2024-06-13 18:11:02 ET
Wise plc (WPLCF)
Q4 2024 Earnings Conference Call
June 13, 2024, 04:30 AM ET
Company Participants
Martin Adams - Director, Investor Relations
Kristo Käärmann - Co-Founder and Chief Executive Officer
Harsh Sinha - Chief Technology Officer
Kingsley Kemish - Chief Financial Officer
Conference Call Participants
Justin Forsythe - UBS
Kim Bergoe - DB Numis
Orson Rout - Barclays
Gautam Pillai - Peel Hunt
Alex Short - Berenberg
Aditya Buddhavarapu - Bank of America
Adam Wood - Morgan Stanley
Daniel Sykes - Redburn Atlantic
Hannes Leitner - Jefferies
Josh Levin - Autonomous
Andrew Bauch - Wells Fargo
Presentation
Operator
Martin Adams
Hello. Good morning. I'm Martin Adams, I'm the Director of Investor Relations here at Wise. Thank you very much for joining us this morning for our FY '24 Results Presentation. We will have about 30 minutes of presentation, which I'll hand over to Kristo to start in one second. After the slide presentation, we'll move on to Q&A. And as we always do, we'll start in the room, and then I'll facilitate through Zoom as well for those joining via Zoom.
So, with that, I'm pleased to introduce Kristo. Thank you.
Kristo Käärmann
[Technical Difficulty] for joining in the room. Really good to see some old-time owners in the room. I'm Kristo. I'm today joined by our CTO, Harsh, and our CFO, Kingsley, for the other parts of the presentation.
So, first of all, let's kind of remind ourselves why the 6,000 people who come to work here, because we're here to build money that works without borders, building the best way to move and manage the world's money, minimum fees with maximum ease and at full speed.
I started Wise because there's a huge inefficiency in how money works across borders. For many people and businesses, it actually feels pretty broken. And this is a large and worthwhile problem where we see our solutions are working. We built a profitable, fast-growing company to work on this mission. And the way we're doing this is we're building it through a completely new infrastructure for the world's money, so that it can flow across the borders efficiently, fastly, cheaper, as it now does domestically, but now across borders. And we're bringing this foundational infrastructure and technology to people and businesses through products that they love and they want to recommend, and there's so much demand for what we're building.
Most of the people and businesses are still stuck with their slow, expensive bank, who's trying to hide their fees in made up exchange rates. And we've been hearing this from our customers.
So, first of all, people. People are telling us it's expensive and painful to pay someone in another country to move money between their family accounts. And we've been knocking down this friction. We're making transfers faster. We're making it cheaper, making it more convenient for people to move money.
Businesses. Businesses are telling us it's impossible to operate internationally, because no bank can support their international activities. And we have created the Wise account, which has turned out to be hugely popular for them. We'll hear quite a bit about Wise account later.
And finally, banks. Banks themselves are telling us, they know well that their customers deserve better, and they want better, but it's so hard for them to create the same kind of service through the traditional infrastructure. So, they're coming to us, and we made our infrastructure available through Wise platform for the banks to build up....
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Wise plc (WPLCF) Q4 2024 Earnings Call Transcript