(Alliance News) - Wise PLC on Tuesday reported improved volumes in its second quarter and reiterated guidance for financial year 2023.
Wise, formerly known as TransferWise, is a London-based company offering international money transfers.
Volumes rose 50% year-on-year to GBP27.0 billion in the quarter that ended September 30 from GBP18.0 billion, Wise said. Its financial year runs to March 31. Revenue in the second quarter rose 59% to GBP211.5 million from GBP132.8 million.
Total income increased 73% to GBP229.0 million from GBP132.2 million a year earlier.
Wise reported 5.5 million customers, up 10% from 5.0 million a quarter ago and a 40% jump from 3.9 million a year ago.
The company noted that while it aims to lower prices, average prices increased in the quarter due to higher foreign exchange costs. "We've seen extreme macroeconomic conditions persist throughout the second quarter, and whilst unfortunately this meant we had to raise prices slightly for some customers, we've been working hard to limit these increases and are working to bring them back down again," said Chief Executive Officer & Co-Founder Kristo Kaarmann.
Looking ahead, Wise continues to expect total income growth of between 55% and 60% for financial year 2023, reiterated from its guidance posted in September.
Wise shares were 1.4% higher at 725.00 pence each in London on Tuesday morning.
By Tom Budszus; tombudszus@alliancenews.com
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Wise Plc (WISE)