Wise revenue gains 25% in Q2 as money transfer customers jump

FILE PHOTO: Wise logo is seen on a smartphone in front of a displayed stock graph in this illustration taken June 18, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

LONDON (Reuters) -Money transfer company Wise Plc said on Tuesday that its revenue was 132.8 million pounds ($182.97 million) in the second quarter, a rise of 25% from the same period last year.

Wise, which listed on the London Stock Market in July, said in a trading update that the growth was due to a rise in customer numbers attracted in part by lower prices. It said almost 4 million customers transferred 18 billion pounds ($24.8 billion) in the second quarter, up 36% from the previous year.

The company, which specialises in cross-border transfers and is one of Britain's most well-known fintech "unicorns", said it reduced costs for 1.7 million customers by 8 basis points from the same period last year, to an average of 0.62%.

That meant its "take rate" - the percentage of money being transferred over its platform that it books as revenue - fell to 0.74% from 0.8% a year earlier.

Wise shares fell as much as 3.2% in early trading before recovering nearly all of their losses, and were last down 0.2% at 920 pence.

Wise said it expects its take rate for the second half to be slightly lower than in the first half, but still anticipates revenue growth for the year to March 2022 to be in the low- to mid-20% range over the previous year.

Wise will release full interim results on Nov. 30.

($1 = 0.7260 pounds)

(Reporting by Tom Wilson, Editing by Louise HeavensEditing by Rachel Armstrong)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights


Next In Tech News

Not for the faint hearted: 'Happy Game' is anything but
El Salvador ‘Bought the Dip,’ Acquiring 100 More Bitcoin
Keeping people awake on Zoom: Ways to liven up a digital meeting
Facebook offers remedies to address EU concerns about Kustomer deal
Paris slows rented e-scooters to 10 km/h in urban areas
WhatsApp wins approval to double payments offering to 40 million users in India - source
Mobile phone museum launches online
Payments firm Klarna's Jan-Sep losses grow on soured credits
Carmakers get inventive as global chip crisis bites
Telecom Italia loses CEO in boardroom clash amid KKR approach

Others Also Read