“Get paid without losing out.”
This slogan encapsulates Wise’s mission: to provide international payments that maximize recipients’ funds while minimizing handling costs and ensuring transparency throughout the process, thus ensuring customer growth. This commitment has led to significant success for Wise, a global technology company renowned for its innovative solutions in international money transfers.
The company’s fiscal year ending March 31, 2024, saw robust financial results, underscoring its dedication to making cross-border payments more accessible and efficient.
Key highlights of FY24 leading to company, customer growth
1. Growth driven by 13 years of investment into the company’s vision of money without borders.
- Moved £118.5bn (+13% YoY) around the world for 12.8m active customers (+29% YoY)
- More customers than ever have adopted multiple features with their Wise account; 48% of personal and 60% of business customers hold more than £16bn (+44% YoY) through the account (cash and Assets), with usage growing rapidly.
2. Growing fast and increasingly profitable.
- Customer growth, account adoption and higher interest rates drove underlying income up +31% YoY to £1.2bn (Revenue £1.1bn).
- APAC is the second largest growing region (20.5%) behind Europe (30.8%) compared to the other geographic regions globally including the UK, NorthAm, and the Rest of the World.
3. Investments made in FY24 that will contribute to future growth.
- Wise continues to enhance its infrastructure: connecting to the Australian domestic payment system (NPP) increasing its direct connections to 5; achieving a tier 1 license in Japan removing the ¥1m transfer limit; and collaborating with Swift to make it easier for banks and their customers to use Wise.
- Wise Platform is now live with 85+ partners globally, with new Wise Platform partners including Mox, Agoda and Webexpenses in APAC; and the expanded features provided to Platform partners (e.g., bringing Wise-issued cards to Tiger Brokers customers in Singapore and Parpera’s in Australia).
Strategic investments fueling future expansion, customer growth
Wise continues to invest in its infrastructure and customer experience to drive customer growth and capture a larger share of the underserved cross-border payments market.
Significant developments in FY24 include:
- Infrastructure enhancements:
- Connection to Australia’s New Payments Platform (NPP), expanding Wise’s direct connections to five global payment systems.
- Securing a tier 1 license in Japan, removing the ¥1 million transfer limit.
- Collaboration with Swift to simplify the integration for banks and their customers.
- Expansion of Wise platform:
- The Wise Platform now supports over 85 partners worldwide. New partnerships in the APAC region include Mox, Agoda, and Webexpenses.
- Introduction of Wise-issued cards for customers of Tiger Brokers in Singapore and Parpera in Australia.
Launch in the Philippines
Recognizing the importance of remittances to the Philippines, Wise launched the Wise Account and Wise Prepaid Card in the Philippines, to boost customer growth by targeting freelancers, travelers, and dependents of overseas workers.
According to the company’s press release, these products offer a more efficient, cost-effective, and affordable way to manage money internationally without hidden fees.
At the launch event, Areson Cuevas, Country Manager of Wise Philippines, said, “We are thrilled to bring the Wise Account and Card to the Philippines. Customers can now enjoy quick international payments without excessive fees. Filipinos can also use the Wise Account to receive money in nine currencies and spend globally with the Wise card in over 160 countries at mid-market exchange rates.”
Kristo Käärmann, CEO and co-founder of Wise, for his part, added, “Our sustained growth underscores the value we provide by making international payments seamless and cost-effective. We are excited about our recent advancements and ongoing investments in our platform.”
According to Käärmann, Wise remains committed to its vision of “money without borders,” with strategic investments poised to drive further customer growth and innovation. The company’s FY24 results highlight a year of exceptional performance, positioning Wise for continued success in the fintech industry.