CRED vs Wise: Revenue, Profit and Business Model
CRED had ~$317.3M of annual revenue in FY2025 and a net loss of ~$169M. Wise had $2.5B of annual revenue in FY2026 and $498.7M of net income.
Latest financial snapshot
Financial summary
CRED
CRED's revenue has climbed from ~$11 million (₹95 crore) in FY21 and ~$49 million (₹422 crore) in FY22 to ~$172 million (₹1,484 crore) in FY23 (total income), ~$287 million (₹2,473 crore) in FY24 and ~$317 million (₹2,735 crore) in FY25. Growth slowed to 16% in FY25, but the company cut its operating loss by 51% to ~$34.6 million (₹298 crore) and reported gross margins of about 70%. Total loss, which includes ESOP costs and depreciation, narrowed 11.5% to ~$169 million (₹1,457 crore). Funding history tracks the same arc: the valuation peaked at $6.4 billion in 2022, fell to about $3.5 billion in a $72 million GIC-led round in May 2025, and recovered to about $4.5 billion post-money when Meta led a $900 million Series H in June 2026 (roughly $500 million primary and $400 million secondary). Kunal Shah said at the time that annual revenue had crossed ~$371 million (₹3,200 crore), without naming the period.
Wise
Wise reports in U.S. dollars under US GAAP for fiscal years ending March 31. FY2026 net revenue was $2,502.8 million, up 19% from $2,098.9 million in FY2025. Income before tax was $660.4 million (a 26% margin) and net income was $498.7 million, both lower than FY2025's $717.5 million and $550.3 million. In Q1 FY2027 (quarter ended June 30, 2026), net revenue rose 25% year on year to $714.0 million on $69.3 billion of cross-border volume. Wise announced a share purchase program of more than $500 million alongside its FY2026 results.
Revenue and profit by year
CRED
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$317.3M | ~-$169M | -53.3% | +10.6% | Source |
| FY2024 | ~$286.9M | ~-$190.7M | -66.5% | +66.6% | Source |
| FY2023 | ~$172.1M | ~-$156.3M | -90.8% | +251.7% | Source |
| FY2022 | ~$49M | ~-$148.4M | -303.1% | — | Source |
Wise
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $2.5B | $498.7M | 19.9% | +19.2% | Source |
| FY2025 | $2.1B | $550.3M | 26.2% | +18.2% | Source |
| FY2024 | $1.8B | $501.5M | 28.2% | — | Source |
Where the revenue comes from
CRED
- Lending distribution
Not formally reported
Fees on CRED Cash personal loans and other credit underwritten by partner banks and NBFCs.
- Payments
Not formally reported
CRED Pay checkout, UPI and bill payments, where merchants and partners pay processing or marketing fees.
- Financial product distribution
Not formally reported
Insurance, mutual funds through Kuvera and other products.
- Brand partnerships and commerce
Not formally reported
Advertising, rewards and the CRED Store. Total revenue was ~$317 million (₹2,735 crore) in FY25.
Wise
- Cross-border revenue
About $1.3B in FY2026
Fees on international transfers and conversions; average take rate 0.52%.
- Card and other revenue
About $0.6B in FY2026
Mainly income from spending on Wise debit cards.
- Net interest on customer balances
About $0.8B interest income less $0.2B paid out in FY2026
Interest earned on safeguarded customer holdings, net of interest passed to customers.
Business model and strategy
CRED
How it makes money
Paying a credit card bill on CRED is free, and members earn CRED Coins and rewards for doing it. The bill-pay habit is the acquisition engine; revenue comes from what CRED sells to that audience. The largest streams are: (1) lending distribution, where CRED acts as a lending service provider and earns fees on CRED Cash personal loans and other credit underwritten by partner banks and NBFCs;
Growth strategy
CRED grows by selling more products to the same affluent members rather than chasing mass sign-ups. Bill payments bring users in; lending (CRED Cash), UPI and CRED Pay drive frequency; insurance, Kuvera mutual funds and travel raise revenue per user. Acquisitions have filled gaps: HipBar (a prepaid payment licence) and Happay in 2021, CreditVidya for underwriting data in 2022, and Kuvera for wealth in 2024.
Competitive advantage
CRED's edge is the quality of its audience. Membership is gated by a 750+ credit score, so every user is a proven, card-holding borrower. That makes CRED an efficient channel for lenders, insurers and premium brands, who pay to reach customers with high spending power and low default risk.
Wise
How it makes money
Wise earns transaction revenue in two buckets. Cross-border revenue comes from the fees on international transfers and conversions; in FY2026 the average cross-border take rate was 0.52% of volume, down from 0.58% a year earlier because Wise passes scale savings back as lower prices. Card and other revenue comes mainly from spending on Wise debit cards, which reached $43.6 billion in FY2026.
Growth strategy
Wise is adding licenses and direct payment-system connections (FY2026 added South Africa, the UAE, and Thailand licenses and direct links in Brazil and Japan), signing more banks to Wise Platform (UniCredit, Raiffeisen Bank, MBSB Bank, and Capitec), and extending Assets, its product for earning a return on balances, to new markets such as Brazil.
Competitive advantage
Wise's edge is its own payment infrastructure: licenses in many jurisdictions and direct access to domestic payment systems, including new direct connections in Brazil and Japan during FY2026.
Questions about CRED vs Wise
Which company has higher revenue — CRED or Wise Group plc?
CRED had ~$317.3M (FY2025), while Wise Group plc had $2.5B (FY2026). By latest annual revenue, Wise Group plc is the larger business, with CRED showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
How does revenue per employee compare for CRED and Wise Group plc?
CRED has $264k / employee in revenue per employee, while Wise Group plc has $455k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do CRED and Wise Group plc make money?
CRED and Wise Group plc generate revenue in fundamentally different ways. CRED: Paying a credit card bill on CRED is free, and members earn CRED Coins and rewards for doing it. Wise Group plc: Wise earns transaction revenue in two buckets.
Is CRED bigger than Wise Group plc?
By last reported revenue, Wise Group plc ($2.5B (FY2026)) is the larger company compared to CRED (~$317.3M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the CRED vs Wise overview