WISE reported its Q3 results yesterday, delivering yet another solid quarter. The stock was met by a 10% drawdown regardless of some green shoots in the guidance and evolution of key fundamentals.

Volume --> GBP26.4 billion, up +28% YoY and down 2% QoQ

Customers --> 5.8 million (5.5 million personal, up 34% YoY and 320K business, up 26% YoY), up 33% YoY

Revenue --> GBP225.12 million, up 50% YoY

Take-rate --> 0.85%, up 12bps YoY

Customer price --> 0.66%, up 7bps YoY

Instant transfers --> 52% of total, up 7% YoY

Total income guidance now for 68-72% growth, as compared to 55-60% previously.

The business is benefitting from higher rates, with net interest income contributing considerably to the total revenue line. They intend to start passing some of interest income back to customers to attract more customer funds onto the platform.

Asset management and investment products right on the platform was also mentioned on the call, which would provide an additional income stream in the form of commissions and fees.

A number of things to like, with positive EBITDA and revenue guidance. The TAM is huge, with considerable room to increase product penetration and increase share. Will be watching the stock closely and add might even a tiny position from here on.