Wise Posts 29% Yearly Jump in Revenue for Q1 FY24

The global payment technology company Wise published its trading update for the first quarter of the fiscal year 2024 (Q1 FY24), seeing a jump of 29% in revenue on a yearly basis.

Trading updates for Q1 FY24:

• Revenue recorded £239.5 million for the quarter, an increase of 29% compared to £185.9 million in Q1 FY23.

• Volume increased by 16% on a yearly basis from £24.4 billion to £28.2 billion, driven by the continued growth in active customers.

• Income came in at £310.9 million, jumping 66% compared to £187.1 million in the same period of FY23.

• Active customers totaled 6.7 million for the quarter, an increase of 33% on a YoY basis.

• Wise account balances grew to £11.5 billion by the end of Q1 FY24. On these balances the firm earned a gross interest income yield of 3.4% in Q1 FY24 (Q4 FY23: 2.8%) and the amount they were able to return to Wise account customers increased to 0.9% (Q4 FY23: 0.6%).

"This quarter we continued building our infrastructure and rolling out the account features that our customers need to live, work or manage their businesses across borders," commented Kristo Kaarmann, CEO and Co-Founder at Wise. "Our Assets 'Interest' feature is now available to customers in 11 countries, after launching in Germany, Sweden and Norway this quarter. We improved our offer in some existing markets too."

Kristo added: "As our customer proposition continues to improve, more people and businesses are choosing Wise, and it is this growth in customer adoption that will underpin our long-term success. This quarter, we served 6.7 million active customers, an increase of 33% YoY, leading to 66% YoY growth in income."