Shares in Wise dropped over 10% on Thursday after the money transfer company projected slower annual revenue growth.
The UK-based firm’s stock fell 11% by 5:30 PM BST, continuing a decline that saw a more than 20% plunge earlier in the day following the release of its full-year results.
Wise reported a 31% increase in underlying income for the year ending March 31. However, the company anticipates growth ranging from 15% to 20% for 2025, which is below market expectations.
This decline in share price occurred despite a 29% rise in Wise’s active customer base, which reached 12.8 million. Pre-tax profits surged to £481 million, more than tripling compared to the previous year, with revenues exceeding £1 billion—a 24% year-on-year increase.
CEO Kristo Käärmann commented, “We are investing in infrastructure and customer experiences to serve as much of this huge, under-served cross-border payments market as possible, including starting FY25 by reducing fees further for our customers.”