Wise stock jumps 20% on bumper fiscal 2023 results

Wise PLC (LON: WISE) gained as much as 20% this morning after reporting strong results for its fiscal 2023.

Wise FY 2023 financial highlights

The fintech firm concluded the financial year with income of £964.2 million ($1.23 billion) – a whopping 73% annualised growth.

Revenue also climbed a healthy 51% year-on-year to £846.1 million. Kristo Kaarmann – the Co-founder and Chief Executive of Wise PLC said today in the earnings press release:

Her Majesty’s Revenue and Customs is currently investigating CEO Kaarmann on failing to comply with tax obligations. Wise stock is still down about 3.0% versus its YTD high.

Wise sees a growth slowdown ahead

The digital payments company attributed the strong full-year performance partly to higher interest income. It did note, though, that growth was likely to slow down moving forward.

For fiscal 2024, the London-listed firm now forecasts a 33 % increase in income at the top end of the range. According to Matt Briers – the Chief Financial Officer of Wise PLC.

For the medium-term, he expects a compound annual growth rate of 20%. Wall Street currently has a consensus “overweight” rating on the Wise stock.