Payoneer vs Wise: Revenue, Profit and Business Model
Payoneer reported $1.1B of revenue in FY2025 and $73.2M of net income. Wise reported $2.5B of revenue in FY2026 and $498.7M of net income.
Latest financial snapshot
Financial summary
Payoneer
Payoneer reported 2025 revenue of $1,052.8 million, up 7.7% from $977.7 million in 2024, with net income of $73.2 million versus $121.2 million a year earlier. Revenue excluding interest income rose 14% to $821 million, B2B revenue grew 28%, adjusted EBITDA was $272 million (a 26% margin), free cash flow was $146 million and the company repurchased $175 million of stock. Volume reached $87.5 billion. In Q2 2026, revenue rose 5% to $274.3 million and volume climbed 15% to $23.7 billion, led by 48% growth in B2B volume, while lower interest income pushed the quarter to a $2.4 million net loss.
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
Payoneer
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $1.1B | $73.2M | 7.0% | +7.7% | Source |
| FY2024 | $977.7M | $121.2M | 12.4% | +17.6% | Source |
| FY2023 | $831.1M | $93.3M | 11.2% | +32.4% | Source |
| FY2022 | $627.6M | -$12M | -1.9% | +32.6% | Source |
| FY2021 | $473.4M | -$34M | -7.2% | +37.0% | Source |
| FY2020 | $345.6M | -$23.7M | -6.9% | +8.8% | Source |
| FY2019 | $317.8M | -$625,000 | -0.2% | — | 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
Payoneer
No segment breakdown is published.
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
Payoneer
How it makes money
Payoneer makes money in three main ways. First, transaction fees: it charges for receiving marketplace payouts, for B2B payments between businesses, for currency conversion and withdrawals, and for card spending. Second, interest income: it earns a yield on customer balances it holds at partner banks (about $7.9 billion in customer funds at the end of 2025).
Growth strategy
Under John Caplan, Payoneer has moved from serving mainly marketplace sellers toward the much larger cross-border B2B payments market, with more emphasis on customers moving at least $10,000 a month. It added Skuad (2024) to offer global hiring and payroll, bought China-licensed Easylink (2025) to serve Chinese exporters locally, and expanded cards, invoicing and working capital.
Competitive advantage
Payoneer's main edge is its licensing and banking footprint. It holds payment licenses and authorizations in many markets, including an online payment license in mainland China gained through the 2025 Easylink acquisition and in-principle authorization as a cross-border payment aggregator in India.
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 Payoneer vs Wise
Which company has higher revenue — Payoneer or Wise Group plc?
Payoneer reported $1.1B (FY2025), while Wise Group plc reported $2.5B (FY2026). By last reported revenue, Wise Group plc is the larger business, with Payoneer reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Payoneer vs Wise Group plc?
Payoneer has a market capitalisation of $2.8B. A public market cap figure for Wise Group plc was not available (it may be privately held).
Which is more financially efficient — Payoneer or Wise Group plc?
Payoneer generates $414k / employee in revenue per employee. A comparable figure for Wise Group plc requires matching employee and revenue data from the same reporting period.
How do Payoneer and Wise Group plc make money?
Payoneer and Wise Group plc generate revenue in fundamentally different ways. Payoneer: Payoneer makes money in three main ways. Wise Group plc: Wise earns transaction revenue in two buckets.
Is Payoneer bigger than Wise Group plc?
By last reported revenue, Wise Group plc ($2.5B (FY2026)) is the larger company compared to Payoneer ($1.1B (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 Payoneer vs Wise overview