General Commentary & Highlights:
- Wise’s stock price surged c.20% to £641.40 on 28th June, fueled by its FY23 results that included surprisingly high growth. Wise stock is up more than 100% since its all-time low one year ago
- The customer base grew 34% YoY (66% of which joined through word-of-mouth), while volume grew at 37%; strong customer and volume growth across both consumer and business segments
- Transaction speed improvement via instant payment capabilities launched to and from Brazil, Singapore to Malaysia; and via new partner integrations in countries like Japan and the U.S.
- Impressive 51% YoY revenue growth powered by volume growth, margin expansion, and acceleration of interest income in a rising rate environment
- Strong growth across global regions, but particularly strong in APAC and ROW
- Growth propelled in part by Wise Platform (i.e., embedded partners) expansion, 60 new partners
- Adjusted EBITDA increased by ~100% YoY, and the net income margin surged by 3x as Wise Account features drove the increase in profitability from the higher interest rate environment
Please do not hesitate to contact Joel Van Arsdale Joel@FlagshipAP.com or Pedro Giesta Pedro@FlagshipAP.com with comments or questions.