Wise posts $1.3b revenue, over 200% growth in profits for FY 2024

Wise, a UK-based fintech company, recorded a 24% year-on-year increase in revenue to 1.1 billion pounds (US$1.3 billion) for its financial year ended March 2024, according to its financial statement.

Of this total, around US$274.9 million came from the firm’s Asia-Pacific business. This makes the region Wise’s second-best performing market worldwide, behind only Europe (excluding the UK) with its US$411.8 million revenue.

The company expanded its reach into Asia Pacific last year by launching integrations in three new regional markets within the first half of 2023.

Some of Wise’s more recent moves include launching its Wise Account and prepaid card in the Philippines and partnering with Tiger Brokers in Singapore to provide card issuance and account issuing services. However, in March, Wise announced that it would be cutting support for its app’s e-wallet features in Indonesia due to a lack of relevant licenses.

The firm’s net profit jumped 212% to US$451 million during FY 2024 despite a 25% increase in administrative expenses.

In addition, underlying adjusted EBITDA surged by 100% to US$424 million, with a margin of 28.4% in March.

“We moved US$151 billion around the world for 12.8 million customers, 29% more customers than last year, with much of this growth driven by the popularity of the Wise account,” said CEO and co-founder Kristo Käärmann.

In March, Wise’s cash and cash equivalent sat at US$13.3 billion, with total assets of US$19.2 billion.

As of now, Wise said it has over 65 regulatory licenses, as well as more than 90 banking and payment partners, around the world.

“This year we completed our integration with the New Payments Platform in Australia, meaning we are now directly connected to a total of five domestic payment systems globally,” Käärmann stated.

Despite these achievements, the CEO believes that Wise is still in the beginning of its mission as the firm aims to make its customers “evangelical” about its products.

“We continue to grow quickly but sustainably. We remain well-controlled; reinvesting and generating a growing level of profitability,” Käärmann said.

See also: Mapping the Indonesian fintech players navigating a tech winter

Currency converted from British pound to US dollar: US$1 = 0.78 pounds.