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Wise just wrapped a big year. The London fintech shifted £181.7 billion in cross-border payments during fiscal 2026, up 25% from the year before. Active customers climbed 22% to 18.9 million. And now Wise wants to list on Nasdaq, with the move set for May 11.
The final quarter alone saw cross-border volumes hit £49.4 billion, a 26% jump. Underlying income for those three months reached £435.3 million, up 24%. But the cross-border take rate fell slightly, dropping to 51 basis points from 53. Wise says that’s part of its pricing strategy, basically reinvesting some margin back into cheaper fees. The company joined Payments Canada in January and opened a physical branch on Oxford Street last month for its UK current account. Things are moving fast.
Why the Nasdaq Move Matters
Wise’s CEO Kristo Käärmann laid out the Nasdaq plan back in June 2025. Shareholders approved it last July. The London Stock Exchange will keep a secondary listing, but the primary spot shifts to New York on May 11. Wise wants better access to US investors and capital markets. Makes sense given how much of its business touches American customers and partners.
The company will start reporting fiscal 2026 results in US dollars under US GAAP. No more “underlying” profit metrics. Wise will show reported income before tax instead, which should make things clearer for American analysts. The registration statement is filed with the SEC but hasn’t gone effective yet.
Customer balances grew 37% to £29.4 billion. That’s a huge number. Wise earns interest income on those safeguarded funds, and it’s become a big part of the business model. Card and other revenues jumped 29%. Wise Business volumes rose 35%, showing corporate clients are piling in. Instant transfers now make up 75% of all flows, up from 65% not long ago. Speed matters in this game.
Interest Rate Sensitivity and Competition
Wise estimates that a 25 basis point shift in central bank rates could swing net interest income by around $40 million annually. That calculation is based on $26.4 billion in customer balances at the end of the first half of fiscal 2026. So rate changes hit the bottom line pretty hard. The company’s watching central banks closely.
The competitive landscape is getting crowded. Revolut just expanded into 14 new payment corridors across nine African countries. Nubank uses Wise’s infrastructure for global accounts. Wise Platform now powers more than 85 partners, including Morgan Stanley, Standard Chartered, Google Pay, Interactive Brokers, and Tiger Brokers Singapore. That infrastructure business is turning into a serious revenue stream.
Wise’s strategy depends on scale and fee compression. The company keeps cutting prices as volumes grow, betting that more transactions at lower margins will beat fewer transactions at higher margins. Interest income from customer balances helps cushion the margin squeeze. Card revenues are climbing too, adding another layer of income.
The fintech maintains its medium-term guidance of a 15%-20% net revenue CAGR target in constant currency. Income-before-tax margin target sits at 15%-20%. Wise thinks it can hit those numbers even while cutting fees. The bet is that volume growth and interest income will do the heavy lifting.
Instant transfers are a big deal for Wise. That 75% figure shows customers want speed, and Wise delivers it. The partnerships with Interactive Brokers and Tiger Brokers Singapore depend on that capability. Brokers need fast money movement for their clients, and Wise provides the rails.
Customer holdings at £29.4 billion represent a 37% increase. That’s not just payment flows passing through. These are balances sitting in Wise accounts, earning interest for the company. The growth there is actually faster than the growth in transaction volumes, which is pretty interesting. Customers are trusting Wise to hold more of their money.
Platform Expansion and Reporting Changes
Wise Platform’s partner count crossed 85. Morgan Stanley and Standard Chartered are big names using Wise’s infrastructure for cross-border payments. Google Pay is in there too. The platform business lets Wise scale without directly acquiring every customer. Partners bring their own users, and Wise takes a cut of the transaction flow.
The shift to US GAAP and dollar reporting is more than cosmetic. Wise will drop the “underlying” profit framework it’s used for years. Reported income before tax will be the new standard. American investors prefer GAAP, and Wise is giving them what they want. The move should make comparisons with US fintech companies easier.
Wise Business volumes up 35% shows corporate adoption is accelerating. Small and medium businesses are moving away from traditional banks for international payments. Wise’s transparent pricing and speed are winning that market. The 35% growth rate is faster than overall company growth, so business customers are becoming a bigger slice of the pie.
Card and other revenues rose 29%, which is a solid clip. Wise offers debit cards linked to multi-currency accounts. Customers use them for spending abroad without conversion fees. That product is gaining traction. The “other revenues” bucket probably includes things like account fees and premium features, but Wise didn’t break it out.
The take rate decline from 53 to 51 basis points might worry some investors. But Wise frames it as intentional. The company is reinvesting margin into lower prices to drive volume. Whether that trade-off works depends on how fast volumes grow. So far, 26% quarterly growth suggests the strategy is working.
Revolut’s expansion into African corridors shows the market is heating up. Wise faces competition not just from other fintechs but from traditional banks upgrading their systems. And big tech companies like Google are getting into payments too. Wise’s infrastructure play is smart because it turns some potential competitors into partners.
The May 11 listing date is coming up fast. Wise will be one of the few major fintechs with a primary US listing that started in Europe. The company is betting that American investors will value its growth story more than London investors did. The stock performance after the switch will tell us if that bet pays off.
Wise joined Payments Canada in January, which opens up better access to Canadian payment rails. The Oxford Street branch is an odd move for a digital-first company, but maybe Wise sees value in physical presence for customer acquisition or brand building. Or maybe it’s just a marketing stunt. Unclear.
The 18.9 million active customers represent 22% growth. That’s slower than revenue growth, which means Wise is getting more revenue per customer. Either customers are doing more transactions, or Wise is monetizing them better through cards and interest income. Probably both.
Frequently Asked Questions
When does Wise’s Nasdaq listing go live?
Wise plans to move its primary listing to Nasdaq on May 11, 2026, with the London Stock Exchange maintaining a secondary listing.
How much did Wise’s customer balances grow?
Customer balances increased 37% to £29.4 billion, which generates interest income for Wise and supports its fee compression strategy.
What is Wise’s take rate on cross-border transfers?
The cross-border take rate fell to 51 basis points in the final quarter from 53 basis points, part of Wise’s pricing and reinvestment strategy.
