Wise highlights 30% customer growth in Q3 results

Phone on desk displaying the Wise logo
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Payment infrastructure provider Wise has released its third-quarter results for its 2024 fiscal year, highlighting a 30% growth in customer base.

The Q3 results disclosed a 40% increase in income to £375.1m, which the company says has been driven by “multi-feature customers”. Active customers grew by 30% YoY to 7.5 million as well due to increased adoption of the Wise Account and multi-feature usage.

Kristo Käärmann, Co-founder and Chief Executive Officer at Wise, said: “I am pleased to report another quarter of progress as we work towards our mission of building the best way to move and manage the world’s money.”

Wise’s active personal customers also rose by 30% YoY to 7.1 million, and active business customers improved by 23% YoY to 392,000.

The provider noted that 46% of personal customers and 60% of business customers are now using multiple features, such as using their Wise card as well as sending money across borders. 

Käärmann added: “We’ve sped up global USD payments by optimising payouts with one of our banking partners and expanded our Wise Interest Asset offering in seven European markets including France and Spain. Customers in these markets holding USD with Wise can now opt-in to earn a return on these balances too.”

Wise has reported that the growth in customers using multiple features is driving the fundamentals of its financial performance. Revenue has increased by 23% to £276.6m, whereas Wise Account balances have risen by 28% YoY to £12.9bn. 

Käärmann continued: “This progress speaks to the strength of our fundamentals, leading to continued strong financial performance. We saw our customer base grow by 30% supporting a 23% growth in revenue, and a 40% increase in income.”

Due to income growth, Wise has upgraded its guidance to 42-44% from the previous guidance of 33-38%.

During this quarter, the firm has partnered with several companies, including Allicia Bank who used Wise to streamline international payments for SMEs. 

Käärmann concluded: “We also progressed with more platform partners, adding UK business bank; Allica Bank, leading digital travel platform; Agoda, and global spend management solution Payhawk among others.

“These results are also a testament to the depth of expertise of both leadership and the teams at Wise. I want to thank Harsh for leading the business while I took a sabbatical from September to December to spend time with my growing family. I’m excited to be back and to continue progressing on our mission.”