Wise reports a near-quadrupling of profits in the first half of 2023

Payments giant Wise saw its pre-tax profits in the first half of 2023 soar by 280 per cent to £194.3m, boosted by higher interest rates.

Since late 2022 Wise has been gradually increasing the incentives for its payment customers to leave their deposits with the fintech, with its total customer cash holdings now totalling over £8bn.

The interest income on this cash for Wise during the six months to 30 September rose by 848 per cent in the first half of the year from £18.7m to £157.8m.

Total revenue for the company was £498.2m, up 25 per cent year-on-year.

"In the first six months of this year we continued to make progress against our mission of building the best way to move and manage the world's money,” Harsh Sinha, chief technology officer and interim chief executive officer said.

“Our customer base grew by over 30 per cent supporting 25 per cent growth in revenue, a 58 per cent increase in Income and a 163 per cent increase in adjusted EBITDA for the period.

Sending money abroad remains the core of Wise’s business, with £57.4bn sent in the company’s first half of the year, a 12 per cent increase year-on-year in the volume of money sent.