Wise Posts 49% YoY Rise in Q1 FY2023 Trading Volume, Customers Reach 5 Million

​Fazzaco learned that Wise today released its financial results for the first quarter (Q1) of Fiscal Year 2023 (FY 2023), which show 5 million active customers transfering more than £24 billion across borders, a 49% increase over the same period last year.  

"In the three months to 30 June 2022 we helped 5 million active customers move more than £24 billion across borders, a 49% increase on last year. We also reached a key milestone in our mission, more than 50% of all cross-border transfers are now completed instantly, " said Kristo Käärmann, CEO and co-founder at Wise, "Our Wise Account and Wise Business products got even better as we launched 2-step payment approvals and employee spending controls on mobile for our business customers. The average price that our customers paid for cross-border transactions reduced from 0.67% to 0.61% in Q1 FY23 compared with the same period last year and was unchanged compared with Q4 FY22."

Financial Highlights in Q1 FY 2023

• Customers

Wise witnessed a strong quarter with 5 million active customers transacting in Q1 FY23. The number of active personal customers grew by 37% YoY to 4.7 million. The number of active business customers grew by 33% to 290k compared to the prior year.

• Volume

Total volume grew by 49% YoY and 14% QoQ to £24.4 billion. Volume growth was predominantly driven by a higher number of active customers that are increasingly using the Wise Account and Wise Business products, leading to higher average volume per customer (VPC). 

• Revenue

Revenue increased by 51% YoY and 21% QoQ to £185.9 million, in line with the rate of growth in volume. Total take rate increased 4bps QoQ to 0.76%, reflecting the price rises announced in March 2022 and other revenues picking up. Other revenues benefited from higher debit card spend and interchange fees as customers use the Wise Account.

Before this quarter, Wise has seen 33% yearly increase in Revenue in 2022. Looking ahead, the payment giant "anticipates revenue growth of between 30-35% in FY23 and greater than 20% (CAGR) over the medium-term" and "expects adjusted EBITDA margin at or above 20% over the medium-term," according to the press release.