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(Sharecast News) - Wise reported an increase in first-quarter revenue on Friday as customer numbers at the money transfer firm rose.
In the quarter to the end of June, revenue pushed up 25% to $714m, with active customers 21% higher at just under 11.9m.
Quarterly cross-border volume rose 26% on the year to $69.3bn. Customer holdings were up 31% to $41.2bn "as more customers use and trust Wise for more of their daily financial lives," it said. Transaction revenue was 27% higher at $540.9m.
Wise reiterated FY27 guidance for net revenue growth around the middle of its 15-20% medium-term target range on a constant currency basis. This assumes no material change in interest paid to customers, and no material changes in central bank rates.
Co-founder and chief executive Kristo Krmann said the company's customers paid an average fee of just 50bps - the lowest it has ever been on Wise. "In 77% of the transactions, their money arrived instantly on the other side of the world," he said.
"We recently expanded our product offering in Latin America, so that customers in Chile can now send money cheap and fast across borders and top up their multi-currency accounts with local, instant pay-ins.
"We continue building 'the' network for the world's money."
At 0929 BST, the shares were down 3.5% at 915.20p.
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