Digital bank Wise has released its figures for the second quarter of fiscal year 2024, confirming the company's revenue growth.
The number of active clients increased 32% to 7.2 million during the period compared to the second quarter of fiscal 2023, with the growth in active clients primarily driven by high referral rates and increased adoption of the Wise Account, FNG reported.
Wise's data showed that transaction volume grew 8% to 29.2 billion pounds in the second quarter of fiscal 2024, while revenue grew 22% year over year to 258.7 million pounds.
The company's revenue for the period increased 51% year over year to £345 million.
Wise's balances increased 33% year-on-year to £12.3 billion, with a gross yield on balances of 3.8%.
The company revised its income growth guidance for FY 2024 as a result of the strong performance since the start of the year. It was raised to 33-38% from 28-33% previously.
The bank highlighted that its gross margins in the first half of FY 2024 exceeded expectations, mainly due to lower costs related to currency volatility and operating losses.
"Our business performance, progress against our mission, and the investments we’re making give us great confidence, and we’re pleased to signal this with our upgraded financial guidance for FY 2024," said Harsh Sinha, CTO and Interim CEO of Wise.
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