Wise Reports 50% YoY Growth in Cross-Border Volumes, Revenue Surges 59% in Q3 2022
Money transfer service Wise has reported a significant increase in activity and revenue. Cross-border volumes surged 50% year-on-year (YoY) to £27bn, with customer numbers reaching 5.5 million.
The strong performance was driven by growth in both business and personal segments. Business volumes climbed 55% to £6.9bn, while personal volumes rose 49% to £20.1bn. Notably, the volume per customer increased by 18% for businesses and 5.4% for consumers.
Wise's revenues also soared, up 59% YoY to £211.5m in Q3 2022. The company attributed this to an increase in customers and higher volumes. Over half of Wise's transfers were completed instantly in the quarter, with approximately 90% completed within 24 hours.
Wise has updated its full year guidance for FY23, expecting total income growth of 55-60% and an adjusted EBITDA margin of at least 20%. Despite raising prices in some corridors due to volatility, Wise's take rate rose 4bps to 0.78% compared to last year.
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