Wise saw its share price surge on Tuesday as the company shared great financial news. The stock jumped by nearly 13% after the fintech giant reported strong growth in its third quarter. This push brought the price to its highest point in months. Investors are excited because the company is making more money while keeping its costs under control.
The business is doing very well even with more competition. Wise helps people send money to different countries and offers accounts that hold many types of currency. This is a big hit with companies that have workers all over the globe. In just the last few months, they added thousands of new business users. Their total customer count has now climbed to over 11 million people.
A new travel card in India has also been a huge success. Over 75,000 people signed up for it in just one month. People are also trusting the company with more of their money. The total amount of deposits in Wise accounts grew by a third to over 27 billion pounds. The leaders of the company think this growth will get even faster in the future.
One of the biggest pieces of news is the plan to list the company on the US stock market. This dual listing should be finished in the first half of this year. The CEO says this will help more people in America learn about Wise. They are also trying to get a banking license in the US so they can work with thousands of local banks there.
Even with this good news, the stock price is still lower than its peak from last year. This is partly because the company is hiring a lot of new staff, which costs a lot of money. They also have to fight off rivals like PayPal and Revolut. Some experts also think new digital currencies called stablecoins could be a threat because they are very cheap to use.
Looking at the charts, the stock has finally broken out of a downward trend. It moved past some important price levels that usually hold it back. Most analysts think the price will keep climbing from here. The next big goal for the stock is to reach a level that is about 10% higher than where it is right now.
