Wise raised its revenue growth guidance after a strong second quarter, as the money-transfer company continued to add customers and volumes rapidly.
The payments firm said active customers rose 20% to 12.5 million in the three months to 30 September, with cross-border volumes up 22% to $71.7bn and net revenue up 21% to $739.1m. It continued to lower its prices, cutting its cross-border “take rate” to 0.49%, as it invests to win customers, while its customer holdings grew 28% to $43.5bn and card spending rose.
On the back of the performance, Wise upgraded its outlook, saying it now expects full-year net revenue growth in the upper half of its 15% to 20% target range. It expects margins to land near the top of its target range, despite one-off costs, including about $15m related to its recent dual listing.
Kristo Käärmann, Co-founder and Chief Executive Officer, commented: “More than 12 million customers chose Wise this quarter to move over $70 billion around the world, paying 49bps on average, with 78% of transfers completed instantly. Customers are also using Wise for more of their everyday financial needs – spending $14 billion on Wise cards and increasing holdings to $44 billion.”
“We continued to expand our network, products and features so Wise can serve more people and businesses around the world. This quarter, we went live in Malaysia with our ninth direct integration, launched the Wise Account and Wise Card in Thailand, introduced Wise Assets in New Zealand and announced our Wise Platform partnership with OakNorth to power international payments for its UK business customers.”