Wise revenue jumps 43% to £123.5m

Wise has reported revenue growth of 43 per cent to £123.5 million in the first quarter of its financial year.

During the same period last year, the company accumulated £86.3 million in revenues.

The company was valued at more than £9 billion in a record direct listing in London earlier this month. [link]

The growth in revenue during the first quarter was outpaced by year-on-year volume growth, as certain higher-priced routes returned to longer-term average levels of activity and a lower proportion of overall volumes.

Volume grew by 54 per cent to £16.4 billion, faster than the growth in customers.

This was mainly driven by the average volume per customer, which was significantly lower (19 per cent), in the first quarter of last year due to the impact of the COVID-19 pandemic on customer demand for international payments, but quickly rebounded and has been broadly stable since.

The company said that 3.7 million customers made transactions in the first quarter, while the number of personal customers grew by 28 per cent year-on-year to 3.4 million.

Business customers, who typically use Wise for a broader range of needs such as paying and receiving funds from suppliers, vendors and customers, grew by 56 per cent compared to the previous year.

“In the first quarter of this financial year we continued to take important steps forwards towards this goal while also successfully listing Wise on the London Stock Exchange,” said Kristo Käärmann co-founder and chief executive, Wise. “We were pleased that in the first quarter of this financial year we were able to reduce pricing by 2bps to 0.67 per cent, dropping prices for 19 currencies while also delivering 38 per cent of all transfers instantly.”

Käärmann added: “Our financials in that period were in line with our expectations with revenues of £123.5m, representing a growth of 43 per cent YoY compared to Q1 FY2021.”

    Share Story:

Recent Stories


The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.