Fintech firm Wise has seen quarterly revenues surge by a quarter as it notched up another double-digit rise in customer numbers.
The money transfer and payments firm posted net revenues of 714 million US dollars (£530 million) for its first quarter to the end of June – up 25% on the same quarter a year ago and 7% higher than the previous three months.
The number of active customers using Wise services lifted by 21% to 11,863 and customer holdings rose by nearly a third (31%) to 41.2 billion US dollars (£30.6 billion) as it expands its traditional banking offering.
Kristo Kaarmann, co-founder and chief executive of Wise, said: “This quarter almost 12 million people and businesses used Wise to move 69.3 billion dollars (£51.4 billion) across the world.”
He said the increase in holdings showed “more customers are trusting Wise for their everyday money”.
Wise switched its primary listing from London to New York in May to take advantage of a larger stock market and bring on board new investors.
Last month, full-year figures showed pre-tax profits dropped 8% as its operating expenses jumped 39%.
But the group reported a 19% jump in revenues over the year and said it was expecting further revenue growth in the middle of its 15% to 20% target range, with profitability around the top end of guidance, for the financial year ahead.
Shares in the firm were affected in June when it emerged the group was under investigation by Belgian authorities over money laundering concerns in a lengthy probe reportedly involving more than £400 million worth of transactions.
The group’s stock plummeted by nearly a fifth at one stage on the day after Wise confirmed the prosecutor in Brussels had lodged queries over its business.
Its European business is based in Belgium, from where it serves the rest of Europe and the EU.
This article was written by Holly Williams from The Independent and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.