Cross-border fintech reported £1.2B revenue in FY2025, driven by 28% customer growth and 24% volume growth.

Revenue CAGR of 26.8% Over Three Years

Wise's revenue compound annual growth rate (CAGR) from FY2022 to FY2025 reached 26.8%, a figure that underscores the company's ability to scale profitably in a $43 trillion cross-border payments market. The FY2025 annual report recorded total revenue of £1.2 billion, the highest ever for the London-listed fintech, representing a 14% increase over the £1.1 billion reported in FY2024 (Source 2). Revenue growth has been consistent across the three-year period, with the 26.8% CAGR derived from the implied FY2022 base year revenue of approximately £588 million.

This sustained revenue trajectory positions Wise within a select group of fintechs that have managed to combine double-digit top-line growth with expanding profitability. Notably, the reported profit before tax margin stood at 34% in FY2025, while the underlying profit before tax margin—which adjusts for interest income on customer balances above 1%—came in at 21%, exceeding Wise's own medium-term target range of 13-16% (Source 3). The company's capital generation remains robust, with underlying income before tax of £565 million in FY2025, up from £481 million in FY2024.

Key Growth Drivers: Customers, Volume, Holdings

Operational metrics across Wise's three core growth engines—active customers, cross-border volume, and customer holdings—all expanded at double-digit CAGRs during the FY2022-FY2025 period. Active customers grew at a 28% CAGR to reach 15.6 million in FY2025, with 5.9 million first-time cross-border transaction users added during the fiscal year. Cross-border volume increased at a 24% CAGR to £145.2 billion, while customer holdings—which include cash balances in Wise accounts plus assets invested through the Assets feature—surged at a 47% CAGR to £21.5 billion (Sources 2, 3).

Growth was geographically diversified, with all five of Wise's reported segments—Europe, United Kingdom, North America, Asia-Pacific, and Rest of World—recording double-digit expansion. Business segment volumes grew at a notably faster clip, rising 35% year-on-year in H1 FY2026 compared to 20% for personal customers (Source 4). This bifurcation suggests that Wise's multi-product strategy, which includes business payment solutions alongside the core consumer cross-border transfer service, is gaining traction.

CAGR (%) (%)Source: Orionmano Industries

The volume growth was partly driven by a modest increase in cross-border take rate, which rose 9.8% year-on-year to 53.3 basis points (Source 5). This widening of the take rate—even as Wise continues to lower prices for many corridors—reflects a favourable mix shift toward higher-margin segments and the compounding effect of repeat usage from an expanding customer base.

Profitability and Investment Strategy

Wise's ability to deliver revenue growth while maintaining strong margins is central to its investment narrative. The reported profit before tax margin of 34% in FY2025 reflects the benefit of higher interest income on customer balances, which inflates reported figures relative to underlying performance. The underlying profit before tax margin of 21% still sits comfortably above Wise's medium-term target corridor of 13-16%, providing the company with headroom to reinvest aggressively (Source 3).

Management outlined at its most recent Owners Day that it plans to double annual investment in running and growing the business over the medium term. This includes tripling marketing spend to enhance brand awareness and support expansion into a larger customer base—specifically, infrastructure built to support more than twice the current 15.6 million active customers (Source 2). Investment will be directed across four priority areas: product development, pricing improvements, customer servicing, and marketing.

The reinvestment strategy is calibrated to remain within Wise's target profitability range. As unit costs continue to decline with scale, management expects to translate cost efficiencies into further price reductions, which historically has driven accelerated customer acquisition and volume growth. The positive feedback loop—lower prices attract more customers, which drives volume, which reduces unit costs—is central to Wise's long-term model. During FY2025, this dynamic was evidenced by continued volume growth even as the company lowered fees on key corridors.

Market Opportunity and Forward Outlook

The addressable market for cross-border payments, estimated at $43 trillion by Edgar, Dunn & Company based on research conducted through calendar year 2025, remains the structural tailwind against which Wise's growth should be assessed (Source 5). The company's medium-term target is 15-20% CAGR for underlying income, with FY2024 as the base year, and an underlying profit before tax margin of 13-16%. The Q1 and Q2 FY2026 results, reported through January 2026, show continued cross-border volume growth of 24% year-on-year, consistent with the three-year CAGR trend (Source 4).

However, revenue composition is shifting. Cross-border revenue accounted for 67% of total revenue in H1 FY2026, down from 71% in the prior-year period, as card and other revenue streams grew 26% year-on-year to £217.1 million (Source 4). This diversification suggests Wise is evolving beyond its core money-transfer proposition into a broader financial platform, with products such as the multi-currency account, debit card, and Assets investment feature contributing an increasing share of income.

Investor expectations remain measured relative to the outperformance of recent years. Analyst consensus forecasts revenue growth of approximately 11% per annum over the next three years—a deceleration from the 26.8% CAGR of the 2022-2025 period (Source 6). Wise's ability to maintain its volume growth trajectory while managing the margin impact of its planned investment ramp will determine whether it can sustain its premium valuation relative to the broader UK diversified financials sector. For a company still capturing only a fraction of a $43 trillion market, the opportunity set remains substantial.