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.”

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