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Money Transfer Firm Wise Reports 29% Growth in Active Users

Wise

Money transfer firm Wise saw its number of active customers grow 29% year over year during the fourth quarter of fiscal year 2024.

That growth brought its total number of active customers to 7.9 million, Wise said in a trading update released Tuesday (April 16).

Among those customers are 7.5 million personal customers and 395,000 business customers, according to the update. Those figures were up 30% and 16%, respectively, year over year. 

Wise has also seen a growing number of its active customers use multiple features of its app, including spending abroad with their Wise card, earning a return with Assets, and using local account details, the update said.

During the most recent quarter, 48% of personal customers and 60% of business customers used the Wise app for features beyond sending money across borders, per the update.

“Active customer growth remained strong at 29% as personal and business customers find our growing set of features and products increasingly useful in helping to move and manage their money,” Kristo Käärmann, co-founder and CEO of Wise, said in the update.

That trend is also reflected in Wise’s revenue, which was up 24% year over year, according to the update.

With customers using more features, the proportion of revenue from services other than cross-border services grew to 24% during the quarter. The Wise card accounts for most of this “other revenue,” per the update.

During the quarter, Wise resumed business customer onboarding in most of Europe and continued to add infrastructure and offerings around the world, the update said.

In Asia, the firm was granted a Type 1 Funds Provider license in Japan, added Standard Chartered’s Mox as a new banking partner in Hong Kong, and expanded its partnership with Tiger Brokers in Singapore, per the update.

“Our continued customer growth laps strong results and tells us that the investments we’re making are meeting real needs, giving me confidence that we’re progressing well on our mission,” Käärmann said in the update.

In one of its most recently added collaborations, Wise’s infrastructure offering for financial institutions and enterprises, Wise Platform, said April 4 that it launched an integration with European embedded finance firm Swan.

With that integration, Swan’s clients can enable their customers to send and receive funds in more than 20 currencies at the mid-market rate.

In November, Wise Platform partnered with digital travel platform Agoda to provide more payment options for travelers worldwide.