Wise vs Zerodha: Revenue, Profit and Business Model
Wise had $2.5B of annual revenue in FY2026 and $498.7M of net income. Zerodha had ~$1B of annual revenue in FY2025 and ~$491.5M of net income.
Latest financial snapshot
Financial summary
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.
Zerodha
Zerodha reported revenue of ~$1.03 billion (₹8,847 crore) and net profit of ~$491 million (₹4,237 crore) in FY25, down from about $1.16 billion (₹9,993 crore) and ~$638 million (₹5,496 crore) in FY24 after SEBI's F&O changes. FY26 profit was ~$497 million (₹4,283 crore) on roughly flat revenue, helped by margin trading income.
Revenue and profit by year
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 |
Zerodha
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$1B | ~$491.5M | 47.9% | -11.5% | Source |
| FY2024 | ~$1.2B | ~$637.5M | 55.0% | +45.3% | Source |
| FY2023 | ~$797.7M | ~$336.9M | 42.2% | — | Source |
Where the revenue comes from
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.
Zerodha
- Brokerage (intraday and F&O)
~$318M (₹2,738 Cr) in FY26
Flat fee of up to ₹20 per executed order on intraday and derivatives trades. FY26 brokerage income fell about 11% from ~$356 million (₹3,066 crore) in FY25.
- Interest income
~$263M (₹2,269 Cr) in FY26
Interest earned on client margin funds and the company's own reserves; down about 4% year on year in FY26.
- Margin trading facility (MTF)
~10% of FY26 revenue
Launched in December 2024. Kamath said the MTF book reached about $1.04 billion (₹9,000 crore), with customers borrowing around $696 million (₹6,000 crore).
- Demat annual maintenance charges
~$20.9M (₹180 Cr) in FY26
Annual charges on demat accounts, up from ~$18.6 million (₹160 crore) in FY25. Accounts opened from 1 June 2026 get the first year free.
Business model and strategy
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.
Zerodha
How it makes money
Zerodha earns most of its money from trading and from client funds. Brokerage is charged only on intraday and futures and options orders, capped at ₹20 per executed order, while equity delivery trades are free. The second large stream is interest income, mainly on client margin money and on its own cash reserves.
Growth strategy
With retail derivatives activity slowing under SEBI's F&O rules, Zerodha is shifting its focus from adding traders to growing customer assets. Its levers are margin trading funding, the integration of mutual funds into Kite, Zerodha Fund House's passive funds, and new businesses in asset management, lending and insurance.
Competitive advantage
Zerodha keeps costs low through in-house technology, a team of fewer than 1,100 people and no advertising spend, which lets it stay highly profitable even as trading volumes slow.
Questions about Wise vs Zerodha
Which company has higher revenue — Wise Group plc or Zerodha?
Wise Group plc had $2.5B (FY2026), while Zerodha had ~$1B (FY2025). By latest annual revenue, Wise Group plc is the larger business, with Zerodha 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 Wise Group plc and Zerodha?
Wise Group plc has $455k / employee in revenue per employee, while Zerodha has $933k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Wise Group plc and Zerodha make money?
Wise Group plc and Zerodha generate revenue in fundamentally different ways. Wise Group plc: Wise earns transaction revenue in two buckets. Zerodha: Zerodha earns most of its money from trading and from client funds.
Is Wise Group plc bigger than Zerodha?
By last reported revenue, Wise Group plc ($2.5B (FY2026)) is the larger company compared to Zerodha (~$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 Wise vs Zerodha overview