Wise PLC (LSE:WISE), the fintech firm, has become the latest financial services group to benefit from a higher interest rate environment after its earnings more than tripled.
Pre-tax profits soared by 228% year-on-year to £481 million for the year to March end, while underlying earnings also more than tripled to reach £241.8 million.
It comes as around £118.5 billion was moved across borders for 12.8 million customers, representing a 29% increase in its user base activity.
However, it was the group’s interest income that drove profits, having also more than tripled from £140.2 million in 2023 to £485.2 million this year.
“2024 was another strong year of growth for Wise,” said co-founder and chief executive Kristo Käärmann.
“We are investing in infrastructure and customer experiences to serve as much of this huge, under-served cross-border payments market as possible, including starting FY25 by reducing fees further for our customers.”