LONDON—U.K.-based money transfer firm Wise has released year-end results showing double-digit percentage increases in revenue and customer numbers.
“We moved £118.5bn around the world for 12.8m customers, 29% more customers than last year, with much of this growth driven by the popularity of the Wise account,” said Kristo Käärmann, the company’s co-founder and CEO said in a statement.
Käärmann noted the company has seen a 31% increase in underlying income.
“We are investing in infrastructure and customer experiences to serve as much of this huge, under-served cross-border payments market as possible, including starting FY25 by reducing fees further for our customers,” the CEO added in a statement, according to PYMNTS.
Doubling Down on Investment
Kingsley Kemish, the group’s interim chief financial officer, said Wise plans to “double down” on investment in its payment infrastructure, an upfront cost that the group is betting will allow it to cut fees by making the processing of payments more efficient, PYMNTS reported.
Kemish said that the new forecasts would be a “slight detracting factor” but maintained the investment would help Wise to reach its long-term goal of becoming a global leader in the field of cross-border payments, PYMNTS added.