Wise (LON: WISE) is a company renowned for facilitating cross-border payments and offering multi-currency accounts. For the fiscal year ending March 31, 2024, the company reported a significant revenue growth of 24%, surpassing £1.05 billion. Additionally, Wise achieved a net profit of £354.6 million, marking a 212% increase.

Individual customers continued to be the primary revenue driver, contributing £815.3 million in total revenue, with the remainder from corporate clients.

Geographically, Europe emerged as Wise's largest market, generating £323.9 million in revenue, followed by the UK at £202.5 million, North America at £214.5 million, Asia-Pacific at £216.2 million, and £94.9 million from other regions.

Profit Surge

Despite the substantial revenue growth, sales costs remained relatively stable at £307.4 million, slightly down from £308.2 million the previous year. The company's pre-tax profit surged by 229% to £481.4 million.

Although net interest income from corporate investments grew by 604%, it constituted only a small portion of the annual operating profit of £2.418 billion. However, Wise generated £364.5 million from income exceeding 1%, a 302% increase, while paying out £124.9 million to customers.

Strong Quarterly Performance

The fourth quarter saw revenues of £381.1 million, compared to £375.1 million in the preceding quarter.

"2024 was another year of robust growth for Wise," said Kristo Käärmann, co-founder and CEO of the company. Indeed, the company's strong performance is also reflected in non-financial metrics.

Substantial Growth in Active Customers

Active customers on the platform increased by 29% to 12.8 million, driving cross-border transfer volumes to £118.5 billion, a 13% annual increase. Furthermore, holdings through various platform functionalities such as cash and assets grew by 44% to £16 billion, with 48% of personal and corporate clients opting for these services.

Meanwhile, the company strengthened connections with Australia's domestic payment systems, obtained licensing in Japan, lifted the ¥1 million transfer limit, and collaborated with Swift.

"We are investing in infrastructure and customer experience to better serve this vast and underdeveloped cross-border payment market, aiming to further reduce customer costs starting from the fiscal year 2025," added Käärmann.