British fintech firm Wise posts 55% jump in profit on expanding market share

Published On Nov 6, 2024, 2:29 AM

Wise, a British digital payments firm, reported a significant 55% increase in profit for the first half of its fiscal year 2025, amounting to £217.3 million. This increase stems from a 25% growth in active customers, reaching 11.4 million. Their revenues also rose by 19% to £591.9 million. Despite earlier warnings about sales, Wise has managed to maintain a strong profit margin, which was 22% in the first half, above their targeted range. However, as they reduce pricing to remain competitive, this margin is expected to decline to their target range in the second half of the year.