Welcome to Global-e's third quarter 2024 earnings announcement conference call. This call is being simultaneously webcast on the company's website in the Investor Relations section under News and Events. For opening remarks and introductions, I will now turn the call over to Erica Mannion at Sapphire Investor Relations. Please go ahead.
Thank you, and good morning. With me today from Global-e are Amir Schlachet, Co-founder and Chief Executive Officer, Ofer Koren, Chief Financial Officer, and Nir Debbi, Co-founder and President. Amir will begin with a review of the business results for the third quarter of 2024. Ofer will then review the financial results for the third quarter of 2024, followed by the company's outlook for the fourth quarter of 2024 and full year of 2024. We will then open the call for questions. Certain statements we make today may constitute forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Safe Harbor Provisions of the U.S. Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events.
These forward-looking statements are subject to risks, uncertainties, and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to our future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including those set forth in the section titled Risk Factors in our prospectus filed with the SEC on September 13, 2021, and other documents filed with or furnished to the SEC. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this call. You should not put undue reliance on any forward-looking statements.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance, and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we make no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Please refer to our press release dated November 20, 2024, for additional information. In addition, certain metrics we will discuss today are non-GAAP metrics. The presentation of this financial information is not intended to be considered in isolation or as a substitute for or superior to financial information prepared and presented in accordance with GAAP.
We use these non-GAAP financial measures for financial and operating decision-making and as a means to evaluate period-to-period comparisons. We believe that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operating decision-making. For more information on the non-GAAP financial measures, please see the reconciliation tables provided in our press release dated November 20, 2024. Throughout this call, we provide a number of key performance indicators used by our management and often used by competitors in our industry. These and other key performance indicators are discussed in more detail in our press release dated November 20, 2024. I will now turn the call over to Amir, Co-founder and CEO.
Thank you, Erica, and welcome everyone to our Q3 earnings call. We delivered a very strong third quarter thanks to the growing contribution of new merchant launches within the quarter, as well as growth of our existing merchants. As such, Q3 saw both GMV and revenue growth accelerating to 35% and 32%, respectively, both well above the top range of our guidance. This strong top-line growth was accompanied by our continued efficiency measures and cost control, yielding an adjusted EBITDA growth rate of almost 41%, more than 7% above the midpoint of our guidance range. Given the successful launches of new merchants, which are trading well, and a more positive consumer sentiment as of September, we expect growth to continue accelerating in Q4 to a rate of 39% year over year and are raising our full-year guidance accordingly.
We now expect annual GMV for the full year of 2024 to grow 35%, revenues to grow at 30%, and Adjusted EBITDA to grow almost 50% year over year. Moreover, this strong performance across the board, combined with our 2024 new merchant bookings, which are at an all-time high, further strengthen our conviction in our ability to hit the 30% mark in GMV growth again in 2025. Beyond the financial metrics, I would also like to give you a few updates on our strategic posture and main initiatives. As you know, Global-e's mission is to power better global e-commerce. We are the clear leader in global e-commerce as a service, but nevertheless, we invest in adding new features and new functionalities all the time as we continuously transform the way merchants and shoppers across the world engage with one another.
For example, during Q3, we went live with a new click-and-collect option of BOPIS, or Buy Online and Pick Up in Store, enabling relevant merchants to enhance their multi-channel reach to a global level. Merchants using BOPIS can utilize their physical stores in different countries around the world as local fulfillment hubs for global e-commerce, as well as convenient pickup locations for their shoppers, thereby enabling a better shopper experience, more efficient global stock utilization, and a rise in physical store footfall. The first U.S. merchant to utilize this capability saw around 50% of its e-commerce sales to Canada managed through its in-country branded stores during the first month of offering this option to shoppers.
On the operational side, we started beta testing on several additional direct injection lanes, both outbound and inbound, and on several new consolidated return lanes as we strive to provide merchants with the best-in-class logistics offering around the globe, enhancing their efficiency while offering a better and more diverse set of options to their shoppers. On the duties and taxes front, our comprehensive duty drawback platform now supports additional options on standard shipping lanes, and we have granted early access to several merchants for a new Global Duty Drawback Program , or GDDP. This new program enables merchants to provide better customer services through a simplified, transparent, and hassle-free duties and taxes refund process while leveling global shopper experiences with those of domestic ones.