Wise posts rise in Q2 income as customer numbers soar

Fintech money transfer platform Wise on Tuesday reported a 17% jump in second-quarter income after a strong rise in customer numbers.

The company, which is targeting major banks by charging low fees for currency transfers, said underlying income grew to £337m, bringing growth in the first half to 19%. Wise said it continued to expect underlying income growth of 15-20%.

Active customers using were up 23% to 8.9 million in the quarter, driven primarily by existing customers recommending the company to others.

Cross border volume grew by a fifth to £35.2bn, with a 20% increase in customer deposits and a 49% increase in card and other revenue.

Wise said it continued to reduce and restructure its cross-border pricing to sustainably drive growth, with the take rate for the quarter coming in at 59 basis points (BPS), an eight BPS reduction due to lower prices and a changing mix.

Reporting by Frank Prenesti for Sharecast.com