Wise released a trading update for the fourth quarter of the fiscal year 2023, showing a significant 45% increase in revenue, which reached £223.5 million.
The London-listed company had a total income of £279.5 million, which was an increase of 83 percent compared to the year before and 4 percent higher than the quarter before. This was due to their net interest income of £56 million.
The CEO & Co-Founder of Wise, Kristo Käärmann, said:
Our financial results this quarter show great progress on our mission.
Previously known as Transferwise, the company is famed for helping people do money transfers between countries at a lower cost than banks.
Their customer prices for the fourth quarter of 2023 were 0.65 percent, a small decrease from 0.66 percent in the previous quarter, but still higher than the 0.61 percent from the same period the year before.
During the last quarter of 2023, Wise reported impressive customer metrics. It ended the quarter with 6.1 million active customers, a growth of 33 percent compared to the previous year.
Additionally, the total number of transactions was £26.7 billion, a 25 percent increase year-over-year, although the quarterly increase was only 1 percent. Furthermore, the platform held £10.7 billion of customer money by the end of the quarter, a 57 percent growth.
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