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(Alliance News) - Wise PLC on Tuesday said more customers than ever are using its platform, as it reported that its third quarter revenue had increased by half.
The London-based money transfer and lending firm said in the third quarter of financial 2023, 5.8 million customers moved GBP26.4 billion in volume, an increase of 28% from GBP20.6 billion in the same period last year.
Wise noted that its customer base had also increased, rising by 33% to 5.8 million from 3.4 million a year ago and by 6% from 5.5 million in the second quarter. The company said its active customer number is being driven by "strong new customer growth".
Wise reported third quarter revenue of GBP225.2 million, up 50% from GBP149.8 million a year ago.
Total income for the third quarter was GBP268.7 million, up 80% from GBP149.0 million year-on-year, the company said.
Wise upgraded its financial 2023 total income guidance to growth of between 68% to 72% from between 55% and 60% previously, due to continued revenue growth in the third quarter, as well as higher interest income.
Co-founder and Chief Executive Officer Kristo Kaarmann said: "The investments we've made to deliver a superior infrastructure and product are resonating, and in this quarter more customers than ever used Wise. This underpins our conviction in the outlook for 2023 and beyond."
Wise shares were down 5.9% trading at 603.40 pence per share at midday on Tuesday in London.
By Harvey Dorset, Alliance News reporter
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