Wise PLC on Tuesday said it didn’t anticipate making further ‘material’ price cuts in the remainder of its financial year, after reporting solid growth in second quarter underlying income.

The London-based money transfer firm said underlying income rose 17% to £337.0 million in the second quarter ended September 30 from £288.4 million a year prior.

Wise expects full-year underlying income growth of 15% to 20%, in line with guidance given in June.

Cross border volume increased 20% to £35.2 billion from £29.2 billion a year prior with the number of active customers up 23% to 8.9 million from 7.2 million.

In response, shares in Wise rose 4.1% to 706.50 pence each in London on Tuesday morning.

Wise said it continued to reduce and restructure cross border pricing in the second quarter to drive growth. The cross border take rate for the quarter was 59 basis points, an 8 point reduction on-year due to 6 points from lower prices and 2 points from a changing mix.

This was partly offset at an underlying income level by an increase in pricing on non-cross border services, the firm noted.

The investments in pricing through the first half are expected to move Wise closer to achieving its medium-term target underlying pretax profit margin range of 13% to 16% in the second half, the company explained.

As a result, Wise does not currently anticipate making further ‘material investments in reduced pricing’ in the second half of the financial year.

In June, shares in Wise plunged after the firm issued disappointing annual profit guidance reflecting a decision to reduce average cross-border pricing in financial 2024 by more than 2bps.

Wise also initiated a second ‘re-price’ in the first quarter of 2025, which saw price reductions for higher value transactions, particularly on main currency routes.

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