Wise revenue jumps 25% in second quarter

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Foreign exchange group Wise reported a 25% rise in second-quarter revenue amid a surge in transaction volumes.

Revenue for the three months through September increased to £132.8 million, up from £105.9 million year-on-year, and up 8% compared to the first quarter.

Transaction volumes jumped 36% to £18.0 billion and were up 10% compared to the second quarter.

Wise said it expected its "take rate" to be slightly lower in the second half compared to the first owing to price reductions.

Still, it was still forecasting annual revenue growth in the low-to-mid 20s on a percentage basis.

Annual gross margin, meanwhile, was ow expected to be around 65-67%, up from 62% year-on-year,, subject to foreign exchange related costs continuing to remain broadly stable.