24% volume growth YoY driven
by 9m active customers
●
We are making significant strides
toward our long-term goal of becoming the network for the world's
money as over 9m customers used Wise in Q3 to move or manage their
money globally representing 20% growth YoY.
●
With more customers using Wise,
cross border volumes grew 24% (27% on a constant currency basis) to
£37.8bn and Wise account balances grew by 26% to
£16.2bn.
●
Continued adoption of the Wise
account resulted in a 39% YoY increase in card and other
revenue.
●
Our discipline and focus in
reducing unit costs allowed us to lower prices in the first half of
FY25, which was the main driver of the cross border take rate
reducing by 11bps YoY to 56bps in Q3.
●
Underlying income grew by 13% YoY
to £349.5m in Q3, bringing YTD growth to 17% YoY on a reported
basis. Changes in FX rates result in an understatement of our
growth, with underlying income having grown by 20% on a constant
currency basis.
●
On a constant currency basis, we
continue to expect underlying income growth of 15-20% in FY25, with
the reported growth expected to be at the lower end of this range
as a result of the FX headwind.
"This quarter saw us take another step closer to achieving our
mission, most notably through extending the availability of Wise to
even more customers.
Having seen rapid customer growth from the popularity of the
Wise Account for individuals in Brazil, we were pleased to also
launch our service for micro-businesses based in Brazil during the
quarter. This comes as we work towards integrating with Brazil's
payment system (PIX) which will further enhance the quality of our
proposition in the country.
Wise Platform continues to bring the power of the Wise
infrastructure directly to our partners and their customers. We
were delighted to announce that Morgan Stanley is now using Wise
for international settlements capabilities for its corporate
customers. Additionally, we announced that Wise will soon power
faster and cheaper international payments for Standard Chartered's
cross-border payment service, SC Remit. These partnerships provide
even more people and businesses with easy access to a service that
continues to become faster and lower cost. Given their scale,
entering into relationships with such leading global institutions
represents important milestones in our journey as we move closer
towards achieving money without borders."
-Kristo Käärmann, Co-founder
and Chief Executive Officer
|
|
Q3 FY25
|
Q3 FY24
|
YoY
Movement
|
|
Cross-border volume (£
billion)
|
37.8
|
30.6
|
24%
|
|
Underlying income (£
million)
|
349.5
|
307.9
|
13%
|
|
Cross-border take rate (%)
|
0.56%
|
0.67%
|
-11
bps
|
|
Instant transfers (%)
|
65%
|
61%
|
+4
pps
|
You can read more about our progress
in our quarterly Mission Updates on
https://wise.com/p/our-mission.
Please see the appendix for further
historical financial information.
Enquiries
Martin Adams - Investor
Relations
owners@wise.com
Sana Rahman -
Communications
press@wise.com
Brunswick Group
Charles Pretzlik / Sarah West / Nick
Beswick
Wise@brunswickgroup.com
+44 (0) 20 7404 5959
About Wise
Wise is a global technology company,
building the best way to move and manage the world's money. With
Wise Account and Wise Business, people and businesses can hold over
40 currencies, move money between countries and spend money abroad.
Large companies and banks use Wise technology too; an entirely new
network for the world's money.
Co-founded by Kristo Käärmann and
Taavet Hinrikus, Wise launched in 2011 under its original name
TransferWise. It is one of the world's fastest growing tech
companies and is listed on the London Stock Exchange under the
ticker WISE.
In fiscal year 2024 Wise supported
around 13 million people and businesses, processing approximately
£118bn billion in cross-border transactions, and saving customers
over £1.8 billion.
A glossary of terms can be found in
our
annual report and accounts.
FORWARD LOOKING DISCLOSURE
DISCLAIMER
This report may include
forward-looking statements, which are based on current expectations
and projections about future events. These statements may include,
without limitation, any statements preceded by, followed by or
including words such as "forward looking", "guidance", "target",
"believe", "expect", "intend", "may", "anticipate", "estimate",
"forecast," , "project", "will", "can have", "likely", "should",
"would", "could" and any other words and terms of similar
meaning or the negative thereof. These forward-looking statements
are subject to risks, uncertainties and assumptions about Wise and
its subsidiaries. In light of these risks, uncertainties and
assumptions, the events in the forward-looking statements may not
occur.
Past performance cannot be relied
upon as a guide to future performance and should not be taken as a
representation that trends or activities underlying past
performance will continue in the future, and the statements in this
report speak only as at the date of this report. No representation
or warranty is made or will be made that any forward-looking
statement will come to pass and there can be no assurance that
actual results will not differ materially from those expressed in
the forward-looking statements.
Wise expressly disclaims any
obligation or undertaking to update, review or revise any
forward-looking statements contained in this report and disclaims
any obligation to update its view of any risks or uncertainties
described herein or to publicly announce the results of any
revisions to the forward-looking statements made in this report,
whether as a result of new information, future developments or
otherwise, except as required by law.
