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Wise sees jump in volume and revenue as active customers increase

Wise sees jump in volume and revenue as active customers increase

Revenue grew 23% compared to a year earlier. Payment volume reached £30.6 billion, up from £26.4 billion.

Source:https://www.fnlondon.com/articles/wise-account-sees-40-growth-in-income-as-active-customers-reach-7-5-million-20240116

Wise currently has 7.5 million active users. The figure, which includes 392,000 business customers, is up about 30% year-on-year.

Wise CEO Christo Käärmann said he was “pleased” with the company’s results for the latest quarter, despite a 1% decline in sales per customer.

“We have accelerated global payments in US dollars by optimizing payouts with one of our banking partners, and expanded the Wise Interest Asset [money market fund] offering in seven European markets, including France and Spain,” Käärmann said.

Wise raised its full-year revenue growth forecast. The fintech expects revenue to grow 44% in the financial year ending March 2024.

Wise expanded its partnership in the most recent quarter. During the quarter ended December 31, 2023, the firm partnered with UK business bank Allica Bank, travel platform Agoda and global expense management solutions company Payhawk.

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