Wise today provided a trading update for the first quarter of its financial year 2025.

The company reported 26% year-over-year growth in quarterly active customers to 8.4 million, driven by strong customer retention and new customers joining as a result of recommendations.

Volumes increased 18% from the year-ago period (20% on a constant currency basis) to £33.2 billion, driven by the continued growth in active customers, while Wise reduced fees with the cross border take rate reducing c.5% to 64 bps year-over-year (down from 67 bps in Q4 FY24).

Underlying income grew 22% from the corresponding period a year earlier to £325.4 million, with continuing growth in deposit balances (23% YoY) and strong card and other revenue growth (55% YoY).

The company continues to expect strong growth in FY25 with underlying income expected to grow 15-20% over FY24.

Wise Co-founder and Chief Executive Officer Kristo Käärmann commented:

“We’re pleased to start the new financial year on a positive note, with strong momentum in active customer and volume growth. We remain committed to offering the lowest possible price for moving and managing money internationally, a key pillar of our mission and a significant driver of business growth.

This quarter, we were thrilled to announce our first Wise Platform partnership in Brazil with Nubank, one of the world’s largest digital banking platforms. Meanwhile, our partnership with Qonto in Europe is simplifying international payments for over 500,000 SMEs and freelancers”.