Wise shares plunge after fintech projects slower growth [Video]

Shares of British money transfer company Wise dropped on Thursday after the company projected weaker annual revenue growth in the current fiscal year.

The firm’s stock was down 9.8% at 1:30 p.m. London time, after falling as much as nearly 21% earlier in the session.

The consumer payments company, which lets customers send or spend their money overseas at cheaper rates, said it was expecting underlying year-over-year income growth of 15-20% for the full-year ending March 2025.

That’s lower than the 31% underlying income growth to £1.2 billion ($1.53 billion), which Wise reported on Thursday in its results for the fiscal year that ended March 31.

Underlying income strips out benefits paid on customer balances or net interest income above the first 1% gross interest yield.

Underlying pre-tax profit, which Wise said accounts for costs and reinvestment, came in at £242 million for the full year, up …