Dark
Light

Wise’s Q3 FY24: Incomes Soar, Growth Still Strong.

1 min read
61 views

TLDR: London-based payments company Wise, formerly known as Transferwise, reported a 23% increase in revenue for Q3 of fiscal year 2024, reaching £276.6 million. Its income also rose by 40% to £375.1 million. The platform saw a 16% YoY growth in cross-border money transfer volume, reaching £30.6 billion, and a 28% increase in account balance to £12.9 billion. Wise upgraded its annual income growth guidance to 42-44% and expects an EBITDA margin of at least 20%. The number of active customers on the platform rose 30% to 7.5 million, with 46% of personal customers and 60% of business customers using multiple features on the platform.

London-based payments company Wise, previously known as Transferwise, reported a 23% increase in revenue for the third quarter of fiscal year 2024 to reach £276.6 million. Its income also rose by 40% to £375.1 million. The company saw strong growth in cross-border money transfer volume, with a 16% YoY increase to reach £30.6 billion, or 18% on a constant currency basis. The account balance on the platform also jumped 28% to £12.9 billion. Wise has upgraded its annual income growth guidance to 42-44%, up from the previous 33-38% guidance, and expects an EBITDA margin of at least 20%.

The number of active customers on the platform grew by 30% to 7.5 million, driven by increased adoption of the Wise Account and multi-feature usage. The number of active personal customers increased to 7.1 million, and active business customers saw a 23% uplift to 392,000. Additionally, 46% of personal customers and 60% of business customers used multiple features on the platform, indicating higher retention and transaction rates among these customers.

Wise, which rebranded from Transferwise in 2021, offers a range of services including cross-border remittances, a multi-currency account, a debit card, and business accounts. The platform gained popularity for its transparent and low remittance fees compared to traditional banking rivals. It has also partnered with several other financial services providers, including brokerages, to facilitate smooth money transfers.

Previous Story

Potter: VP of Retail Banking, Merrimack Valley Credit Union Powerhouse

Next Story

AEON Bank revolutionizes Malaysia’s banking with Islamic digitalization.

Latest from News