Wise PLC Reports Strong Revenue Growth in Q1 FY2024

Wise PLC announced on Tuesday that it experienced a significant increase in revenue during the first quarter of fiscal year 2024. This growth can be attributed to the company's robust customer base and volume expansion. Wise PLC also reaffirmed its full-year guidance.

With a quarter-end date of June 30, Wise PLC reported a 29% rise in revenue, amounting to £239.5 million ($313.1 million). This follows a remarkable 33% year-on-year increase in quarterly active customers, reaching a total of 6.7 million customers. Additionally, Wise PLC witnessed a 16% surge in volumes, totaling GBP28.2 billion.

This growth in customer numbers can be attributed to the company's ability to retain and acquire customers, predominantly through positive word-of-mouth referrals.

Looking ahead, Wise PLC maintains its guidance for fiscal year 2024, anticipating revenue growth to range between 28% and 33%. Moreover, the company expects the adjusted earnings margin to remain at an elevated level.

Chief Executive and Co-Founder of Wise PLC, Kristo Kaarmann, expressed confidence in the company's long-term success, stating, "As our customer proposition continues to improve, more people and businesses are choosing Wise, and it is this growth in customer adoption that will underpin our long-term success."