Wise Talks With Regulators About Passing Higher Rates to Users
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Wise Plc is in talks with UK regulators about its difficulties passing on the benefits of higher interest rates to its customers.
The fintech company’s profits have swelled as central banks around the world ratcheted up interest rates: Gross profit in the six months ending September 30 jumped 86% to £488.9 million ($601 million). That’s meant the margin on earnings before interest, taxes, depreciation and amortization is likely to be “considerably higher” this fiscal year than the company’s medium-term target of 20%.