Fintech company Wise revealed a substantial increase in quarterly net revenue and a continued expansion in its customer base, underlining the group's growing footprint in global payments despite regulatory scrutiny in Europe.
Key results for the quarter
For the three months to the end of June Wise reported net revenues of US$714m (£530m), a rise of 25% compared with the same period last year and 7% higher than the preceding quarter. The number of active customers using Wise services rose by 21% to 11,863,000, while total customer holdings increased by 31% to US$41.2bn (£30.6bn) as the business enlarges its banking-related offering.
“This quarter almost 12 million people and businesses used Wise to move 69.3 billion dollars (£51.4 billion) across the world,”
The figures demonstrate that more customers are entrusting the platform for routine money management as well as cross-border transfers. Wise has recently shifted its primary stock market listing from London to New York, a move designed to access a larger pool of investors.
Context and recent challenges
While revenues have shown strong momentum, Wise's most recent full-year update to investors highlighted pressures elsewhere: pre-tax profit for the year fell by 8% as operating costs rose sharply, jumping 39%. Over the same annual period the company still recorded a 19% increase in revenue and projected further growth at the mid-point of its 15–20% guidance range with profitability expected toward the upper end.
The group also faced market volatility in June after confirmation that Belgian prosecutors had raised questions over historic transactions, a probe reported to involve in excess of £400m of transfers. That development at one point sent Wise's share price down by almost 20% in a single session. Wise's European operations are run from Belgium, which serves customers across the EU and wider Europe.
What this means locally
For Barking and Dagenham readers tracking the fintech sector and its local economic footprint, the numbers underline sustained demand for digital cross-border payments. The jump in customer holdings signals that an increasing number of people are keeping larger balances with Wise as it expands product features beyond basic transfers.
- Revenue (Q1 to June): US$714m (+25% year-on-year)
- Active customers: 11,863,000 (+21% year-on-year)
- Customer holdings: US$41.2bn (+31% year-on-year)
| Metric | Figure | Year-on-year change |
|---|---|---|
| Net revenues (Q1) | US$714m (£530m) | +25% |
| Active customers | 11,863,000 | +21% |
| Customer holdings | US$41.2bn (£30.6bn) | +31% |
Investors will be watching how the company balances growth and cost control over the coming months, particularly given the cost pressures that pushed annual operating expenses up last year. The Belgian inquiry adds a compliance dimension that could influence sentiment until it is resolved.
For local users of international money services, Wise's results may signal greater confidence in using fintech platforms for everyday needs, but the regulatory questions serve as a reminder to customers to monitor safety features and protections when choosing where to hold funds.
