Hares in Wise Payments Transfer business is up 14% this morning after the company saw a surge in revenue and customer transactions.
First-quarter sales rose 51% year-on-year to £186 million, a greater proportion of deal values than in previous quarters.
As many as five million Wise customers made over £24bn across borders in the three months to June 2022, a 37% year-on-year increase, driven by an increase in state customers United States and Brazil.
Over 50% of customer cross-border transfers are now completed instantly, up 36% from the first quarter, while 90% are completed within 24 hours.
The Shoreditch-based company said it expects revenue growth of 30-35% over the next financial year, with 20% growth over the medium term.
In November, Wise announced that it was reducing prices for customers following an increase in customer transactions.
Founded in 2011 by Estonian entrepreneurs, Kristo Käärmann and Taavet Hinrikus, Wise became London’s biggest tech listing when it joined the London Stock Exchange in July 2021 with a valuation of £9 billion. Shares of the company have lost 69% of their value since peaking in September 2021.
Last year Wise CEO Kristo Kaarmann was charged £365,651 for willful default in the 2017/18 tax year, the Telegraph reported.