Business
Wise Plc Q1 FY23 Trading Update
Wise Plc Q1 FY23 Trading Update.
About this update from Wise Plc Class A
[{"type":"text","content":"\n \n \n Wise plc\n \n \n Q1 FY23 Trading Update\n \n \n 19 July 2022\n \n \n \n \n \n \n Continued growth in active users and volumes supported strong revenue growth\n \n \n \n \n \n \n In the first quarter of the financial year we continued to disrupt a massive and underserved market, with 5 million active customers moving more than £24 billion across borders; a 49% increase on the same period last year. We continued to save our customers money by providing cross-border transfers at a highly competitive average price of 0.61%.\n \n \n \n \n \n We do this through our superior products: Wise Account, Wise Business and Wise Platform. Our team has rolled out further product enhancements designed to make the product more convenient to use and to enhance security features for businesses.\n \n \n \n \n \n These products arepowered by our infrastructure. In Q1 we saw more than half of our payments delivered instantly. We see this as truly game changing versus the alternatives that customers have today. And our customers love it. \n \n \n \n \n \n So we continue to invest heavily in products and infrastructure, and take the lead in driving down the cost of cross-border transfers whilst at the same time maintaining a profitable business model.\n \n \n \n \n \n \n Kristo Kärmann, CEO and co-founder said:\n \n \n \n \n \"In the three months to 30 June 2022 we helped 5 million active customers move more than £24 billion across borders, a 49% increase on last year. We also reached a key milestone in our mission, more than 50% of all cross-border transfers are now completed instantly.\n \n \n \n \n Our Wise Account and Wise Business products got even better as we launched 2-step payment approvals and employee spending controls on mobile for our business customers. The average price that our customers paid for cross-border transactions reduced from 0.67% to 0.61% in Q1 FY23 compared with the same period last year and was unchanged compared with Q4 FY22.\"\n \n \n \n \n \n \n \n Mission highlights for Q1 FY23\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Q1 FY23\n \n \n \n \n \n \n Q1 FY22\n \n \n \n \n \n \n YoY Movement\n \n \n \n \n \n \n Q4 FY22\n \n \n \n \n \n \n QoQ Movement\n \n \n \n \n \n \n \n Customer price¹\n \n \n \n \n 0.61%\n \n \n \n \n 0.67%\n \n \n \n \n -...