Wise (LON: WISE) provided a trading update on Tuesday, reporting a yearly jump of 45 percent in its fourth quarter of the fiscal year 2023 revenue to £223.5 million. However, the figure dropped by 1 percent from the previous quarter.

Wise Reports Healthy Figures

Considering a net interest income of £56 million, the London-listed company ended the quarter with a total income of £279.5, which jumped 83 percent from the previous year and 4 percent from the prior quarter.

“Our financial results this quarter show great progress on our mission,” Kristo Käärmann, the CEO & Co-Founder of Wise.

Strong Customer Metrics

Previously known as Transferwise, the company is known for facilitating cross-border transactions at a much lower rate than traditional banks. Its customer prices for Q4 FY23 came in at 0.65 percent compared to 0.66 percent in Q3 FY23 and 0.61 percent in Q4 FY22.

In addition, Wise reported strong customer metrics for the reported period. It ended the quarter with 6.1 million active customers, which is an increase of 33 percent. The total volume of transactions came in at £26.7 billion, which is an uptick of 25 percent year-over-year. However, the quarterly increase in transactional volume was only 1 percent.

On top of that, the platform is holding £10.7 billion of customer money at the end of the last quarter of the fiscal year 2023, which is an increase of 57 percent.

Wise Is Offering Interest

Meanwhile, the fintech platform is expanding by introducing other bank-like services. It launched asset investment services in the UK last December and recently expanded the services to its customers in Singapore, France, Spain, Austria, the Netherlands, Finland, and Luxembourg.

Further, Wise now shares a return on some of the income we generate on Europe and the US customer balances, thus generating a return on the held cash. However, the platform cannot offer interest similar to banks as it does not hold any banking license.

“Customers continue to choose the Wise Account to manage their finances around the world, with customers in the UK, EU, and the US now able to receive a refund on a portion of their fees or earn a return while retaining instant access to their money,” Käärmann added. “Our new features set a global standard in how people and businesses can hold their money.”

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