Money transfer and payments platform Wise increases full-year profit expectations

Money transfer and payments platform Wise has increased its full-year profit expectations after recording a surge in income from higher interest rates.
By Greg Wright
Published 17th Jan 2023, 08:48 BST

The fintech company said its net interest income was 148 per cent higher over the latest quarter, compared with the same period a year earlier, totalling £43.5m. This was because of higher rates of interest on people’s invested assets and growing customer balances.

As a result, Wise said its total income for the full year is expected to grow 68 per cent to 72 per cent, compared with its previous, lower expectations of a 55 per cent to 62 per cent growth level.

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Wise admitted there is “still work to do” to share the benefit of its higher income with customers, but, until then, a large proportion of the income will flow to its earnings, the firm said.

Money transfer and payments platform Wise has increased its full-year profit expectations after enjoying a surge in income from higher interest rates.Money transfer and payments platform Wise has increased its full-year profit expectations after enjoying a surge in income from higher interest rates.
Money transfer and payments platform Wise has increased its full-year profit expectations after enjoying a surge in income from higher interest rates.

Wise co-founder and chief executive Kristo Kaarmann said: “As interest rates increase, our customers expect a return on the balances they hold with us, and we intend to share much of the benefit of higher rates with customers.”