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Fintech company Wise reports growth in first-quarter earnings

By Jenny McCall

09:14, 20 July 2021

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Someone using Wise on a smartphone
Someone using Wise on a smartphone

Fintech company Wise announced its first-quarter results today with revenue of £123.5m, representing 43% year-on-year growth.

Business volume grew by 54% year on year to £16.4bn, while the number of personal customers grew by 28% to 3.4 million people.

The UK cash-transfer company, which launched in 2011 and recently rebranded from TransferWise, went public on 7 July via a direct listing rather than the more popular initial public offering (IPO).

Wise said in its first-quarter statement that it would continue to take important steps “forwards towards the goal of moving and managing money across borders faster, easier, cheaper and more transparently for everyone”.

"As we enter the next phase of our growth to tackle the problem of the £150bn the world continues to pay in hidden fees each year, we're focused on doing so reliably and sustainably, so our customers know they can count on us for the long term,” said co-founder and CEO Kristo Kärmann.


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New partnerships 

Wise added in its statement that it had recently forged new partnerships with Google Pay, Shinhan Bank, Temenos and Thought Machine. The company said the deals would allow “many more people and businesses to conveniently access Wise's cheap, fast and transparent international money transfers”.

Wise said in the first quarter of the year it had been able to reduce cash transfer pricing by 2bps to 0.67%, dropping prices for 19 currencies, while also delivering 38% of all transfers instantly. It has now launched in India, allowing Indian residents to send money to 40-plus countries.

More than 10 million people and businesses use Wise, which processes over £5bn in cross-border transactions every month, while more than 1 million customers have now been able to receive money with just their email address.

By mid morning, Wise stock was trading up 4.6% on the day at 943.59p. On its 7 July launch on the London Stock Exchange, Wise opened at 800p.

Read more: Wise has £8bn market value in pioneering listing

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