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(Alliance News) - Wise PLC on Thursday raised its guidance for annual growth in income, as its number of active customers grew by 32% in the second quarter of its financial year.
London-based Wise provides currency transfer services, having started in 2011 under the name TransferWise. It listed its shares in London in 2021.
Wise said revenue was GBP258.7 million in the three months that ended on September 30, up 22% from GBP211.5 million a year before. This was on transaction volume of GBP29.2 billion, up 8.1% from GBP27.0 billion, as its number of active customer increased by 32% to 7.2 million.
Income - which consists of revenue plus net interest income - rose even more quickly, totalling GBP345.1 million in the recent quarter, up 51% from a year before. Wise Account balances totalled GBP12.3 billion, up 33%, and the gross yield on balances improved to 3.8% from 3.4%.
As a result, Wise raised its guidance for all of financial 2024, saying it now expects income growth of 33% to 38%, upgraded from its previous expectation of 28% to 33%. Income in financial 2023 was GBP964.2 million, which was up 73% from GBP557.1 million in financial 2022.
Wise added that gross profit margin was higher than expected in the first half of the financial year at about 74%, partly due to lower volatility of currency rates.
Wise shares were up 2.7% at 739.40 pence early Thursday in London.
By Tom Waite, Alliance News editor
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