Whats going on with the Wise share price?
FinTech Wise (LSE: WISE) has seen its share price rise by 10% since the foreign exchange specialist joined the London market on 7 July. At around 970p, Wise shares are now priced at a staggering 400 times last years earnings. Normally, Id dismiss this as a crazy valuation thats likely to disappoint. But I can see a lot to like in Wise. Heres why Im so keen on this fast-growing business. 5G is here  and shares of this sleeping giant could be a great way for you to potentially profit! When I look at a newly-listed company, I start by asking if the business still has plenty of growth potential. With Wise, Im fairly sure the answer is yes. Wise handled 54bn of international money transfers last year, an increase of 30% in one year. But although thats a lot of money, its a drop in the ocean compared to the overall size of the market. According to Wise, 18trn is moved between countries each year. Wise is cheaper than traditional banks too. The company says it charges an average fee of 0.7%, compared to 3-7% at the big banks. One further attraction is that Wise offers a fast, easy-to-use online service. Customers can simply do what they need to do, with no hassle. In my view, this service has all the ingredients needed for long-term growth. Im not surprised Wises share price has performed well during its first few days on the market. Strong financial performance  During the year to 31 March, Wises revenue rose by 39% to 421m. Operating profit for the same period rose by 90% to 45m. This gives an operating margin of 10.7%, up from 7.8% the previous year. Im pleased to see the companys profitability improving as it expands. This tells me that Wise is benefiting from its larger scale. This could help to drive share price growth. Looking ahead, management expect revenue to rise by about 20% each year. Profitability is expected to be stable, as the company invests in growth and keeps its fees as low as possible. Im confident that Wise should be able to deliver revenue and profit growth for many years to come. However, one possible concern is that the companys presence in the business market is still pretty small. Globally, businesses account for nearly 90% of all international money transfers. But Wises business customers only generated 20% of its revenue last year, transferring an average of just 40,400. This tells me that most business customers are probably only small enterprises. Attracting larger business customers could boost growth. But I suspect further investment will be needed to achieve this. Even the best investment in the world is only a good buy if the price is right. Im not sure thats true with Wise. The companys stock market listing has valued the business at 13.3bn. Based on last years profit of 31m, that values the stock at 400 times earnings. Thats a bit high for me. Even if growth stays on track, I reckon it could take at least five years for Wises valuation to fall to a level where Id consider buying. Right now, Wise shares just look too expensive to me. But I can see a lot to like about this business and will be watching with interest. Wise is certainly a company Id like to own at the right price.