(Alliance News) - Wise PLC on Tuesday reported increases to quarterly revenue and income, as the company said "customer momentum continues to power growth".
The London-based money transfer services provider reported GBP375.1 million in income for the third quarter ended December 31, up 40% from GBP268.7 million in 2022. Revenue rose 23% to GBP276.6 million from GBP225.2 million over the same period.
Cross-border volume was up 16% to GBP30.6 billion from GBP26.4 billion, with volume growth seen particularly among customers sending under GBP10,000 per month, Wise said.
The company's account balances were also at GBP12.9 million, up from GBP10.1 million at the end of the 2023 third quarter.
Wise said that this growth was down to "customer momentum", as the group managed to grow its active customer base 30% in the quarter to 7.5 million over the three months. Active personal customers and active business customers increased 30% and 23% since last year, respectively.
The company attributed this to the adoption of the Wise Account. The company claimed that customers "love" Wise account's features, and that this is "driving active customer growth".
Wise also claimed that the high use of multiple features across the Wise account, such as using the card or transferring money abroad, is promising, believing that customers who use multiple features "transact more often and have higher retention levels".
As a result of the encouraging results, Wise has upgraded its growth guidance to between 42% and 44% from previous guidance of 33% to 38%. The company expects its adjusted margin of earnings before interest, tax, depreciation and amortisation to remain at the medium guidance of around 20%.
Co-founder and Chief Executive Officer Kristo Kaarmann said: "I am pleased to report another quarter of progress as we work towards our mission of building the best way to move and manage the world's money".
Shares in Wise PC were down 0.4% at 875.00 pence each in London on Tuesday morning.
By Hugh Cameron, Alliance News reporter
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Wise Plc (WISE)