Shares in money transfer app Wise fell as much as 15% on Tuesday, despite the firm posting a 33% rise in full year revenues.
Dropping its first set of full year results since going public last summer, Wise recorded revenues of £559.9 million, up from £421 million in 2021. Gross profit was up 43% to £371.9 million while adjusted Ebitda rose 12% to £121.4 million.
However, adjusted Ebitda margin reduced to 22% from 26% as "we invested as planned back into our teams, products and marketing".
The London-based firm says that expansion into new geographies as well as the roll out of new products helped it hit 4.6 million active customers in the fourth quarter, a 29% increase in the same period the previous year.
Wise expects revenue to grow by between 30% and 35% in the next year. Says CEO Kristo Kärmann: "We will continue to invest in our infrastructure, build features for a smooth and delightful international banking experience, and expand globally to bring Wise to more people and businesses around the world."
The results are published a day after Wise revealed that Kärmann is facing an FCA investigation after he was fined by HMRC for deliberately defaulting on his tax bill.
Shares in Wise dipped to as low as 311 pence today, down about two thirds from when the company listed last July.