Fintech news from big names Wise, Klarna and Revolut.

London-based fintech giant Wise plc (previously known as Transferwise) reported a total income of £416 million during the six months ended September, up 63% from the corresponding period last year. Revenue grew 55% to £397 million. Further, the adjusted EBITDA increased by 52 percent to £92 million with a margin of 22 percent, and it ended the period with a pre-tax profit of £51.3 million, which increased by 173 percent. (Finance Magnates)

“In the first half of this financial year, we got faster, hitting a key milestone with 50 percent of all transfers now instant; completed within 20 seconds. During the period we had to raise prices on some routes but we were also able to decrease fees on others. As a result, our global average fee today is 0.64% and as such we consistently remain one of the cheapest and fastest options for moving money around the world,” said Kristo Käärmann, CEO and co-founder, Wise.

Meanwhile at payments firm Klarna, CEO Sebastian Siemiatkowski said in an interview with the Financial Times (FT) on Wednesday (Nov. 30) that the BNPL company would hit monthly profitability by August or September of 2023, although it might still report a loss for the full year 2023.

“This isn’t a boat, it’s a container ship,” Siemiatkowski said. “You don’t turn it around in the quarter, it takes some time.”

A Bloomberg report said British finTech startup Revolut was looking to the Asia-Pacific (APAC) region to further drive its growth. Presently, Revolut has about 25 million mostly European customers, and intends to quadruple that number in three years, with APAC playing a key role.

Countries of focus are Japan, New Zealand, India and the Philippines. In Japan, Revolut seeks to expand its user base from 80,000 to 1 million.

Related Story: Klarna, Last Valued At $46B, Cuts Workforce By 10%

Photo by Austin Distel on Unsplash