Shares in Wise (LON:WISE) plunged 10% on Thursday morning after the money transfer company reported a solid start to its financial year but failed to ease investor concerns.
The London-based firm, which is planning to shift its primary listing to New York, posted an 11% rise in underlying income to £362 million for the three months ending 30 June. On a constant currency basis, growth was even stronger at 14%.
Cross-border volumes surged 24% to £41.2 billion, with active customer numbers up 17% year-on-year to 9.8 million. Despite these gains, shares dropped to 1,020 pence, valuing Wise at £10.48 billion.
Wise reiterated its guidance for financial 2026, targeting underlying income growth of 15% to 20% in constant currency and maintaining a medium-term pretax profit margin goal of 13% to 16%. This marks a step down from the 21% margin recorded in financial 2025.
Chief Executive Kristo Kaarmann said: “We’ve had a strong start to the year, moving closer to becoming the network for the world’s money.” He highlighted the benefits of the upcoming US primary listing, which the company claims will better align long-term strategic goals.
Wise will continue to focus on customer growth and global expansion, but Thursday’s market reaction suggests investors remain cautious.