One complaint some investors make about the UK stock market is that we lack the deep pool of major growth shares seen across the pond.

But there are some growth shares in the UK market that I think have a lot of the characteristics seen in some of the more exciting US stocks.

UK fintech with global ambitions

One is Wise Group (LSE: WISE), the UK-based fintech that facilitates money transfers internationally.

Its share price has actually fallen 16% in the past year. Indeed, concerns about whether the company can fully unlock its potential on the London market help explain why it obtained a secondary share listing Stateside this month.

That share performance reflects concerns some investors have about Wise’s long-term model. It is building its business in part by offering keen pricing, a risk for profitability.

That was reflected in the results it issued at the halfway point of its current financial year. Revenues grew 11% year on year, but underlying profit before tax fell 17%.

I think Wise is on the right track

That profit number is not going in the right direction.

But Wise’s revenue growth is impressive, as is the upwards march in user numbers. They reached a record number in the most recent quarter, with the company reporting 11.3m active customers.

I think the strategy of focussing on scaling up now makes sense. That can help lay the foundation for longer-term success for the group thanks to a large entrenched user base, strong brand, and economies of scale.

This is not some startup company throwing huge sums of money down the drain. Wise is solidly profitable: although profit in the first half fell 14% year on year, it still came in at £187m.

The company expects its pre-tax profit margin for the year to be at the top end of the 13%-16% range it has indicated.

Could this be a long-term bargain?

International exchange is a business that rewards scale.

The more customers Wise serves across a wide variety of currencies, the easier it will be for it to match a buyer on one side with a seller on the other at a competitive price.

But Wise’s investment case is about more than currency exchange. Customers building up deposits with it and being paid lower interest than Wise can earn by putting the same money to use could ultimately be the real profit driver for the company, just as it is at many banks.

The company ended its most recent quarter with a record £23bn of customer balances. Marketing campaigns promoting this deposit part of Wise’s offering could mean that that number grows steadily in coming months and years.

We await Wise’s full-year results for its most recent 12-month trading period that ended in March. But based on the prior year’s earnings, the growth share sells for around 22 times earnings.

That is not cheap, but I see substantial long-term growth potential for the business.

From a long-term perspective, I regard the current share price as attractive and think investors should consider Wise.

Should you invest £5,000 in Wise Plc right now?

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And right now, Mark thinks there are 6 standout stocks that investors should consider buying. Want to see if Wise Plc made the list?

Christopher Ruane does not hold any position in the companies mentioned.