Wise Reports 26% YoY Increase in Active Personal Customers in Q3 FY2022

Wise, the global technology company building a better way to move money around the world, has posted its financials for the third quarter of the fiscal year 2022, revealing a surge in demand for its services.

According to the company, Q3 FY2022 was a strong quarter with over 4 million customers transacting on Wise. The number of active personal customers grew by 26% YoY to 4.1 million while the number of active business customers grew by 39% to 250k compared to the prior year.

Volume grew by 38% YoY and 15% QoQ to £20.6 billion, driven by growth in the number of active personal and business customers and a higher average volume per customer (VPC). Business customers' VPCs are seasonally strong in Q3 but have nonetheless grown 13% YoY.  

Revenue grew by 34% YoY and 13% QoQ to £149.8 million, broadly in line with the rate of growth in volume. Wise's continuing efforts to engineer and optimise away costs to support sustainably lower prices for customers resulted in a lower take rate as expected, reducing to 0.73%, down 2bps YoY and 1bp QoQ. This reflects the price drops which are partially offset by incremental revenue from other sources beyond cross-border transactions.

"I'm delighted that for the first time we've supported more than 4 million customers to complete cross-border transfers in a single quarter. We moved over £20bn; 38% growth on last year and 15% growth on the prior quarter,”said Kristo Käärmann, Co-Founder & CEO.”We did this while continuing to make good progress on our mission to make moving and managing money across borders faster, easier, cheaper and more transparent for everyone, everywhere. We dropped prices, sped up payments, and expanded access to Wise's products and features in more countries and through more partners.”