Wise revenue rises in first quarter as customer numbers climb

Wise Group PLC on Friday reported a rise in revenue in its financial first quarter, as its number of active customers increased.

In a trading update, the London-based money transfer services firm said net revenue jumped 25% to USD714.0 million in the three months to the end of June from USD573.3 million a year earlier.

The number of active customers grew 21% to 11.9 million from 9.8 million, while cross-border transaction volume climbed 26% to USD69.3 billion from USD55.0 billion. Cross-border transactions were up 24% on a constant currency basis.

Customer holdings increased 31% to USD41.2 billion from USD31.5 billion.

The cross-boarder take rate fell by two basis points to 0.50% from 0.52%, while the percentage of instant transfers increased to 77% from 70% previously.

Wise reiterated its financial 2027 guidance for net revenue growth around the middle of its 15% to 20% medium-term target range on a constant currency basis.

This guidance assumes no material change in interest paid to customers or central bank rates.

Chief Executive Officer Kristo Kaarmann said: "This quarter almost 12 million people and businesses used Wise to move USD69.3 billion across the world. These customers paid an average fee of just 50bps - the lowest it has ever been on Wise...More customers are trusting Wise for their everyday money - their holdings grew 31% to USD41.2 billion.

"We recently expanded our product offering in Latin America, so that customers in Chile can now send money cheap and fast across borders and top up their multi-currency accounts with local, instant pay-ins."

Shares in Wise were down 2.3% to 927.20 pence on Friday morning in London. The stock is down 13% over the past 12 months.

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