Wise plc
Cross-Border Payments and Financial TechnologyFounded 2011- Updated July 2025
Reviewed by Swet Parvadiya
Last reviewed: July 2025
CorpDigest
Wise plc
Financial Performance
Last reviewed: July 2025 · By Swet Parvadiya
Revenue
$1.54B
Market Cap
$8.3B
Net Income
$417M
Employees
8,000
Revenue grew from $846 million in fiscal 2023 to $1.052 billion in fiscal 2024 and $1.212 billion in fiscal 2025, with a total of $1.54 billion when interest income is fully consolidated. Net income of $416.7 million on $1.54 billion in revenue implies a net margin of approximately 27 percent — exceptional for a payments company and a direct reflection of the operating leverage in the infrastructure model. The $8.25 billion market capitalization against $1.54 billion in total revenue implies a price-to-sales multiple of about 5.4 — reasonable for a profitable fintech growing revenue at 40-plus percent, though below the multiples that pure-SaaS businesses command. Free cash flow conversion reached 117.9 percent of underlying profit before tax in fiscal 2025, elevated by a change in payment terms with a key partner that reduced receivables outstanding. Management expects this to normalize in fiscal 2026, meaning the reported free cash flow figure was temporarily higher than sustainable. The interest income framework — structurally tied to central bank rates — creates earnings sensitivity that pure fee-based payment companies don't carry. The $754.8 million in fiscal 2025 interest income would compress substantially if rates declined to the near-zero levels of 2020-2021. Wise has $27.3 billion in customer holdings as of fiscal 2025 year-end, up 5.7 times since the 2021 IPO — a deposit base that generates meaningful income at current rates but would require volume growth to offset in a low-rate environment.
Revenue Trend Analysis
YoY Change
+15.2%
2-Year CAGR
+19.7%
Peak Year
2025
Trend
Consistent Growth
Wise plc has reported revenue across 3 fiscal years, compounding at +19.7% annually over 2 years. The most recent year saw a 15.2% increase versus the prior year. Revenue peaked in 2025 at $1.2B. Out of 2 reported periods, 2 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $1.2B | $417M | +15.2% |
| FY2024 | $1.1B | — | +24.3% |
| FY2023 | $846M | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Wise reported revenue of £1.21 billion for fiscal year 2024 ending March 2024, up 24 percent year over year from £979 million in fiscal year 2023, with strong growth across both personal and business customer segments and across geographic markets. The growth was driven by 29 percent year-over-year growth in active customers to 12.8 million annualized active customers, 13 percent growth in cross-border volume to £118.5 billion of cross-border transfers, and an increasing contribution from the Wise Account fees and Wise Business revenue alongside the core transfer business. Profit before tax for fiscal year 2024 was £481 million, up 229 percent from £146 million in fiscal year 2023, reflecting both operating leverage on the higher revenue base and the contribution of interest income on customer balances during the higher interest rate environment. The interest income contribution from customer balances held in money market funds and central bank deposits reached more than £350 million in fiscal year 2024, a substantially higher figure than in prior fiscal years when interest rates were near zero. Adjusted EBITDA margin expanded to roughly 22 percent of revenue. The London Stock Exchange market capitalization reached £8.25 billion at the end of fiscal year 2024 with the WISE shares trading near 800 pence, broadly stable relative to the July 2021 direct listing reference price.
Wise generates interest income on the customer balances held in Wise accounts across more than 40 currencies, with the contribution from interest income growing dramatically across fiscal years 2023 and 2024 as global interest rates rose from near-zero to multi-decade highs. Customer balances are held in segregated accounts at partner banks and in money market funds managed by BlackRock and other asset managers, with Wise earning the interest income generated on these balances net of any pass-through to customers under the Wise Interest product launched in 2023. The interest income contribution reached more than £350 million in fiscal year 2024, representing roughly 29 percent of total revenue, up sharply from prior fiscal years when interest rates near zero generated negligible interest income. The interest income provides operational leverage on the customer balance pool, which has grown alongside Wise Account adoption and now exceeds £15 billion across all currencies. The Wise Interest product passes a portion of the interest income back to customers in select currencies including USD and EUR, with customers receiving variable rates close to underlying central bank policy rates. The interest income component creates strategic resilience because it provides a high-margin revenue stream that complements the transaction-based transfer fees. Management has acknowledged that lower interest rates in future fiscal years could reduce this contribution but expects sustained interest income contribution materially above pre-2022 levels.
Wise listed on the London Stock Exchange on July 7, 2021 through a direct listing at a reference price of 800 pence per share and a closing first-day implied valuation of approximately £8.75 billion. The shares have traded in a range broadly bracketing the listing reference price across the three years since, reaching highs near 1,200 pence in late 2021 during the post-listing fintech enthusiasm, declining to lows near 350 pence during the 2022 fintech selloff, and recovering to roughly 800 pence by fiscal year 2024. The market capitalization at the end of fiscal year 2024 was approximately £8.25 billion, in line with the listing reference price valuation. Trading volume averages several million shares daily on the Main Market of the London Stock Exchange under the ticker WISE. Wise's stock has substantially outperformed publicly listed money transfer peers including Remitly, Western Union and MoneyGram across the listing-to-2024 period, with Remitly stock having declined materially from its 2021 initial public offering price and the legacy money transfer operators trading near multi-year lows. The dual-class share structure granting Käärmann and Hinrikus enhanced voting rights through 2030 has been controversial with some institutional investors but has provided structural stability for the founders. Wise is included in the FTSE 250 mid-cap index. The price-to-earnings ratio has traded in the 20 to 35 range across recent fiscal years.
Wise tracks and publicly discloses a cost-to-customer ratio, defined as total operating expenses divided by the volume of cross-border transfers processed in basis points of transferred volume, as the primary metric of operational efficiency and the principal investor commitment. The ratio has trended downward over time from roughly 70 basis points of volume in fiscal year 2018 toward 50 basis points and below in recent fiscal years, with the company explicitly committed to reducing this ratio further as operating leverage from automation and scale absorbs fixed cost increases. The cost-to-customer ratio is mathematically the inverse of the gross margin ratio at the company level, and the steady decline reflects multiple drivers including increased automation of customer service through chatbots and self-service flows, lower marginal cost per transaction from direct payment rail integration replacing correspondent banking, scale economics across the engineering and product cost base, and improving fraud loss ratios as the underwriting and verification models matured. The cost-to-customer commitment differentiates Wise from many fintech peers that have pursued unit economics through price increases or feature bundling rather than fundamental cost reduction. The lower ratio enables Wise to either pass cost savings to customers through lower transfer fees, maintaining the structural price advantage versus banks and money transfer operators, or to retain the savings as operating margin expansion, balancing volume growth and profitability.
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CorpDigest. "Wise plc Revenue & Financials." CorpDigest, https://corpdigest.com/company/wise/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Wise plc reported $1B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/wise/financials" target="_blank" rel="noopener">CorpDigest — Wise plc financials</a></div>