The Wise PLC (LON: WISE) share price rallied 20.3% after releasing its preliminary financial results for the year ended 31 March 2023. The money transfer and foreign exchange company revealed that its revenues for the past year surged 51% to £846.1 million, triggering the rally.
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Furthermore, the company also grew its customer base, serving about 10 million customers, marking a 34% increase compared to the previous year. The higher customer number also saw the company process a record amount of transactions worth £104.5 billion, marking a 37% year-on-year increase.
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Some of the crucial milestones achieved by Wise include ensuring that 55% of cross-border payments in Q4 2023 were delivered instantly within seconds. This achievement was made possible by launching instant payments to and from Brazil and Singapore to Malaysia.
The company also revealed a volume retention rate of >100%, as its customers tend to stay with the firm once they join. The firm also noted that most of its growth came from word-of-mouth advertising by satisfied clients who recommended it to their friends and family.
Wise also revealed that the Wise Account was gaining popularity among its customers as 55% of businesses and 36% of personal users now use Wise for more than just sending payments internationally.
The company also launched the Wise “Interest” Assets feature in the UK, SGP and several European countries. The firm now pays cashback to balance holders in Europe and the US. Wise also expanded features for businesses globally by rolling out cards in more places and allowing businesses to issue cards to their employees.
Kristo Käärmann, Wise Co-founder and CEO said: “At Wise, we are laser-focused on our mission of money without borders and building the products our customers need. Over the past year, we continued to invest in our infrastructure and launched new features, such as Assets, to make moving and managing money faster, cheaper, easier, and more transparent for more people and businesses around the world. Today, 55% of our payments reach their recipient in less than 20 seconds, and we save our customers an estimated £1.5bn* in fees annually.
*This is not investment advice.
Wise share price.
The Wise share price rallied 20.3% to trade at 635.3p, from Monday’s closing price of 528.1p.
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