Wise manages 50 percent increase in turnover on year
Estonian fintech Wise boosted its turnover by 51 percent to €984 million in its previous economic year that ended in March. The company's profit after tax more than tripled to €132.6 million.
Wise offered services to around 10 million customers in its last fiscal year for an increase of 34 percent. In all, the company's cross-border transfers amounted to €122 billion.
CEO Kristo Käärmann said that Wise still only facilitates a fraction of all cross-border transfers and the company has plenty of room to grow.
Käärmann added that Wise is concentrating on developing cash transfers infrastructure, hoping to capitalize on economies of scale. The company is partnered with 70 banks all over the world, which gives it access to four domestic payments systems.
Wise CFO Matt Briers said that the number of the company's active clients has tripled over the last four years, which has yielded increased turnover and profit.
Kristo Käärmann and Taavet Hinrikus founded the company then named Transferwise in 2011. Wise was listed on the London exchange in 2021, making Käärmann and Hinrikus the first Estonian billionaires. Käärmann currently owns 18.2 percent and Hinrikus 7.1 percent of Wise shares worth €1.33 billion and €516 million respectively.
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Editor: Marcus Turovski
