The British digital payments firm, Wise, reported a 55% increase in profit for the first half of its 2025 fiscal year, reaching £217.3 million, up from £140.6 million a year ago. This growth was driven by a 25% increase in active customers, totaling 11.4 million consumer and business clients. Revenues rose 19% year-on-year to £591.9 million.

Earlier this year, Wise issued a sales warning, causing shares to drop by up to 21%. In June, the company forecasted a 15-20% year-over-year income growth for fiscal 2025, down from 31% in the previous year, due to a series of price reductions. Despite this, Wise reported a 17% increase in underlying income for Q2 2024.

Wise’s underlying profit before tax (PBT) margin for the first half was 22%, above its target range of 13-16%. However, due to investments in reducing pricing, this margin is expected to drop to the target range for the second half of fiscal 2025.

Additionally, CEO Kristo Käärmann was recently fined £350,000 by the U.K.’s Financial Conduct Authority for failing to report a tax issue.