Last checked at 
(Alliance News) - Wise PLC on Tuesday said its annual guidance remains unchanged after its first quarter performance was in line with expectations.
The money transfer services provider, recently rebranded from TransferWise, said both revenue and transfer volumes grew at the start of its current financial year.
As a result, Wise said its guidance for the financial year ending in March 2022 remains unchanged, with percentage revenue growth expected in the low to mid twenties.
Revenue hit GBP123.5 million in the first quarter ended June 30, up a considerable 43% from GBP86.3 million year-on-year, but only 5.6% higher than the immediately previous quarter when it took GBP116.9 million.
The London-based firm said transaction volume outstripped growth in revenue on an annual basis, rising 54% to GBP16.4 billion from GBP10.7 billion a year ago. But it trailed slightly on a quarterly basis, rising 5.1% from GBP15.6 billion in the last quarter of financial 2021.
Operations expanded in the first quarter of financial 2022, the company said. It launched services in India and added new features to allow customers to receive money via email.
Average fees were reduced in 15 currencies and transfer speeds were maintained, Wise added.
Chief Executive Kristo Kaarmann elaborated: "In the first quarter of this financial year we were able to reduce pricing by 2 [basis points] to 0.67%, dropping prices for 19 currencies while also delivering 38% of all transfers instantly."
The fintech firm listed on London's Main Market in early July, deciding against a traditional initial public offering.
On Tuesday morning Wise shares are up 0.3% at 942.20p each in London. The stock had ended its first day of trading at 880.00p, so is up 7.1% since then.
By Scarlett Butler; scarlettbutler@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
