MADRID, June 27 (EUROPA PRESS) –

UK ‘fintech’ Wise, formerly known as TransferWise, posted a net profit of 114 million pounds (132.5 million euros) in its fiscal year, which ended in March, which equates to a 246.5% increase compared to the previous profit. one, as reported this Tuesday in a statement.

Revenue between April 2022 and last March was 964.2 million pounds (1,121 million euros), 73.1% more thanks to growing customer balances and rising interest rates.

By business segment, services provided to individuals accounted for revenue of 656.3 million pounds (762.9 million euros), 51.4% more, while turnover of business branches grew by 50% , to 189.8 million pounds (220.6 million euro).

The interest portion provided 118.1 million pounds (137.3 million euros) in contrast to a loss of 2.8 million pounds (3.3 million euros) in the previous year.

By geographic origin, 20.1% of revenue comes from the UK, while 31.9% comes from the rest of Europe. After that, 21.2% was generated in North America, 19.1% in Asia-Pacific, and the remaining 7.8% in other markets.

Costs directly attributable to company activities were 308.2 million pounds (358.3 million euros), 65.9% more, and administrative expenses increased 53.9%, to 494.5 million pounds (574.9 million euros).

“We’ve more than doubled the number of active clients using Wise in just four years. This has been a key driver of our fourfold increase in cross-border volume and fivefold increase in revenue over that period,” said Wise CFO Matt Briers. At the end of the year, Wise registered 9.4 million personal accounts, of which 0.52 million were related to companies.

Looking ahead to the next 2024 fiscal year, Wise anticipates revenue growth of between 28% and 33% while “continuing to invest in its products and marketing” and leveraging interest income to expand its incentive policies and fuel its growth.