Wise reported revenue of £1.052 billion for its financial year ending 31 March 2024, a 24% increase from £846 million in the prior year, as the London-listed cross-border payments company crossed the billion-pound revenue threshold for the first time. Profit before tax rose 229% to £481.4 million over the same period. The results were published on 13 June 2024.
Active customers grew 29% year-on-year to 12.8 million, while cross-border transaction volume — the central measure of Wise's business activity — increased 13% to £118.5 billion. Basic earnings per share rose to 34.2 pence from 11.07 pence.
INTEREST INCOME
The net interest earned on customer balances held on the platform contributed to the income line alongside the fee income generated from international transfers. Wise holds funds deposited by customers either awaiting transfer or held as stored balances in multi-currency accounts. Wise reports this interest income outside revenue; including the retained portion of it, underlying income rose 31% to £1.17 billion.
CUSTOMERS AND VOLUMES
Wise Business, which provides multi-currency accounts and international payment services to small and medium-sized enterprises, grew its active customers by 20% to about 625,000.
Wise charges fees expressed as a percentage of transfer value plus a small fixed component.