Wise Reports 59% Revenue Surge in Q3 2022 on Cross-Border Volume Boom
Money transfer giant Wise has reported a significant increase in revenues for Q3 2022, with a 59% year-on-year rise to £211.5m. The company also saw improvements in its average customer price and take rate, as well as a surge in cross-border volumes.
Wise's strong performance was driven by a 50% increase in total cross-border volumes, reaching £27bn. This growth was supported by a 55% rise in business segment volumes to £6.9bn and a 49% increase in personal segment volumes to £20.1bn.
The company's average customer price increased to 0.64%, while its take rate rose by 4 basis points to 0.78%. Wise attributed this to increased volumes and improved pricing strategies. Over half of Wise's transfers were completed instantly, and 90% within 24 hours, demonstrating the company's commitment to speed and efficiency.
Wise adjusted its pricing across various corridors due to market volatility. While prices increased in some routes, they were decreased for sending money to China and Chile. The company attributed this to its ability to quickly adapt to changing stock market conditions.
Looking ahead, Wise has updated its full year guidance for FY23, expecting total income growth of 55-60% and an adjusted EBITDA margin of at least 20%. With volumes per customer increasing by 18% for business and 5.4% for consumers, Wise is well-positioned to continue its growth trajectory. While direct price comparisons with competitors like Revolut, N26, or TransferGo were not provided, Wise's strong performance and customer focus suggest a competitive position in the stock market.
