Wise Reports 163% Surge in Adjusted EBITDA for H1 FY24

The global payment technology company Wise has released its unaudited interim results for the first half of FY2024 ended September 30, 2023, unveiling that the adjusted EBITDA climbed 163% to £241.1 million, with the adjusted EBITDA margin up from 22% to 36.7%.

The paytech generated revenue of £498.2 million in the period from April to September, 25% higher over the last same period’s £397.4 million. Income stood at £656 million, rising 58% on a yearly basis, as interest income registered a surge of 848% to £157.8 million.

Gross profit for H1 FY24 rose 86% year-over-year to £488.9 million, with gross profit margin growing from 63.0% to 74.5%.

"In the first six months of this year, we continued to make progress against our mission of building the best way to move and manage the world's money," commented Harsh Sinha, the Chief Technology Officer and Interim CEO at Wise.

In the financial year ending 31 March 2023 (FY23​), the company has achieved a strong performance, with revenue up 51% from FY22 to £846.1 million.