Wise, formerly, TransferWise Ltd, a provider of international money transfer services for individuals and businesses, has announced that it has grew its revenue from £225.2m a year ago to £276.6m.
In a trading update, Wise cited an increase in customers using multiple features as a key growth driver, with approximately half of all customers now using combinations of services such as a Wise card and the money-sending app.
The company said it now has 7.5 million active customers, a figure that has grown 30% year on year.
The majority of its customers are personal accounts. Business customers comprise 392,000 active users, up 23% year on year.
Income stood at £375.1m, a 40% year-on-year increase. Wise has upgraded income growth guidance from the 42-44% range. It was previously at 33-38%.
It is the first trading update since Wise co-founder and CEO Kristo Käärmann took a sabbatical from September and December to spend time with his family.
“I am pleased to report another quarter of progress as we work towards our mission of building the best way to move and manage the world’s money,” said Käärmann.
“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.”
In 2022 the Financial Conduct Authority said it was launching an investigation into the “regulatory obligations and standards” of Käärmann after he defaulted on tax payments.
Wise was founded by Käärmann and Taavet Hinrikus – both Estonian entrepreneurs – in 2011.
In 2021, Wise completed a direct listing in London at an £8bn valuation. Shares are down by nearly 12% since its public market debut.
Profits tripled at Wise last year amid a rise in interest rates. Wise will face additional competition from highstreet lender HSBC, which earlier this month launched a multi-currency payments app called Zing.