“Our strong growth and continued profitability are a direct result of our focus on our mission and our customers,” said Kristo Käärmann, the Co-Founder and Chief Executive Officer of Wise.

UK payments group Wise (LON: WISE) experienced a surge in its shares of more than 20% due to the expectation that rising interest rates will boost profits, compensating for a decline in customer transfers. The fintech has benefited from increased interest income, with a significant rise in customers’ cash balances.

In the year leading up to March’s end, customers’ cash balances increased by over 50%, reaching £10.7 billion, with nearly equal distributions between personal and business accounts.

While the company anticipates a decrease in transfer volumes per customer this year, during the 12-month period ending in March, Wise clocked a significant increase in pre-tax profits, reaching £146.5 million, compared to the previous year’s £43.9 million. (FT)

Additionally, the group reported a substantial 51% growth in revenues, totaling £846.1 million.

The stock price of Wise has risen by 66% in the past year, although it remains below its IPO price.

The company is aiming to move past recent scandals, including an investigation into its CEO and a fine from the UAE’s financial regulator.

However, the company expressed satisfaction with its London listing and the resulting access to global financial markets.

Related Story:  Wise Clocks 45% YoY Growth In Q4 Revenue; Total Income Jumps 83% YoY To £279.5M