Wise Posts YoY 25% Jump in Revenue for Q2 FY 2022

The London-based innovative international money transfer provider Wise has published its financial results for the second quarter of fiscal year 2022, disclosing that its revenue came in at £132.8 million, up YoY 25% and QoQ 8%.

The fintech’s revenue growth was largely driven by the ever-increasing demand for retail money transfers. Approximately 4 million clients made transactions in the quarter. The number of active personal customers on the platform rose by 22%, and active business customers boomed by 44%. As a result, the total volume of transactions enjoyed a good increase of YoY 36% to £18 billion.

Wise is now predicting revenue growth around 20% for the entire fiscal year.

“During the quarter we made strong progress: we dropped prices faster than hoped, our payments got faster, with more features for businesses, and we launched our exciting new ‘Assets’ feature for customers in the UK,” said Wise Co-Founder and CEO, Kristo Käärmann.

“We’re moving more of the world’s volume and operating at a lower cost, the benefit from which we’ve passed onto our customers, whilst maintaining a sound sustainable business model that’s investing even more for the long term.”

In July, Wise reported its revenue for Q1 FY 2022​ rose to £123.5 million, showing an increase of 43% compared with last year and 6% compared with last quarter.