Welcome to our quarterly trading update blog post where we will be going through our mission and financial highlights from the last three months, January to March.
During the quarter, we helped 6.1 million active customers move £26.7 billion in cross-border volume; an increase of 33% and 25% YoY, respectively. Most of these new customers are joining to use the Wise Account, proof of the increasing appeal for both people and businesses around the world.
As a result, revenue for the quarter grew 45% YoY and total income of £279.5 million grew 83% YoY. This brought total income for FY23 to £964.3 million, which at 73% growth YoY is above our most recent guidance of 68-72%.
At Wise we are focused on our mission of building money without borders and bringing faster, fairer options to more people and businesses around the world. To deliver on this mission we’re building a resilient, profitable business that our customers can trust to be here for them through good times and through the challenges of a more uncertain macroeconomic environment.
Customers continue to choose the Wise Account to manage their finances around the world, with customers in the UK, EU and the US now able to receive a refund on a portion of their fees or earn a return while retaining instant access to their money. Too many banks offer near-zero rates of interest on deposits and we don’t think this is fair. Our new features set a global standard in how people and businesses can hold their money. Customers trust us to hold £10.7 billion of their money, a 57% increase YoY.
In March, we also launched a new look inspired by the millions of customers we serve around the world. With accessible layouts, and fonts that work across 146 languages, the new look matches the ambition of our customers going international and supports our continued global expansion.
Our financial results this quarter show great progress on our mission. Over 6 million people and businesses used Wise for moving and managing their money internationally during the quarter, moving nearly £27bn, an increase of 25% YoY. This growth drove a 45% YoY increase in revenue and when combined with net interest income from the Wise Account, resulted in total income growth of 83% YoY for the quarter and 73% YoY for FY23.
一 Kristo Käärmann, CEO & co-founder, Wise