Financial services provider, Wise announced its results for the first half of the fiscal year 2022 (FY22) today. The company saw a surge in demand for its services during the mentioned period. As a result, its revenue reached a high of £256.3 million, compared to £192.2 million in the same period last year.
The latest 33% jump in revenue was mainly driven by strong demand from businesses. The company’s adjusted EBITDA margin was 24% for the mentioned period. However, Wise's profit before tax came in at £18.8 million, which is slightly lower compared to £20 million during the same period last year.
According to Wise, reinvestments of the majority of the company’s profit and exceptional costs in the completion of its direct listing played an important role in the recent drop in profit before tax.
“We started Wise 10 years ago with the mission to make international banking faster, easier, cheaper and more transparent for everyone everywhere. We’ve come a long way since then, including some significant strides forward in the last six months: we lowered costs and dropped prices (even faster than expected!), our payments got faster, we developed more features for businesses, initiated more platform partnerships, and we launched our exciting new ‘Assets’ feature for customers in the UK,” Kristo Käärmann, CEO and Co-Founder of Wise, commented on the results.
H1 FY22 Highlights
Moreover, Wise outlined a significant reduction in fees for customers during the recent 6 months. Furthermore, the speed of transfers has increased in H1 of FY22. In terms of global coverage, Wise highlighted the recent launch of its services in India, allowing Indian citizens to send money to more than 40 countries.
“With the rollout of payouts via Unified Payments Interface (UPI), Wise customers can also send money to India instantly, and without needing to know their recipient’s bank details,” Wise added in the press release.
