Wise Reports 24% Volume Growth in Q3

The company said in its third-quarter results that its growth was driven by its expanding customer base, which now totals over 9 million active users, marking a 20% increase from the previous year.

The company’s Wise account balances also saw a significant boost, growing by 26% to £16.2 billion. Continued adoption of the Wise account contributed to a 39% year-on-year increase in revenue from card and other services.

Despite the growth in volume, Wise’s cross-border take rate fell by 11 basis points year-on-year to 0.56%, which it said was due to its lowering of prices in the first half.

The pricing strategy helped Wise maintain competitive rates for its global customer base.

Underlying income for Q3 grew by 13% year-on-year to £349.5 million, with year-to-date growth at 17%. On a constant currency basis, income growth was even stronger at 20%, though FX rate changes have moderated reported growth expectations for the full year.

Kristo Käärmann, Co-founder and CEO, said: “This quarter saw us take another step closer to achieving our mission, most notably through extending the availability of Wise to even more customers.”

He also highlighted the company’s expansion in Brazil, where Wise launched services for micro-businesses and is working towards integrating with the PIX payment system. 

Wise also secured partnerships with Morgan Stanley and Standard Chartered to enhance international payment capabilities.