Kristo Kaarmann / Wise
Wise lifts 2024 guidance as customer growth accelerates
Active customers rose 30 per cent in the last year to over 7.5 million
Payments giant Wise upgraded its guidance to investors this week on the back of surging active customer numbers, which reached 7.5 million in December at the end of its third quarter.
This increase was split between personal customers, up 30 per cent year-on-year to 7.1 million, and business customers, up 23 per cent to 392,000.
This rise helped deliver a 40 per cent increase in income for the quarter to £375.1m, leading Wise to upgrade its full-year income growth guidance from 33-38 per cent to 42-44 per cent.
Account balances at Wise increased 28 per cent YoY to £12.9bn, while cross-border payment volume was up 16 per cent YoY to £30.6bn.
“We've sped up global USD payments by optimising payouts with one of our banking partners and expanded our Wise Interest Asset offering in seven European markets including France and Spain,” Kristo Käärmann, Wise CEO and co-founder said.
“Customers in these markets holding USD with Wise can now opt-in to earn a return on these balances too.”
“We also progressed with more platform partners, adding UK business bank; Allica Bank, leading digital travel platform; Agoda, and global spend management solution Payhawk among others.”
Käärmann recently returned from a sabbatical from September to December, taking back over the CEO role from interim CEO and CTO Harsh Sinha.