Wise revenue grows 43% in Q1 as customer numbers jump

Photo illustration of a Wise logo
A smartphone with the Wise logo is placed on a laptop in this illustration taken on July 14, 2021. REUTERS/Dado Ruvic/Illustration

July 20, 2021

LONDON (Reuters) -Money transfer company Wise Plc on Tuesday said revenue reached 123.5 million pounds ($168.66 million) in the first quarter of its financial year, up 43% from a year earlier.

The London-based firm processed 16.4 billion pounds in cross border payments, up 54% year on year, it said in its first trading update as a public company.

Wise, which made its debut on the London Stock Exchange earlier this month, said 3.7 million customers transacted using its platform over the period. Personal customers grew 28% from a year earlier to reach 3.4 million, while the number of business customers rose 56%.

The company expects to continue the year in line with its prior forward looking guidance, it said.

($1 = 0.7322 pounds)

(Reporting by Anna IrreraEditing by Rachel Armstrong)