth.
“Our continued customer growth laps strong results and tells us that the investments that we’re making are meeting real needs, giving me confidence that we’re progressing well on our mission,” Käärmann said.
To contact the author of this story with feedback or news, email Bilal Jafar
