Wise, which was formerly named TransferWise until its re-branding in February 2021, is a financial technology company that offers online payments and transfers across 60+ countries worldwide. It has around 10m customers that process £5bn in cross-border transactions every month. Due to its popularity within the online payments industry, it is one of the most eagerly awaited fintech IPOs of the year.
According to the company itself, Wise has been profitable since 2017. In the financial year of 2020, Wise’s revenue grew to £302.6m, up from £179m in 2019. This also represents £21.3m in net profit. Since 2019, Wise has had a healthy revenue compound annual growth rate (CAGR) of 54%, and 42% CAGR for volume.
In 2020, TransferWise processed £42bn in cross-currency transfers, or around 63% of its total processing volume of £67bn. Remember that past performance is not indicative of future results, so you should still take the appropriate steps towards risk-management and performing company analysis when considering trading on a company’s IPO.