Wise’s Revenues Rise as Customers Up Money Transfers

British FinTech Wise saw its revenues increase 50% in the last quarter, with customers bringing forward money transfers in fear of volatility later this year.

As the Financial Times reported Tuesday (July 19), the volume of money transferred by the company rose to 24.4 billion pounds ($29.3 billion) in the three-month period ending June 30, versus 16.4 billion pounds ($19.7 billion) in the same period last year. Revenues rose about 50% year over year to 186 million pounds ($223.4 million).

Learn more: With CEO Under Cloud, Wise Reports Revenue Growth, ‘Business as Usual’

Wise said it is looking for indications of the potential impact of rising costs — for both its personal and business customers — on its profit. However, the company said it is not that dependent on disposable income, and that it has a broad range of customers.

“If you look at remittance data, you will see a slowdown, even a dip in the last recession,” said CFO Matt Briers during an analyst call. “We haven’t bee through one of these cycles, so we’re rightly cautious, but it doesn’t feel like we’re over-indexed to any swings in GDP.”

Briers added that rising inflation and fears of future currency volatility had caused users to move higher volumes of money in the past months, with these volumes exceeding transfers from the same period in the previous year.

Last month, Wise reported that its revenues had increased by a third in the year leading up to March 31, with total revenues of 559.9 million pounds ($682.6 million).

Read more: Lackluster Rollout of SEPA Instant Stymies EU Payment System Success, Says Wise Product Chief

The company has said a bulk of its recent international growth comes from extending the service it offers into new countries and adding new currencies. However, Wise has also increasingly partnered with banks and financial institutions to integrate its platform into their own cross-border money transfer services.

When PYMNTS spoke to Steve Naudé, head of product at Wise in June, he said that better cross-border infrastructure will require cooperation across the payments industry.

Naudé cited the slow rollout of SEPA Instant and IBAN discrimination as two things that continue to hinder progress.

For all PYMNTS EMEA coverage, subscribe to the daily EMEA Newsletter.