Wise holds guidance as Q1 on higher interest rates, customers

(Sharecast News) - London-listed fintech firm Wise held annual guidance after reporting a rise in first-quarter revenue driven by higher customer numbers and interest rates. Revenue increased 29% year on year to £240m, while income grew 66% to £311m as a result of growth in active customers and higher interest income.

Quarterly active customer numbers surged by a third to 6.7m, driven by strong retention and acquisition "primarily through word of mouth", the company said in a trading update on Tuesday.

It kept its full-year outlook for unchanged with income growth of 28-33%, and adjusted core earnings margin remaining elevated, compared with medium term guidance of at or above 20%, as a result of higher levels of interest income net of customer benefits.

Reporting by Frank Prenesti for Sharecast.com