Wise Q2 revenues rise as customer numbers improve

Money transfer firm Wise said on Tuesday that quarterly revenues had grown on the back of increased customer levels throughout the period.

Wise said second-quarter revenues were up 25% year-on-year at £132.8m, driven by customer number growth of 36% throughout the period as almost 4.0m users transferred £18.0bn.

The London-listed firm stated that its work to decrease costs and scale volumes enabled it to reduce prices for 1.7m customers, with customer prices now 0.62% on average, five basis points lower than they were at the beginning of the quarter.

Looking ahead, Wise said its take rate, which came to 0.74% in the quarter, was expected to be "slightly lower" in the second half as a result of price reductions but added that it continues to expect revenue growth in the low-to-mid 20s on a percentage basis in 2022 over 2021 and anticipates that 2022 gross margins will be around 65-67%, up from 62% in 2021, assuming foreign exchange related costs remain broadly stable.

As of 1020 BST, Wise shares were up 0.087% at 922.80p.