Wise Sees 51% YoY Growth in Revenue during Q1 FY23

Financial technology firm, Wise recently published a trading update for the first quarter of the fiscal year 2023 (Q1 FY23). In the mentioned period, Wise witnessed growth across several financial metrics, including revenue and total volume.

In Q1 FY23, the company’s revenue reached £185.9 million, which is 51% higher compared to £123.5 million in the first quarter of the fiscal year 2022. The total volume for the recent quarter came in at £24.4 billion, which is up 49% compared to Q1 FY22.

Wise saw a sharp surge in the total number of active personal customers as the number spiked by 37% YoY to 4.7 million. The fintech firm noted that it onboarded one million new customers. The details shared by Wise show that the company completed over 50% of all cross-border transfers instantly.

"In the three months to 30 June 2022, we helped 5 million active customers move more than £24 billion across borders, a 49% increase on last year. We also reached a key milestone in our mission, more than 50% of all cross-border transfers are now completed instantly,” Kristo Käärmann, the CEO and Co-Founder of Wise, said.

Wise Products

Amid rapid growth, the company is planning to invest heavily in technology-driven products and infrastructure.

“Our Wise Account and Wise Business products got even better as we launched 2-step payment approvals and employee spending controls on mobile for our business customers. The average price that our customers paid for cross-border transactions reduced from 0.67% to 0.61% in Q1 FY23 compared with the same period last year and was unchanged compared with Q4 FY22,” Käärmann said.

Wise witnessed consistent growth in revenues and volume in the past few quarters. In December last year, the company onboarded Terri Duhon, a leading industry executive with broad experience in the international corporate sector, as an Independent Non-Executive Director.