Wise lifted its full-year revenue-growth outlook after reporting a 21% year-on-year rise in net revenue to $739.1 million for the three months to 30 September. The London-listed money-transfer group said active customers reached 12.503 million and cross-border transaction volume rose 22% to $71.7 billion in its second quarter of financial year 2027.
The company now expects net revenue growth for FY27 to land in the upper half of its 15% to 20% medium-term target range, equivalent to 17.5% to 20% on a constant-currency basis. Its previous outlook had been the full range. Wise said it still expects its income-before-tax margin to be around the top of its 20% to 25% range.
More customers, higher transaction volumes
Active customers increased 20% from 10.440 million in the comparable quarter a year earlier. The measure counts unique customers who completed at least one cross-border transaction during the period; it is not a count of everyone holding a Wise account. Personal customers numbered 11.869 million, up 19%, while business customers reached 633,000, up 26%.
Cross-border volume rose from $59.0 billion to $71.7 billion. Wise said the increase was 21% on a constant-currency basis, which adjusts the comparison for exchange-rate movements. Personal transfers accounted for $49.5 billion and business transfers $22.3 billion. The business figure grew faster year on year, at 32%, compared with 18% for personal volume.
Net revenue was $739.1 million, against $610.5 million a year earlier. Transaction revenue increased 22% to $561.3 million. The rest of net revenue reflects other revenue streams, including interest income on customer balances less interest paid on customer liabilities. In the quarter, interest income was $238.2 million and interest expense was $60.4 million, leaving a net contribution of $177.8 million from those items.
Lower pricing alongside growth
The average cross-border take rate — revenue from cross-border transactions as a proportion of their value — fell to 0.49%, from 0.52% a year earlier. Wise said it was choosing to reinvest part of its operating leverage in lower prices. The decline means the company earned less, on average, per dollar of cross-border volume, even as the amount transferred expanded.
Customer holdings rose 28% to $43.5 billion. That total combines $32.1 billion of customer balances held directly with $11.4 billion of assets under custody through Wise Assets. The distinction matters: the company says assets under custody are customer deposits held via Wise Assets and are not recognised on its balance sheet. Holdings should therefore not be read as cash belonging to Wise.
Wise also reported that 78% of transfers were completed instantly, four percentage points higher than a year earlier. Card spending reached $14.3 billion, according to the company. It said it launched accounts and cards in Thailand, introduced its investment product in New Zealand, and began a direct integration in Malaysia during the quarter. It also announced a partnership with UK business bank OakNorth to support international payments for its business customers.
What the upgraded outlook assumes
The updated growth range is guidance, not a reported result. Wise said its constant-currency revenue outlook incorporates recent central-bank rate increases, assumes no material change in the proportion of interest it pays to customers, and excludes any further income or expense arising from future rate changes. Interest rates can affect the income Wise earns on customer balances as well as the amount it pays out, so that assumption is material.
For the first half, the company expects an income-before-tax margin of about 23%, including one-off costs equivalent to roughly two percentage points. It attributed about $15 million of those expenses to its dual listing. The figures in the trading statement are unaudited; more detail on first-half performance and efficiency initiatives is due with its half-year results.
The quarter shows the balancing act in Wise’s model: attract more transfer activity, grow business use and customer balances, while cutting the average price of cross-border transactions. Whether faster customer and volume growth can continue to translate into stronger revenue and margins will depend in part on pricing, interest rates and the company’s ability to scale its operations. The new forecast is a stronger near-term expectation, but remains subject to the assumptions and risks set out by the company.
