Customer growth continues to drive volume and underlying income growth 

●     26% YoY growth in quarterly active customers to 8.4m, driven by strong customer retention and new customers joining as a result of recommendations.

●     Volumes increased 18% YoY (20% on a constant currency basis) to £33.2bn, driven by the continued growth in active customers, while we reduced fees with the cross border take rate reducing c.5% to 64 bps YoY (down from 67 bps in Q4 FY24).

●     Underlying income grew 22% YoY to £325.4m, with continuing growth in deposit balances (23% YoY) and strong card and other revenue growth (55% YoY).

●     Continuing to expect strong growth in FY25 with underlying income expected to grow 15-20% over FY24.

●     Focus remains on the long term opportunity to grow cross border volumes while targeting an underlying profit before tax margin of 13-16%.

We're pleased to start the new financial year on a positive note, with strong momentum in active customer and volume growth. We remain committed to offering the lowest possible price for moving and managing money internationally, a key pillar of our mission and a significant driver of business growth. In Q1, we reduced fees for customers with our cross border take rate at 64 bps in Q1 FY25, c5% lower fees on average compared to last quarter. This reduction was made possible through our efforts to improve efficiency and represents another investment into our long term growth.

This quarter, we were thrilled to announce our first Wise Platform partnership in Brazil with Nubank, one of the world's largest digital banking platforms. Meanwhile, our partnership with Qonto in Europe is simplifying international payments for over 500,000 SMEs and freelancers.

-Kristo Käärmann, Co-founder and Chief Executive Officer

You can read more about our progress in our quarterly Mission Updates on wise.com.

Please see the appendix for further historical financial information. 

Enquiries

Martin Adams / Lawrence Nates - Investor Relations

[email protected]

Sana Rahman - Communications

[email protected]

Brunswick Group

Charles Pretzlik / Sarah West / Nick Beswick

[email protected]

+44 (0) 20 7404 5959

About Wise

Wise is a global technology company, building the best way to move and manage the world's money. With Wise Account and Wise Business, people and businesses can hold over 40 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new network for the world's money.

Co-founded by Kristo Käärmann and Taavet Hinrikus, Wise launched in 2011 under its original name TransferWise. It is one of the world's fastest growing tech companies and is listed on the London Stock Exchange under the ticker WISE.

In fiscal year 2024 Wise supported around 13 million people and businesses, processing approximately £118bn billion in cross-border transactions, and saving customers over £1.8 billion.

A glossary of terms can be found in our annual report and accounts.

FORWARD LOOKING DISCLOSURE DISCLAIMER

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