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“Wise shares spike 18% as higher interest rates help fintech triple profits”

“Online money transfer firm Wise’s shares soared nearly 18% Tuesday as the company reported a spike in profits thanks to rising interest income. The company said in a statement to the stock market that its profit before tax tripled to £146.5 million ($186.5 million). Earnings per share also more than tripled, to 11.53 pence.

That was as the company saw customer growth of 34%, with 10 million total users by March 31, 2023, and volumes increased 37% to £104.5 billion. Wise was trading at about £6.18 at around midday London time, up almost 18% on the day…”

https://www.cnbc.com/2023/06/27/wise-shares-surge-as-higher-interest-rates-help-fintech-triple-profits.html

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