Wise Sees 14% QoQ Increase in Revenue in Q1 FY23

Wise plc (Wise), the global technology company building a better way to move and manage money around the world, today released its financial results for the second quarter (Q2) of Fiscal Year 2023 (FY 23), showing an increase of 14% in revenue compared to Q1 FY23.

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• In Q2 FY23, the number of customers transacted on Wise reached 5.5 million, an increase of 40% YoY and 10% QoQ, including 5.2 million personal and 0.3 million business customers. 

• Total cross-border volumes for Q2 FY23 were £27.0 billion, up 50% from £18.0 billion in Q2 FY 22 and 11% higher than £24.4 billion in the preceding quarter. Personal volumes increased 49% to £20.1 billion and Business volumes increased 55% to £6.9 billion compared with the same period of last year. 

• Revenue for Q2 FY23 was £211.5 million, up 59% from £132.8 million of Q2 FY22 and up 14% from £185.9 million of Q1 FY23. Revenue for the first half of FY23 was £397.4 million, increasing 55% compared to the same period of FY22.

• Total income (revenue plus net interest income on customer balances) for Q2 FY23 was £229.0 million, a 73% increase compared to £132.2 million last year and a 22% increase compared to last quarter's £187.1 million.

• Total income for H1 FY23 was £416.1 million, 63% higher than the same period last year.

As a result of the continued strong momentum, the financial guidance of Wise for the year has been upgraded. The revised expectations are set out below:

• Total income growth between 55-60% in FY23 and greater than 20% (CAGR) over the medium-term.

• Adjusted EBITDA margin over the medium term at or above 20% of total income.