Shares at money transfer business Wise bounce back above its listing price after revenue boost
Money transfer business Wise finally edged back above its listing price after strong growth forecasts ended a rocky few months.
Shares in the firm, which floated on the stock market in July, sank as one of its founders became embroiled in a tax dispute and the other sold a chunk of stock at a discount.
But investors’ confidence was rising again as Wise said revenues could be up by as much as 30 per cent by the end of its financial year in March.
Recovery: Wise was founded by Taavet Hinrikus and Kristo Kaarmann (pictured) in 2011 to send money around the world more cheaply and easily
It had previously guided revenue growth of 20 per cent to 25 per cent.
Shares leapt 7.7 per cent, or 57.8p, to 812.4p – back above the 800p float price, valuing it at £8.1billion.
Wise was founded by Kristo Kaarmann and Taavet Hinrikus in 2011 to send money around the world more cheaply and easily.
In the six months to September, revenues were up 33 per cent on the same time last year, to £256.3million.
Customer numbers hit 3.9m, up 23 per cent on the same time last year. Kaarmann said the growth was down to improving its technology to speed up payments and cut prices on its currency exchange.
He was fined by the UK tax authorities in September for late payment. Wise’s board has since recommended he takes tax advice.
Wise was the biggest tech business to ever float in London, when it listed at a value of £8billion.
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