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Wise upgrades guidance as Q3 customer numbers surge

Wise upgrades guidance as Q3 customer numbers surge

Cross-border payments firm Wise continued to rack up new customers in Q3, leading to a 40% increase in income to £375.1 million.

In a trading update, the firms say active customers grew 30% YoY to 7.5 million, driven by increased adoption of the Wise Account and multi-feature usage.

Active personal customers increased 30% YoY to 7.1 million, and active business customers increased 23% YoY to 392k.

Alongside this growth, approximately half of all personal and business customers now use multiple features, such as their Wise card as well as the money sending app.

As a result revenue increased 23% to £276.6 million, while Wise Account balances increased 28% YoY to £12.9b billion. Cross-border volume was £30.6 billion, an increase of 16% YoY.

Reflecting the continued strong growth, Wise has upgraded FY24 income guidance to 42-44%, from previous guidance of 33-38%.

Kristo Käärmann, co-founder and chief executive officer, reflects on progress: "We've sped up global USD payments by optimising payouts with one of our banking partners and expanded our Wise Interest Asset offering in seven European markets including France and Spain. Customers in these markets holding USD with Wise can now opt in to earn a return on these balances too. We also progressed with more platform partners, adding UK business bank; Allica Bank, leading digital travel platform; Agoda, and global spend management solution Payhawk among others. This progress speaks to the strength of our fundamentals, leading to continued strong financial performance."

Learn more about payments at NextGen Nordics on the 23 April 2024.

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