British fintech Wise reports 280% jump in profit as higher interest rates boost income
Publishing timestamp: 2023-11-14 11:51:45
Summary
Wise, a British fintech firm, reported a significant increase in pre-tax profits in its half-year results, citing a boost from higher interest rates. The company's revenue and total income also saw substantial growth. Wise's success is attributed to its ability to generate income from customer balances and its lower fees for cross-border money transfers. Despite the positive results, analysts remain cautious about the company's total processed volume and note that the boost from higher interest income may not be sustainable. Wise's share price has risen since the start of the year, and the company recently announced a pause in new business account signups due to high demand.
Sentiment: POSITIVE
Tickers: WISE-GB,
Keywords: banks, breaking news: economy, economy, wise plc, business news, breaking news: technology, technology,
Source: https://www.cnbc.com/2023/11/14/british-fintech-wise-reports-234percent-jump-in-profit.html