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.”

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