British fintech company Wise has upgraded its revenue growth projection for the coming financial year after a boost from the UK interest rate hike.
Wise has increased its forecast for revenue growth from 55%-60% to 68%-72% in its recently revealed full-year results.
The London-based fintech cited the historic rise of the interest rate as a key boost for its services.
“Notably in Q3 FY23 we launched new initiatives so that our customers can benefit from the higher interest rate environment, and we made it easier for businesses to spend and get paid,” said the company in its financial statement.
Wise co-founder and CEO, Kristo Käärmann said: “As interest rates increase, our customers expect a return on the balances they hold with us, and we intend to share much of the benefit of higher rates with customers.
“This quarter we launched ‘Interest’ within our Assets product in the UK; a whole new way for our customers to hold their money and earn a return.”
The British unicorn also said it remains “highly profitable” despite major investments made into its growth last year.
Käärmann added: “The investments we’ve made to deliver a superior infrastructure and product are resonating, and in this quarter more customers than ever used Wise.”
In October of last year, Wise secured £300m in additional finances from a syndicated debt facility arranged by Silicon Valley Bank (SVB).
Wise went public on the London Stock Exchange in 2021. Its share price has fallen by 42% since then, one of many public British tech stocks to experience a fall in value.