Wise also reported strong customer metrics for the reported period.

Wise (LON: WISE), previously known as Transferwise, has reported a jump of 45% (year-on-year) in revenue to £223.5 million in its fourth quarter of fiscal year 2023. The company earned a net interest income of £56m. The London-listed company ended the quarter with a total income of £279.5m, up 83% from the previous year and 4% from the previous quarter.

It has 6.1 million active customers, up 33%, and a total volume of transactions of £26.7 billion, an increase of 25% YoY.

The company has a reputation for enabling cross-border transactions at significantly lower rates than those offered by conventional banks, with customer prices for Q4 FY23 coming in at 0.65% compared to 0.66% in Q3 FY23 and 0.61% in Q4 FY22. (Finance Magnates)

The platform is holding £10.7 billion of customer money at the end of the last quarter of fiscal year 2023, up 57%.

Furthermore, Wise has expanded its asset investment services from the UK to other countries including Singapore, France, Spain, Austria, the Netherlands, Finland, and Luxembourg.

Although Wise currently lacks a banking license, it now distributes a portion of the income generated on the balances of its European and US customers, but cannot provide interest rates similar to those offered by banks.

“Customers continue to choose the Wise Account to manage their finances around the world, with customers in the UK, EU and the US now able to receive a refund on a portion of their fees or earn a return while retaining instant access to their money,” said Kristo Käärmann, CEO & co-founder, Wise, in a statement. “Too many banks offer near-zero rates of interest on deposits and we don’t think this is fair. Our new features set a global standard in how people and businesses can hold their money.”

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