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Wise PLC on Thursday raised its guidance for annual growth in income, as its number of active customers grew by 32% in the second quarter of its financial year.
London-based Wise provides currency transfer services, having started in 2011 under the name TransferWise. It listed its shares in London in 2021.
Wise said revenue was £258.7 million in the three months that ended on September 30, up 22% from £211.5 million a year before. This was on transaction volume of £29.2 billion, up 8.1% from £27.0 billion, as its number of active customer increased by 32% to 7.2 million.
Income - which consists of revenue plus net interest income - rose even more quickly, totalling £345.1 million in the recent quarter, up 51% from a year before. Wise Account balances totalled £12.3 billion, up 33%, and the gross yield on balances improved to 3.8% from 3.4%.
As a result, Wise raised its guidance for all of financial 2024, saying it now expects income growth of 33% to 38%, upgraded from its previous expectation of 28% to 33%. Income in financial 2023 was £964.2 million, which was up 73% from £557.1 million in financial 2022.
Wise added that gross profit margin was higher than expected in the first half of the financial year at about 74%, partly due to lower volatility of currency rates.
Wise shares were up 2.7% at 739.40 pence early Thursday in London.
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