Wise Reports Strong Start to Financial Year with 24% Surge in Payment Volumes

Cross-border payments company Wise has posted an 11% year-over-year increase in income for the first quarter of its financial year, totaling £362 million. The firm also saw a notable rise in transaction volume and customer activity, suggesting steady momentum despite a slight decline in pricing.

Between April and June, Wise processed £41.2 billion in payments, up from £33.2 billion in the same period last year - a 24% increase. The platform's customer base also expanded, with active users reaching 9.8 million, representing 17% annual growth. Customer holdings on the platform rose to £22.9 billion, a 31% increase year over year.

However, Wise's cross-border take rate - essentially the average fee charged - dropped from 0.64% to 0.52%, a decline of 12 basis points. This shift reflects both a reduced average price for users and a growing concentration of higher-volume customers.

Co-founder and CEO Kristo Käärmann commented on the performance: "We have had a strong start to our financial year, progressing on our journey to moving trillions, with more people and businesses around the world using Wise." He also noted the company's expansion into the Philippines, where it has launched services aimed at business users.

In addition to quarterly growth, Wise has announced plans to relocate its primary stock market listing from London to the United States, joining a broader trend of UK-listed firms seeking increased exposure to U.S. capital markets. The move comes as Wise continues to scale its cross-border operations and diversify its user base.