The Wise logo is displayed on the smartphone screen.
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wise The company reported a 55% jump in profits in the first half of its fiscal 2025 on Wednesday, citing customer growth and expanding market share.
The British digital payments company said its total profits in the first half amounted to £217.3 million, up from £140.6 million in the same period last year.
This came on the back of a 25% increase in active customers, with Wise reporting a total of 11.4 million consumer and business customers.
Revenue at the money transfer platform rose 19% year-on-year during the period to £591.9 million, Wise reported on Wednesday.
Earlier this year, Wise issued a sales warning that sent the UK online payments company's shares falling by as much as 21%.
Back in June, Wise said it expects underlying year-on-year income growth of 15-20% for fiscal 2025, well below the 31% growth rate it achieved in the 12 months ending March 2024.
The softer guidance came on the back of a series of price cuts.
Last month, WISE announced a 17% increase in core income for the second quarter of 2024.
The company also said it was on track to achieve a core profit before tax (PBT) margin of 13% to 16% over the medium term – repeating previous guidance from June – and would not have to make “material further investments in discounted pricing”. “In the second half.
On Wednesday, Wise said PBT's underlying margin for the first half period was 22%, above its target range of 13% to 16%.
However, the company added that the investments it has made to reduce prices will reduce this margin to a level close to this target range for the second half of its fiscal year 2025.
Last week, billionaire CEO and co-founder of Wise Christo Karmann was fined £350,000 by the UK's Financial Conduct Authority for failing to report an issue with his tax returns.
