REG - Wise PLC - Q4FY25 Trading Update
15/04/2025 07:02
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RNS Number : 9779E Wise PLC 15 April 2025
28% cross-border volume growth as Wise progresses towards moving trillions
● We are progressing on our vision to become the network for the
world's money, as quarterly cross-border volumes grew 28% YoY to £39.1bn and
Wise customer holdings grew by 33% to £21.5bn
● 9.3m active customers used Wise in Q4, representing active
customer growth of 17% YoY
● The cross-border take rate reduced by 3bps to 53bps, reflecting an
increase in the proportion of higher volume customers in the period
● Underlying income was £350.4m in Q4 FY25, growing 15% YoY on a
constant currency basis, and 13% YoY on a reported basis due to the previously
flagged FX headwind
● For FY25, growth in active customers, up 21% to 15.6m, combined
with the greater adoption of Wise account features, drove a 23% increase in
cross-border volume to £145.2bn(1) and underlying income growth of 16% to
£1.36bn on a reported basis. On a constant currency basis, underlying income
grew 18% to £1.39bn for the year
● Our FY25 preliminary underlying PBT margin was c.20% and for FY26,
we continue to expect this to be around the top of our 13-16% target range.
"We ended the financial year taking Wise to even more people and businesses
around the world. We launched Wise in Mexico, allowing Mexicans to be able to
send money to the rest of the world with Wise. It's exciting that we now
benefit from two-way flows with Mexico. In Hong Kong, we rolled out the Wise
Business account, enabling businesses to get paid globally. And in Latin
America, we announced a new Wise Platform partnership with Itaú Unibanco, one
of the region's largest banks, enabling instant cross-border payments directly
from the Itaú app.
We continue to move closer towards achieving money without borders by
investing in our long-term growth: we recently launched our popular Interest
feature in Australia, helping more customers earn returns by placing their
money in funds backed by government-guaranteed assets. We also announced the
opening of a new hub in Hyderabad to drive growth in India, building on recent
office expansions in London, Tallinn and Singapore."
-Kristo Käärmann, Co-founder and Chief Executive Officer
Q4 FY25 Q4 FY24 YoY Movement
Cross-border volume (£ billion) 39.1 30.6 28%
Underlying income (£ million) 350.4 309.5 13%
Cross-border take rate (%) 0.53% 0.67% -14 bps
Instant transfers (%) 65% 62% +3 pps
You can read more about our progress in our quarterly Mission Updates on
wise.com.
Please see the appendix for further historical financial information.
(1) At our Owners Day earlier this month, we reported estimates for FY25
active customers of 15.5m and a 22% increase in cross-border volume to £145bn
for the year.
Enquiries
Sarah Lewandowski - Investor Relations
owners@wise.com (mailto:owners@wise.com)
Sana Rahman - Communications
press@wise.com
Brunswick Group
Charles Pretzlik / Nick Beswick
Wise@brunswickgroup.com
+44 (0) 20 7404 5959
About Wise
Wise is a global technology company, building the best way to move and manage
the worldʼs money. With Wise Account and Wise Business, people and businesses
can hold over 40 currencies, move money between countries and spend money
abroad. Large companies and banks use Wise technology too; an entirely new
network for the worldʼs money.
One of the world's fastest growing, profitable tech companies, Wise launched
in 2011 and is listed on the London Stock Exchange under the ticker, WISE. In
fiscal year 2024 Wise supported around 13 million people and businesses,
processing approximately £118 billion in cross-border transactions, and
saving customers over £1.8 billion.
FORWARD LOOKING DISCLOSURE DISCLAIMER
This report may include forward-looking statements, which are based on current
expectations and projections about future events. These statements may
include, without limitation, any statements preceded by, followed by or
including words such as "forward looking", "guidance", "target", "believe",
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and terms of similar meaning or the negative thereof. These forward-looking
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events in the forward-looking statements may not occur.
Past performance cannot be relied upon as a guide to future performance and
should not be taken as a representation that trends or activities underlying
past performance will continue in the future, and the statements in this
report speak only as at the date of this report. No representation or warranty
is made or will be made that any forward-looking statement will come to pass
and there can be no assurance that actual results will not differ materially
from those expressed in the forward-looking statements.
Wise expressly disclaims any obligation or undertaking to update, review or
revise any forward-looking statements contained in this report and disclaims
any obligation to update its view of any risks or uncertainties described
herein or to publicly announce the results of any revisions to the
forward-looking statements made in this report, whether as a result of new
information, future developments or otherwise, except as required by law.
Appendix - Historical Financials
Quarterly Q4 FY2023 Q1 FY2024 Q2 FY2024 Q3 FY2024 Q4 FY2024 Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 QoQ Q YoY QoQ Q YoY
Movement Movement Movement Movement
Constant Constant
CCY CCY
Active Customers (thousand) 6,125 6,670 7,232 7,512 7,911 8,374 8,892 9,047 9,291 3% 17% - -
Personal (thousand) 5,784 6,307 6,847 7,120 7,517 7,962 8,469 8,612 8,838 3% 18% - -
Business (thousand) 340 363 385 392 395 412 423 435 453 4% 15% - -
Cross-border volume (£ billion)¹ 26.7 28.2 29.2 30.6 30.6 33.2 35.2 37.8 39.1 3% 28% 3% 30%
Personal (£ billion) 19.5 20.8 21.6 22.3 22.6 24.5 26.1 27.4 28.4 4% 26% 3% 28%
Business (£ billion) 7.3 7.4 7.6 8.3 8.0 8.7 9.1 10.4 10.7 3% 33% 2% 34%
Customer balances (£ billion) 10.7 11.5 12.3 12.9 13.3 14.1 14.7 16.2 17.1 5% 29% - -
Personal (£ billion) 5.8 6.5 7.0 7.5 7.9 8.5 9.0 9.8 10.5 7% 34% - -
Business (£ billion) 4.9 5.0 5.3 5.4 5.4 5.6 5.7 6.4 6.6 2% 21% - -
Cross-border revenue (£ million) 177.7 187.9 196.5 206.2 204.6 211.2 207.9 212.9 208.4 (2%) 2% (2%) 4%
Personal (£ million) 139.7 149.0 154.7 161.2 161.0 167.1 167.2 169.3 166.0 (2%) 3% (2%) 5%
Business (£ million) 38.0 38.9 41.8 45.0 43.6 44.1 40.7 43.6 42.4 (3%) (3%) (3%) (2%)
1. Cross-border volume only.
Note: Differences between 'total' rows and the sum of the constituent
components of personal and business are due to rounding.
Appendix - Historical Financials (continued)
Quarterly Q4 FY2023 Q1 FY2024 Q2 FY2024 Q3 FY2024 Q4 FY2024 Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 QoQ Q YoY QoQ Q YoY
Movement Movement Movement Movement
Constant Constant
CCY CCY
Card and other revenue (£ million) 45.8 51.6 62.2 70.4 72.6 80.0 92.8 97.8 100.9 3% 39% 3% 41%
Personal (£ million) 33.7 37.4 46.1 51.9 54.0 59.6 70.5 74.0 75.6 2% 40% 2% 42%
Business (£ million) 12.1 14.2 16.1 18.5 18.6 20.4 22.3 23.8 25.3 7% 36% 6% 38%
Underlying interest income (first 1pct yield) (£ million) 25.4 27.4 29.7 31.3 32.3 34.2 36.3 38.8 41.1 6% 27% 6% 29%
Personal (£ million) 13.7 15.2 16.9 18.0 19.0 20.4 22.1 23.6 25.1 7% 33% 6% 35%
Business (£ million) 11.7 12.2 12.8 13.3 13.3 13.8 14.2 15.2 16.0 5% 20% 5% 21%
Underlying income (£ million) 248.8 266.9 288.4 307.9 309.5 325.4 337.0 349.5 350.4 0% 13% 0% 15%
Personal (£ million) 187.0 201.6 217.7 231.1 234.0 247.1 259.8 266.9 266.7 (0%) 14% (0%) 16%
Business (£ million) 61.8 65.3 70.7 76.8 75.5 78.3 77.2 82.6 83.7 1% 11% 1% 12%
Interest income (above the first 1pct yield) (£ million) 46.1 68.3 85.7 100.9 109.6 114.3 115.9 110.0 103.7 (6%) (5%) (6%) (4%)
Personal (£ million) 25.0 37.9 48.7 58.0 64.3 68.0 70.4 67.0 63.5 (5%) (1%) (6%) (0%)
Business (£ million) 21.1 30.4 37.0 42.9 45.3 46.3 45.5 43.0 40.2 (7%) (11%) (7%) (10%)
Benefits paid relating to customer balances (£ million) (15.5) (24.3) (29.0) (33.7) (37.9) (41.3) (43.5) (38.2) (38.2) (0%) 1% (1%) 3%
Personal (£ million) (9.0) (14.1) (16.9) (19.1) (22.6) (24.8) (26.5) (24.3) (23.6) (3%) 4% (4%) 7%
Business (£ million) (6.5) (10.2) (12.1) (14.6) (15.3) (16.5) (17.0) (13.9) (14.6) 5% (5%) 4% (3%)
Cross-border take rate (%) 0.67% 0.67% 0.67% 0.67% 0.67% 0.64% 0.59% 0.56% 0.53% -3 bps -14 bps - -
1. Comprises interest income on customer balances, interest
expense on customer balances and benefits paid relating to customer balances.
2. Comprises revenue and interest income net of customer
benefits.
3. Revenue as a % of Volume.
Note: Differences between 'total' rows and the sum of the constituent
components of personal and business are due to rounding
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