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Top related persons:
Wise - 3 Harsh Sinha - 3 Kristo Kaarmann - 3 Kaarmann - 2 Sinha - 2 Taavet Hinrikus - 1 Jefferies - 1 Kristo - 1
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Kaarmann Estonia Ukraine Bank of England Abu Dhabi
Top related orgs:
Jefferies - 2 Customs - 2 Financial - 2 British - 1 London Stock Exchange - 1 OFSI - 1 Wise - 1 PayPal - 1

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6 mentions found


☆ British fintech Wise reports 280% jump in profit as higher interest rates boost income
  + stars: | 2023-11-14 | by ( Ryan Browne | ) www.cnbc.com   time to read: +2 min
British fintech firm Wise nearly quadrupled pre-tax profits in its half-year results out on Tuesday, citing a boost from higher interest rates. Including interest income, the company's total income stood at £656 million for the period, up 58% year-on-year. Wise said that it benefited from higher interest rates, extending a trend from earlier this year where the company was pulling in extra income thanks to interest rate increases. The analysts added that the boost to Wise's results from higher interest income is a "welcome temporary compensation" for slowing core total processed volume, but noted it is "likely unsustainable." Harsh Sinha, Wise's technology chief, recently took the reins from Wise CEO Kristo Kaarmann at the firm's helm.
Persons: Wise, Harsh Sinha, Kristo Kaarmann, Taavet Hinrikus Organizations: British, Jefferies, London Stock Exchange Locations: Kaarmann, Estonia
☆ Fintech giant Wise allowed Russia sanctions target to withdraw money, U.K. government says
  + stars: | 2023-08-31 | by ( Ryan Browne | ) www.cnbc.com   time to read: +3 min
British financial technology giant Wise allowed an individual on the Russian sanctions list to withdraw money, a U.K. government body said Thursday. The user was allowed to make a withdrawal of £250 ($316.63) from a business account on Wise, according to the Office of Financial Sanctions Implementation. According to the OFSI, Wise reported a suspected sanctions breach on June 30, 2022. It's one of a rare number of cases of publicly disclosed breaches by a fintech company. Wise CEO Kristo Kaarmann was previously fined by Her Majesty's Revenue and Customs for failing to pay his taxes on time.
Persons: Wise, Kristo Kaarmann, Kaarmann, Harsh Sinha, Jefferies, Sinha, Kristo Organizations: OFSI, Customs, Financial, Wise, PayPal, eBay, Jefferies Locations: Ukraine
☆ Wise shares spike 18% as higher interest rates help fintech triple profits
  + stars: | 2023-06-27 | by ( Ryan Browne | ) www.cnbc.com   time to read: +2 min
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). Wise benefited from surging interest rates, which last week were raised by the Bank of England to 5% as policymakers grapple with persistently high inflation. Like other fintechs, Wise has been able to accrue income from interest on funds sitting in customer accounts. Overall income reported by the firm rose to £964.2 million, up 73% year-on-year.
Persons: Wise, Kristo Kaarmann, Kaarmann, Harsh Sinha, Sinha Organizations: Bank of, Starling Bank, Customs, Financial, BBC Radio, BBC Locations: Bank of England, Abu Dhabi
☆ Wise’s tougher times raise risk of mission drift
  + stars: | 2023-04-18 | by ( ) www.reuters.com   time to read: +2 min
He now has 6.1 million customers, results released on Tuesday showed, up 33% from a year ago. Wise’s volumes per retail customer dipped 7% year-on-year during the three months ending on March 31. Raising prices and tacking on other revenue-generating services could help to offset the hit to Wise’s top line. But pulling harder on those levers would arguably undermine one of the appeals of Wise’s business model for investors and customers: simplicity and ever-lower prices. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
☆ UK payments star can keep defying fintech slump
  + stars: | 2023-01-17 | by ( ) www.reuters.com   time to read: +2 min
Volumes, a measure of the amount of currency that customers are changing, were 26.4 billion pounds - slightly lower than in the previous three-month stretch. Even after the selloff, Wise trades at a punchy 44 times forward earnings according to Refinitiv data. Volumes per retail customer indeed leapt to almost 4,000 pounds per quarter from April to September, before falling back to 3,500 pounds. Unlike other bombed-out fintech stocks, Wise’s revenue growth is strong, at 50% year-on-year in the most recent quarter, and it is highly profitable. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
☆ We've had to increase transaction fees for some customers, says payments company Wise
  + stars: | 2022-11-02 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe've had to increase transaction fees for some customers, says payments company WiseKristo Kaarmann, CEO of Wise says the global environment has made it more expensive to "move money around the world," but transactions will get much cheaper than it is today.
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