The fintech's FY2025 results show active customers reaching 15.6 million and cross-border volumes hitting £145.2 billion.

Wise plc reported a three-year revenue compound annual growth rate (CAGR) of 24.5% from FY2023 to FY2025, reaching total revenue of £1.65 billion in FY2025. This growth trajectory, achieved while the company deliberately reduced its cross-border take rate by 9 basis points year-over-year to 58 basis points, underscores the scalability of Wise's customer-led model. Active customers grew at a 28% CAGR to 15.6 million, cross-border volumes expanded at 24% CAGR to £145.2 billion, and customer holdings—a key indicator of platform stickiness—surged at 47% CAGR to £21.5 billion.

Three-Year Growth Metrics

Wise's growth since FY2023 has been consistent across its core operational metrics, with customer holdings significantly outpacing other indicators. The 47% CAGR in customer holdings to £21.5 billion reflects deepening user engagement beyond individual transactions, as customers increasingly use Wise's multi-currency accounts as a primary vehicle for holding and managing funds across borders.

The company onboarded 5.9 million new customers during FY2025, bringing total active customers to 15.6 million. Cross-border volumes reached £145.2 billion, up 23% year-over-year (25% on a constant-currency basis). Volume growth was driven by both the expanding customer base and increased usage per customer, with total volume per customer reaching £9,300.

CAGR (%) (%)Source: Orionmano Industries

These growth rates have been achieved without aggressive marketing spend. Wise reported that more than 70% of new customers in FY2025 came via word-of-mouth, suggesting strong organic demand and high net promoter satisfaction among existing users.

Revenue Composition and Take-Rate Dynamics

Wise's total revenue reached £1.65 billion in FY2025, reflecting 15% year-over-year growth. The company's reported profit before tax rose to £565 million (FY2024: £481 million), representing a reported profit before tax margin of 34%. Underlying profit before tax—which adjusts for interest income on customer balances—stood at £346 million, or a 21% margin, above Wise's medium-term target range of 13–16%.

The cross-border take rate declined by 9 basis points to 58 basis points in FY2025, a deliberate pricing decision. Wise estimates that its lower fees saved customers approximately £2 billion during the year. This pricing strategy reflects management's view that continued price reductions will create widening competitive moats, making it increasingly difficult for rivals to match Wise's combination of speed, cost, and coverage.

Revenue composition data reveals meaningful segmentation:

• Personal segment underlying income: £1.20 billion, up 15.5% year-over-year
• Business segment underlying income: £407.6 million, up 26.7% year-over-year

The Business segment is growing at a faster clip, with business volumes reaching £52.6 billion in FY2025, a 35.6% increase. Business volume per customer reached £55,600, compared to £7,200 for Personal customers, indicating the higher-value nature of corporate cross-border payment flows. Card and other revenue, which includes revenue from multi-currency debit card usage, totaled £474.7 million, up 27.8% year-over-year, reflecting increasing ecosystem engagement.

The reported profit before tax margin of 34% significantly exceeds the underlying profit before tax margin of 21% because Wise earns above-market interest on customer balances. Management has noted that reported profit before tax will continue to exceed underlying profit before tax as long as the effective interest rate on customer balances exceeds 1%.

Market Opportunity and Strategic Outlook

Wise targets a £170 billion annual revenue pool from bank FX margins, as articulated during its recent Owners Day (Capital Markets Day) in April 2025. CEO Kristo Käärmann emphasized that this pool—largely embedded in bank cross-currency fees and unfavorable exchange rate markups—represents the company's immediate disruption opportunity. Wise's current cross-border volume of £145.2 billion represents only a fraction of total global cross-currency flows, leaving substantial headroom for growth.

Wise has set a medium-term target of 15–20% CAGR for underlying income, using FY2024 as the base year. To achieve this, the company plans to double its annual investment in running and growing the business over the medium term, as announced at Owners Day. Investment will be allocated across four areas: product development, pricing, customer servicing, and marketing, all executed on a "return-led and disciplined" basis.

The company's strategic thesis is that continued investment in proprietary cross-border infrastructure—including licences, local payout capabilities, and product deepening for business customers—will create compounding advantages. Wise has been expanding its Wise Platform business, which provides its infrastructure to banks and other financial institutions as a white-label solution. This platform play allows Wise to capture volume from partners' customer bases without direct customer acquisition costs, while simultaneously embedding itself deeper in the financial system.

Key risk factors to monitor include the sustainability of interest income on customer balances, potential regulatory changes affecting cross-border payment fees, and competitive responses from incumbent banks and other fintechs. The 9 bps reduction in take rate also compressed net revenue per transaction, though volume growth more than offset the pricing headwind in FY2025.

If Wise can maintain its current growth trajectory while executing on its infrastructure investment plan, the company appears positioned to capture a larger share of the £170 billion cross-border revenue pool while delivering on its 15–20% underlying income CAGR target. The 47% CAGR in customer holdings suggests users are increasingly relying on Wise as a multi-currency financial hub rather than a simple transfer tool, potentially extending the company's revenue opportunity beyond pure cross-border payments into broader account and platform economics.