Wise (formerly Transferwise), which made its public debut on the London Stock Exchange recently, announced on Tuesday that it generated £123.5 million in revenue in the first quarter of 2021, which is 43 percent higher than the same quarter in the previous year.
The revenue growth was fueled by the growing customer base of the London fintech. Personal customers on the platform grew by 28 percent year-over-year, reaching 3.4 million, while the number of business customers took a leap of 56 percent and is growing fast.
Disrupting the Remittance Industry
Founded in 2010, Wise disrupted the cross-border payments market that was previously dominated by banks. The platform is undercutting its banking competition by charging much lower for money transfers.
It was previously known as Transferwise and was rebranded earlier this year. The company listed its stocks on the London Stock Exchange via direct listing and is now focused on the expansion of both geographies and services.
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The latest disclosure of the quarterly financials was the first company reported after going public.
“In the first quarter of this financial year, we continued to take important steps forwards towards this goal while also successfully listing Wise on the London Stock Exchange,” said Kristo Käärmann, Co-Founder and CEO of Wise.
Moreover, the company detailed that it processed £16.4 billion in cross-border payments in Q1, which is a year-over-year jump of 54 percent. Furthermore, it outlined that 3.7 million customers conducted their transactions using its platform in the quarter.
“As we enter the next phase of our growth to tackle the problem of the £150 billion the world continues to pay in hidden fees each year, we’re focused on doing so reliably and sustainably, so our customers know they can count on us for the long term,” Käärmann added.