Wise shares head south as cross-border take rates fall

(Sharecast News) - Wise shares were in the red early on Thursday after revealing that its cross-border take rate fell by 12 basis points year-on-year.

Wise said its cross-border volume had grown 24% year-on-year to £41.2bn in Q1, while customer holdings rose 31% to £22.9bn and total customer numbers increased by 17% to 9.8m. Underlying income was up 11% at £362m.

However, Wise said its cross-border take rate reduced by one basis point in the quarter, or 12bps in the year to 30 June, dropping to 52bps, reflecting a reduction in average prices and a continued increase in the proportion of higher volume customers in the period.

Wise also posted a 24% rise in quarterly cross-border volume to £41.2bn in the three months to end June, while customer holdings grew by 31 per cent to £22.9bn. The firm said its active customer base rose 17 per cent to 9.8m.

Looking forward, Wise said it remains focused on long-term growth opportunities and becoming "the" network for the world's money as it shifts in primary listing from Lonndon to New York.

As of 0835 BST, Wise shares were 8.30% lower at 1,038.0p.

Reporting by Iain Gilbert at Sharecast.com

Wise Group