Wise generates revenue through five primary streams, with currency conversion fees forming the bedrock. In FY2025, total revenue reached $1539.1 million, a 15% increase from $1336.0 million in FY2024. The largest component is cross-border revenue, which grew 17% to $1009.9 million in FY2024 and continued expanding in FY2025. This revenue is earned by charging customers a transparent percentage fee on the amount converted or sent, typically averaging around 0.62% on cross-border volumes, though the company reduced its cross-border take rate by 14 basis points from Q4 FY2024 to Q4 FY2025, reaching 0.53% by the end of the fiscal year. This reduction was sustainable because of operational efficiencies and direct rail connections that lowered cost of sales. The second major stream is card revenue, primarily interchange fees earned when customers spend with their Wise debit cards. Card revenue increased 31% in FY2025 to $279.1 million, reflecting growing adoption of the Wise Account and card usage for cross-border spending. The third stream is other revenue, which includes business account setup fees, replacement card fees, and revenue from Wise Assets. This category surged 71% in FY2025 to $192.7 million, driven by the launch of Wise Assets 'Interest' in five European countries and 'Stocks' in eleven European countries, plus expansion of business features. The fourth stream is underlying interest income, which rose 25% to $191.0 million in FY2025, derived from the first 1% gross yield on $21.7 billion in customer balances. The fifth and most politically sensitive stream is interest income above the first 1% yield, which totaled $563.8 million in FY2025. Under Wise's interest income framework, the company aims to retain 20% of this excess interest ($112.9 million) and return 80% ($450.9 million) to customers through cashback or interest payments. In FY2025, Wise paid $204.7 million to customers, retaining $359.0 million. The inability to return the full 80% stems from regulatory restrictions in jurisdictions like the UK where Wise cannot pay interest to account holders under its current license, incomplete rollout of interest-bearing products across all currencies, and opt-in requirements in markets like the US where customers must actively choose to receive interest. Cost of sales and net credit losses increased only 5% to $428.2 million in FY2025 despite a 15% revenue increase, demonstrating operating leverage. Underlying gross profit margin expanded to 75% in FY2025 from 73% in FY2024. Administrative expenses rose 25% to $976.1 million as the company added approximately 1,000 roles and invested in compliance, marketing, and product development. The business model depends on a virtuous cycle: lower prices attract more customers, more customers generate more volume, more volume justifies infrastructure investment, infrastructure investment enables lower prices. If the currency conversion fee stream disappeared, Wise would lose approximately 66% of its revenue and the entire customer acquisition engine that drives adoption of higher-margin products like cards, assets, and business accounts. The company is not merely a remittance provider; it is building a global network for money movement that monetizes at multiple points—transaction fees, card interchange, account fees, interest float, and platform licensing. The Wise Account is the central monetization hub: customers who hold balances generate interest income, use debit cards that generate interchange, and are more likely to upgrade to business accounts or invest through Wise Assets. The average personal customer in FY2025 used 2.1 features within their account, up from 1.8 in FY2024, indicating successful cross-selling. Business customers are even more valuable: 60% adopted multiple features, and underlying income from business customers was $408.7 million, representing approximately 24% of total underlying income. The business segment has higher retention and lower churn than personal customers, making it a critical growth vector. Wise Platform extends the monetization model into B2B by allowing banks and enterprises to embed Wise's payment rails via API. Partners pay integration fees and share transaction revenue. By FY2025, Wise Platform had over 85 partners including Mox, Agoda, Webexpenses, Bank Mandiri (Indonesia's largest bank), and Multiplier. The platform generates recurring revenue that smooths cash flow when consumer transaction volumes fluctuate seasonally. The interest income framework is a unique and controversial monetization mechanism. Wise invests customer balances in cash, money market funds, and sovereign bonds. The first 1% yield is classified as underlying interest income and is part of the company's core business model. Interest above 1% is classified as excess interest, with 80% targeted for customer return and 20% retained by Wise. In FY2025, only 45% of the targeted 80% was actually returned to customers. Two-thirds of the shortfall was attributable to the UK, where Wise's electronic money institution license prohibits paying interest to account holders. This creates a structural profit source that is simultaneously a regulatory vulnerability. The company's cost structure is heavily weighted toward administrative expenses ($976.1 million in FY2025) rather than cost of sales ($428.2 million), reflecting the technology and compliance intensity of the business. Marketing spend is efficient, with payback periods under 6 months, but the planned tripling of marketing investment will increase the expense base. The product and engineering teams grew 27% in FY2024, and continued investment in automation, AI-driven compliance, and direct rail connections will further reduce marginal costs per transaction. The business model's scalability is evident in the numbers: revenue grew 15% while cost of sales grew only 5%, expanding gross margin by 200 basis points. This operating leverage means that as volume continues to grow, a larger proportion of each pound of revenue flows to profit. However, the company has committed to reinvesting this margin expansion into price reductions rather than flowing it to the bottom line, a strategy that sacrifices short-term earnings for long-term market share.