From CNBC: 2024-11-06 03:18:48

British digital payments firm, Wise, saw a 55% increase in profit for the first half of its 2025 fiscal year, reaching £217.3 million. Active customers also rose by 25% to 11.4 million. Revenues climbed 19% to £591.9 million, leading to an 8% surge in stock following a partnership announcement with Standard Chartered.

Earlier this year, Wise issued a sales warning causing shares to drop. Despite this, the firm reported a 17% increase in underlying income for the second quarter of 2024. Wise aims for an underlying profit before tax margin of 13-16% in the medium term, with a current margin of 22% for the first half of fiscal 2025.

Wise’s CEO was recently fined £350,000 by the U.K.’s Financial Conduct Authority for failing to report an issue with his tax filings. The firm has stated that investments made in reducing pricing will impact the margin in the second half of the fiscal year, bringing it closer to the target range of 13-16%.

Read more: UK fintech posts 55% jump in profit