Wise rebounds with ballooning Q3 revenues

Wise has reported ballooning quarterly revenue growth, as it rallied after its stock was downgraded earlier this month.

The money transfer giant (previously known as TransferWise) said in the third quarter revenues were up year-on-year by 34 per cent and 13 per cent quarter-on-quarter to £149.8m.

The upbeat trading update comes after its shares tumbled by more than 10 per cent earlier this month after Citi analysts downgraded Wise's stock over "excessive long-term growth expectations".

In its update, Wise, which went public last year, said it expects overall revenue growth of 30 per cent in 2022, compared to 2021.

Other notable numbers disclosed by Wise were that volumes grew by 38 per cent year-on-year and 15 per cent quarter-on-quarter to £20.6bn.

The uplift, Wise said, was driven by growth in the number of active personal and business customers and a high average volume per customer.

Kristo Käärmann, CEO and co-founder, said: "I'm delighted that for the first time we've supported more than 4 million customers to complete cross-border transfers in a single quarter. 

"We moved over £20bn, 38 per cent growth on last year and 15 per cent growth on the prior quarter.

"We did this while continuing to make good progress on our mission to make moving and managing money across borders faster, easier, cheaper and more transparent for everyone, everywhere. 

"We dropped prices, sped up payments, and expanded access to Wise's products and features in more countries and through more partners."