British fintech firm Wise nearly quadrupled pre-tax profits in its half-year results out on Tuesday, citing a boost from higher interest rates.

Wise reported revenue of £498.2 million, up 25% year-on-year, in the half-year ended on Sept. 30, 2023. Including interest income, the company’s total income stood at £656 million for the period, up 58% year-on-year.

Before tax, company profit came in at £194.3 million, up 280% year-on-year.

Wise said that it benefited from higher interest rates, extending a trend from earlier this year where the company was pulling in extra income thanks to interest rate increases.

Wise, which lets consumers move money across borders at considerably lower fees than do established banks, has a business that’s largely tied to the health of the consumer. U.K. retail spending grew 1.2% in October from last year, the lowest year-on-year growth since December 2022.

Wise, which went public on the London Stock Exchange in 2021, has a market capitalization of £7 billion ($8.7 billion).

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