Wise Posts 34% YoY Jump in Revenues during Q3 FY2022

Wise, one of the fastest-growing international financial services providers, published its financial results for the third quarter of the fiscal year 2022 today. The company’s revenue reached £149.8 million in the last quarter, which is 34% higher compared to £111.9 million in Q3 of FY2021.

In terms of volume, the company moved over £20 billion in Q3 of FY2022. During the same period last year, Wise reported total volumes of £15 billion. The recent surge in revenues and volumes was mainly driven by a jump in the total number of customers.

The details shared by the payment firm show that over 4 million customers completed cross-border transactions in Q3 of FY2022. In the mentioned period, approximately 45% of the transfers were instant.

“We did this while continuing to make good progress on our mission to make moving and managing money across borders faster easier cheaper and more transparent for everyone, everywhere. We dropped prices, sped up payments and expanded access to Wise's products and features in more countries and through more partners. Most notably, 45% of transfers were instant this quarter, and we launched the Wise card in Canada, Brazil and Malaysia with the Wise account also going live in Malaysia,” Kristo Käärmann, the Co-Founder & CEO of the company, said.

Consistent Growth

Throughout the fiscal years 2021 and 2022, Wise posted strong financial results. Moreover, the financial services provider has enhanced its presence in Asia and partnered with regional banks to facilitate customers in cross-border transactions. In June last year, South Korea’s Shinhan Bank announced a collaboration with Wise.

In addition to the growth in active personal customers, Wise witnessed a jump in business clients. “The number of active personal customers grew by 26% YoY to 4.1 million while the number of active business customers grew by 39% to 250k compared to the prior year,” the company added.