Profits at money transfer company Wise have almost tripled due to rising interest rates and an increasing number of users.

Pre-tax profit rose from £43.9 million to £146.5 million in the year ending March 2023, while Wise saw the number of active customers increase by 34 per cent over the same time period to around 10 million users.

Wise added that higher interest rates and customers holding more money in their accounts led to a 73 per cent rise in income to £964.2 billion.

The volume of transactions grew to £104.5 billion, with Wise saying that the number of users of the Wise Account also increased over the year. The company added that 55 per cent of businesses and 36 per cent of personal customers are using the account for more than just money transfers.

Wise said that this growth led to revenue rising to over £846 million, an increase of around 50 per cent.

“At Wise we are laser focused on our mission of money without borders and building the products that our customers need,” said Kristo Käärmann, co-founder and chief executive at Wise. “Over the past year, we continued to invest in our infrastructure and launched new features, such as assets, to make moving and managing money faster, cheaper, easier, and more transparent for more people and businesses around the world.”

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