Revenue at money transfer business Wise has jumped by 51 per cent year on year to nearly £186 million in the latest quarter.

During the period, five million customers used the service.

“In the three months to 30 June 2022 we helped 5 million active customers move more than £24 billion across borders, a 49% increase on last year,” said Kristo Käärmann, chief executive and co-founder. “We also reached a key milestone in our mission, more than 50 per cent of all cross-border transfers are now completed instantly.

“Our Wise Account and Wise Business products got even better as we launched 2-step payment approvals and employee spending controls on mobile for our business customers. The average price that our customers paid for cross-border transactions reduced from 0.67 per cent to 0.61 per cent in Q1 FY23 compared with the same period last year and was unchanged compared with Q4 FY22.”

In June, Wise posted year-end revenue growth of 33 per cent to £560 million since going public last summer.

The UK-based FinTech also reported an uptick in its customer base, having reached 4.6 million active users of its service by the fourth quarter of the 2022 financial year (FY) – an increase of 29 per cent from FY21.

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