Wise Q2 revenues rise as customer numbers improve

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.