Wise shares decline as laments foreign exchange headwind

(Alliance News) - Wise PLC on Thursday saw its shares fall, as it celebrated a surge in cross-border volumes but warned of growth at the lower end of a range due to a foreign exchange headwind.

The London-based money transfer firm reported that cross-border volume jumped 24% to GBP37.8 billion in its third financial quarter, ended late December, from GBP30.6 billion the previous year.

This growth was driven by 9 million active customers, Wise highlighted.

Underlying income rose 13% to GBP349.5 million from GBP307.9 million. Account balances rose 26% on-year to GBP16.2 billion, and Wise reported a 39% surge in "card & other revenue".

Co-Founder & Chief Executive Officer Kristo Kaarmann said: "This quarter saw us take another step closer to achieving our mission, most notably through extending the availability of Wise to even more customers. Having seen rapid customer growth from the popularity of the Wise Account for individuals in Brazil, we were pleased to also launch our service for micro-businesses based in Brazil during the quarter. This comes as we work towards integrating with Brazil's payment system, PIX, which will further enhance the quality of our proposition in the country."

Wise said it continues to expect between 15% and 20% underlying income growth at constant exchange rates in the current financial year ending in late March.

However, the reported growth is set to be at the lower end of this range, due to a foreign exchange headwind.

Wise shares fell 2.4% to 1,029.78 pence each on Thursday morning in London, giving it a market capitalisation of GBP10.56 billion.

By Tom Budszus, Alliance News slot editor

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