Revenue jumps for Wise thanks to customer flurry
Wise said revenue climbed in the half year as the customer base balloons for the London-based fintech company.
The money transferring service moved over £51bn for customers globally in the first half of the year, 49 per cent more than the previous year.
As such, Wise said revenue also climbed 55 per cent from 2021 levels to £397m, while adjusted EBITDA jumped 52 per cent to £92m.
Despite higher costs, including those related to unusually high levels of volatility in global currencies, the firm said it was able to keep prices low, with the average customer price only 0.02 per cent higher this year.
“In the first half of this financial year, our payments got faster, hitting a key milestone with 50 percent of all transfers now instant. And while we had to increase prices on some routes, we were able to decrease fees on others, enabling us to limit the impact of more volatile markets,” co-founder and CEO Kristo Käärmann said.
“As a result, our average fee today is 0.64 per cent and we consistently remain one of the cheapest and fastest options for moving money around the world.”
Shares dipped in pre-market trading following the update.