Wise Posts 80% Jump in Total Income in Q3 FY23, Upgrades Full Year Income Guidance

Wise, the global technology company building a better way to move money around the world, has issued a trading update for the quarter ended 31 December 2022 (Q3 FY23), showing a significant jump in its total income.

More specifically, the company reported a revenue of £225.2 million for the three months, up 50% YoY and 6% QoQ. Total income, inclusive of net interest income, for Q3 FY23 was £268.7 million, an 80% increase on last year.  

Net interest income of £43.5 million was 148% higher than in Q2 FY23 due to higher rates on invested assets and continued growth in customer balances. Total cross border volumes were £26.4 billion in Q3 FY23, 28% higher than in the same period last year.

In Q3 FY23, 5.8 million customers transacted with Wise, an increase of 33% YoY and 6% QoQ, comprising 5.5 million personal (+34% YoY) and 320K business customers (+26% YoY).

As a result of the continued growth in revenue this quarter, supported by the increase in net interest income, Wise is upgrading their FY23 total income guidance and now expect this to grow 68-72%, compared with 55-60% previously.

"As interest rates increase, our customers expect a return on the balances they hold with us, and we intend to share much of the benefit of higher rates with customers," Kristo Käärmann, CEO and co-founder said. "I'm also pleased that for the third consecutive quarter, more than 50% of cross-border payments were completed instantly."

"The investments we've made to deliver a superior infrastructure and product are resonating, and in this quarter more customers than ever used Wise. This underpins our conviction in the outlook for 2023 and beyond."