Wise continues to see strong uptake for services in Q4

16th Apr 2024 08:08

(Sharecast News) - Global payments technology company Wise continued to enjoy a strong uptake for its services during the last quarter of its fiscal year.

"Our continued customer growth laps strong results and tells us that the investments that we're making are meeting real needs, giving me confidence that we're progressing well on our mission," the company's chief executive officer, Kristo Käärmann, said.

The number of active customers increased by 29% year-on-year to reach 7.9m while personal customers were up by 30% at 7,5m.

Of the latter, a growing proportion were using multiple features of the platform instead of for just cross-border transfers.

Nearly half of personal users and 60% of businesses were now using multiple features, including using their Wise card for spending when overseas, earning a return with Assets or employing local account details.

The result was a 36% uplift in income to £381.2m, also thanks in part to the higher interest rate environment.

Within that revenues were ahead by 24% to £277.2m with the company having moved £30.6bn in cross-border volumes for its customers during the quarter or 14% more than during the previous year.

Interest income meanwhile jumped 86% to £104m with Wise account balances growing by 24% over the year to reach £13.3bn.