Wise shares fell as much as 4% as markets opened in London after the fintech warned its underlying income growth was being hit by foreign exchange headwinds.

The London-based business said it now expected its full-year income guidance to be at the bottom end of the 15-20% growth it had previously guided as a result.

It comes after Wise expanded its blue-chip cross-border payment client list, with the fintech recently signing up Us banking giant Morgan Stanley to deliver international settlements capabilities for its corporate customers, to be followed shortly by delivering cross-border payment services for British bank Standard Chartered.

“Given their scale, entering into relationships with such leading global institutions represents important milestones in our journey as we move closer towards achieving money without borders,” said Wise CEO Kristo Käärmann.

Wise today reported a 24% rise in cross-border payments volume to £37.8bn for the three months to the end of December, while underlying income rose 13% to £350m. The firm said it had seen a 39% rise in card and other revenue due to increased adoption of its current accounts, while the firm’s cross-border take rate was reduced by 11 basis points to 0.56%, which it put down to “discipline and focus in reducing unit costs.”

Wise also cheered the “rapid” customer growth it had seen from the popularity of the Wise Account for individuals in Brazil and recently launched its service for micro-businesses. The fintech added it would “work towards” integrating with Brazil’s payment system (PIX) to further enhance the quality of its proposition in the country.

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