Global money transfer business Wise has reported yet another quarter of solid growth thanks to customer retention and new customer acquisition.
In the company’s first-quarter trading update, which was published this morning, the group said the number of quarterly active customers on its platform had risen 26 per cent year-on-year in the first quarter of its 2025 financial year. The total number of customers using its platform at the end of the period stood at 8.4m.
Foreign currency volumes processed on the platform increased 18 per cent year-on-year or 20 per cent on a constant currency basis to £33.2bn.
The company attributed the volume growth to a higher number of active customers and lower fees.
During the period, Wise reduced its cross border take rate by five per cent to 64 basis points, down from 67 basis points in the fourth quarter of its 2024 financial year.
Overall, the group said underlying income for the three-month period grew 22 per cent year-on-year to £325.4m. Deposit balances expanded 23 per cent year-on-year, while “card and other revenue growth” came in at 55 per cent.
It said it also remained committed to the “long term opportunity to grow cross border volumes while targeting an underlying profit before tax margin of 13 per cent to 16 per cent.”
Kristo Käärmann, Wise’s co-founder and chief executive officer, said: “We’re pleased to start the new financial year on a positive note, with strong momentum in active customer and volume growth. We remain committed to offering the lowest possible price for moving and managing money internationally, a key pillar of our mission and a significant driver of business growth.”
Käärmann added: “This quarter, we were thrilled to announce our first Wise Platform partnership in Brazil with Nubank, one of the world’s largest digital banking platforms. Meanwhile, our partnership with Qonto in Europe is simplifying international payments for over 500,000 SMEs and freelancers.”