Enhanced Earnings at Wise: Discussion with CFO Matt Briers on H1 2024 Financial Results
Wise Reports Strong Growth and Profitability in H1 2024
Financial technology company Wise (formerly TransferWise) has announced impressive growth and profitability figures for the first half of 2024. The company has seen a 12% year-on-year (YoY) increase in cross-border volume, a 30% increase in cross-border transactions to $384m, and a 8% increase in send volume for the same period.
Revenue for H1 2024 has grown by 25% YoY, reaching £498.2m. The adjusted EBITDA margin for the same period stood at 36.7%, representing a 163% YoY increase to £241.1m. Notably, Wise Card spending increased by 90% YoY.
The company's multicurrency account balances have also seen significant growth, rising 33% to £12.3bn. A notable trend is the increased adoption of multiple account features, with 44% of personal customers and 58% of business customers using these features as of Q2 2024.
In a recent conversation with CFO Matt Briers and Head of UK and Europe Partnerships Roisin Levine, the focus was on Wise's ongoing strategy. The discussion covered the drivers of Wise's growth rates and profitability, the evolution of Wise's Business product, profitability in Wise's Platform business, and Wise's Correspondent Services play.
While no new financial or customer growth figures were provided during the conversation, Wise has recently increased its FY24 revenue projections by 5 percentage points, from 28-33% to 33-38%. The company still expects its medium-term adjusted EBITDA to be at around or above 20%, but anticipates it to be "considerably higher".
For a more detailed analysis of Wise's H1 2024 profitability achievement and concrete plans for its Business product and Correspondent Services, we recommend consulting Wise’s official Q2 or H1 2024 earnings reports or press releases directly. These documents would provide the most accurate and up-to-date information.
Active customers increased by 32% YoY overall in Q2 2024. As Wise continues to grow and adapt, it remains a key player in the financial technology sector, offering innovative solutions for cross-border payments and multicurrency accounts.
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