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(Alliance News) - Wise PLC on Tuesday said it has kicked off its new financial year with growth in revenue and volumes, as it aims to lower prices for customers in cross-border transactions.
Wise is a London-based company that offers international money transfers. It was rebranded from TransferWise ahead of its listing in London last July.
In the three months ended June, Wise said revenue grew 51% yearly to GBP185.9 million from GBP123.5 million. Quarter-on-quarter, revenue was up 21%.
Transaction volumes were 49% higher yearly and 14% higher quarterly at GBP24.4 billion.
"Volume growth was driven by a higher number of active customers that are increasingly using the Wise Account and Wise Business products, which in turn also leads to a higher average volume per customer. The growth also reflects to a lesser extent, more variable drivers which include people and businesses responding to increased levels of [foreign exchange] volatility and the translation impact from FX movements which was a tailwind in the quarter, compared with a headwind in FY22. On a constant currency basis volume grew 45% year-on-year," Wise explained.
Chief Executive Officer Kristo Kaarmann said: "In the three months to 30 June 2022, we helped 5 million active customers move more than GBP24 billion across borders, a 49% increase on last year. We also reached a key milestone in our mission, more than 50% of all cross-border transfers are now completed instantly."
Wise said it aims to lower prices for customers over time. "The average price that our customers paid for cross-border transactions reduced from 0.67% to 0.61% in Q1 FY23 compared with the same period last year and was unchanged compared with Q4 FY22," Kaarmann added.
Wise left revenue guidance unchanged. It still expects annual growth of between 30% and 35% for financial 2023.
Shares were up 13% at 393.10 pence each on Tuesday morning in London.
By Xindi Wei; xindiwei@alliancenews.com
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