Money Transfer Company Wise Reports 37% YOY Increase in Volumes

Money transfer company Wise increased its customer base by 34% and its volumes by 37% over the last year.

During the 12 months ended March 31, the company’s customer base grew to 10 million people and businesses and its volumes rose to 104.5 billion pounds (about $133 billion), Wise said in a Tuesday (June 27) earnings release.

“At Wise we are laser focused on our mission of money without borders and building the products that our customers need,” Wise Co-founder and CEO Kristo Käärmann said in the release. “Over the past year, we continued to invest in our infrastructure and launched new features, such as Assets, to make moving and managing money faster, cheaper, easier and more transparent for more people and businesses around the world.”

The company’s shares closed about 16% higher on Tuesday following the release of these preliminary results, CNBC reported Tuesday.

In addition to the gains of customers and volumes, Wise’s profit before tax nearly tripled, driven in part by rising interest income resulting from interest rates that have been increasing and were raised again last week by the Bank of England, according to the report.

Käärmann attributed Wise’s growth to customers promoting the company via word of mouth, customers staying with the company once they’ve tried it, instant payments meeting customers’ needs, and a growing number of services boosting the company’s value proposition, according to the release.

Looking ahead, Wise expects its income to grow by between 28% and 33% in fiscal year 2024, the release said.

“Our strong growth and continued profitability are a direct result of our focus on our mission and our customers,” Käärmann said in the release.

Among the new offerings introduced by Wise over the last year is Interest, a new savings product that lets Wise Assets customers in the United Kingdom earn interest on their pounds, euros and dollars.

The company has also integrated its platform into Bluevine’s all-in-one digital banking account for small businesses to streamline cross-border payments, teamed up with electronic broker Interactive Brokers to help clients save money on transfer fees when investing in 150 global markets, and partnered with global employment platform G-P to enable faster cross-border payments to freelancers and contractors.