Wise reports jump in revenues as transactions hit £24.4bn
UK fintech firm Wise said revenues had jumped to £185.9m in the first quarter after a surge in transactions on its platform in the three months to June.
In a quarterly trading update, Wise said revenue jumped by 51 per cent on last year and 21 per cent on last quarter to £185.9 million, in line with a rise in cross border transaction volume to £24.4bn.
Bosses doubled down on growth targets for the year and said the firm was angling revenue growth of between 30-35 per cent in the full year and an adjusted earnings before deductions margin at or above 20 per cent over the medium-term.
Boss Kristo Käärmann said five million customers had moved more than £24bn across borders in the three months to the end of June, a 49 per cent increase on last year.
“We also reached a key milestone in our mission, more than 50 per cent of all cross-border transfers are now completed instantly,” he added.
The quarterly update comes after Wise revealed profits hit £371.9m in its first full year results at the end of June on the back of a surge in revenues and customer growth.
Wise has been rocked in the past month however by the announcement that co-founder and chief executive Käärmann is under investigation by the Financial Conduct Authority after he was fined by HM Revenue & Customs last year for deliberately defaulting on his taxes.
Käärmann said he will remain in his role while the watchdog probes whether he is a ‘fit and proper’ person to be running the firm.