Wise reports 33% revenue growth amidst investigation into CEO

Wise (formerly TransferWise) posted year-end revenue growth of 33 per cent to £560 million since going public last summer.

The UK-based FinTech also reported an uptick in its customer base, having reached 4.6 million active users of its service by the fourth quarter of the 2022 financial year (FY) – an increase of 29 per cent from FY21.

Wise also grew its volumes and transferred over £76 billion for customers in FY22, an increase of 40 per cent compared to FY21.

The figures come after Wise announced its chief executive Kristo Kärmann faces a Financial Conduct Authority investigation following a fine by HMRC for deliberately defaulting on his tax bill.

"The Board takes Kristo's tax default and the FCA's investigation very seriously,” said David Wells, chair, Wise. “After reviewing the matter late last year the Board required that Kristo take remedial actions, including appointing professional tax advisors to ensure his personal tax matters are appropriately managed.”

The announcement saw the firm’s share prices plummet by around 15 per cent in spite of the positive FY22 figures, according to a report by The Times.

On its future outlook, the company said: “For FY23, we expect revenue to grow by between 30 per cent to 35 per cent thanks to a continuation of some positive trends from FY22 carrying through to the beginning of the financial year.”

    Share Story:

Recent Stories


Meet Evelyn, your Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst
Meet Evelyn, an Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst, who uses native AI/ML capabilities to automate the Customer/PEP screening and Negative News screening alert adjudication processes for leading BFS organizations with greater speed, accuracy, and consistency than human analysts.

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.