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Wise Posts 43 Pct First-Quarter Revenue Growth

Following its listing on the London Stock Exchange (LSE), payments firm Wise posted first-quarter revenue gains of £123.5 million ($168.66 million), up 43 percent over the same period last year, Reuters reported on Tuesday (July 20).

Wise, which is headquartered in London, also processed £16.4 billion in cross-border payments, an increase of 54 percent year on year. The firm filed for a public offering last month.

The payments company, which was formerly known as TransferWise, indicated that it now has 3.7 million customers moving money on its platform, with a 28 percent growth in customers and a 56 percent increase in business users. 

The money transfer company now serves some 3.5 million, according to The Times of India. Personal customers increased 28 percent over 2020 and now reach 3.4 million. Business users expanded by 56 percent.

Following the direct listing, Wise Co-founders Kristo Käärmann and Taavet Hinrikus became billionaires, CNBC reported earlier this month. Käärmann’s stake is worth roughly $2.1 billion, while Hinrikus has an interest worth $1.2 billion. Early investors Peter Thiel’s Valar Ventures and Andreessen Horowitz also reaped benefits from the public listing.

Wise was valued at approximately $7 billion when it went public last month via a direct listing, and competes against Western Union, MoneyGram and others. The company said it has experienced a 54 percent growth since 2018 and hit £420 million in revenue in the fiscal year 2021. 

The FinTech, which filed for a public offering in June, said it has been profitable for four years, with an annual revenue growth rate of 54 percent. Wise has handled £54.4 billion cross-border transfers for six million customers since the start of 2021. In January, Wise was eyeing an IPO at a valuation exceeding the $5 billion valuation it had last year.

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