Growth driven by 21% rise in active customers to 15.6 million; personal volume £106.4bn, business volume £39bn.

Wise processed £145.2 billion in cross-border payment volume in FY2025 (year ended March 31, 2025), a 23% year-over-year increase from approximately £118 billion in FY2024, confirming the company's rapid scaling as a global payments network. On a constant-currency basis, growth reached 25%, underscoring the sustainability of demand across the company's three product lines: Wise Account, Wise Business, and Wise Platform.

FY2025 Cross-Border Volume Performance

The headline figure of £145.2 billion represents a 24% compound annual growth rate (CAGR) in cross-border volumes over the past three years, according to Wise's FY2025 Annual Report and Accounts. The prior-year volume of approximately £118 billion is derived from the reported 23% nominal growth. Revenue increased 15% to £1.4 billion in underlying income, while reported profit before tax reached £565 million, representing a margin of 34%.

Volume growth was broad-based across geographies. Wise reported double-digit percentage growth in all five of its geographic segments—Europe, the United Kingdom, North America, Asia-Pacific, and Rest of the World—though the company does not break out regional volumes individually. The growth was driven by strengths in each product: Wise Account, Wise Business, and Wise Platform.

Volume (£bn) (£bn)Source: Orionmano Industries

Customer Growth and Adoption

Volume growth was driven primarily by a 21% increase in active customers to 15.6 million. In FY2025, 5.9 million new customers joined Wise and completed their first cross-border transaction. Customer adoption of more than one product—such as a Wise Account combined with a Wise card—reached approximately 50% by the end of the fiscal year, up from prior periods.

This multi-product adoption has changed usage patterns. The proportion of active personal customers classified as "card-only"—those who use their Wise card exclusively for cross-border activity—was approximately 20% in Q4 FY2025. Historically, these customers have a cross-border volume per customer (VPC) of £500 to £1,000 per quarter, suggesting that card-only users represent a significant incremental growth lever.

Customer holdings—the total amount customers hold in Wise accounts plus assets under custody—grew 5.7x to £21.5 billion over the four-year period since Wise listed. In FY2025 alone, customer holdings increased 29% to £17 billion, while assets under custody reached £4.5 billion, up 52% year over year.

Personal vs. Business Segment Breakdown

Personal cross-border volume was £106.4 billion in FY2025, up 22% year over year. Active personal customers grew 22% to 14.9 million. Personal volume per customer in Q4 FY2025 reached £3,200, up 7% from Q4 FY2024, indicating that existing users are increasing their usage of Wise for cross-border transactions.

Business cross-border volume reached £39 billion, up 24% year over year, outpacing personal segment growth slightly. The business segment—encompassing Wise Business—continues to be a meaningful growth driver, with volume split roughly 73% personal and 27% business for the full year.

% shareSource: Orionmano Industries

Profitability and Investment Trajectory

Wise reported a profit before tax of £565 million, representing a 34% reported profit before tax margin. Underlying profit before tax margin was 21%, above the company's medium-term target range of 13%–16%. This margin outperformance reflects the company's ability to scale efficiently while maintaining pricing discipline.

The company plans to invest approximately £2 billion over the next two years to sustain growth, as announced at its recent Owners Day. This nearly doubles the annual investment rate in running and growing the business. Wise has stated it intends to invest in a "return-led and disciplined manner" across product development, pricing, customer servicing, and marketing. The active customer base grew at a 28% CAGR over three years to 15.6 million, and customer holdings grew at a 47% CAGR to £21.5 billion, providing a strong base for further investment.

Market Opportunity and Strategic Positioning

Wise estimates the total cross-currency opportunity at £32 trillion, comprising approximately £3 trillion for people, £14 trillion for small businesses, and £15 trillion for enterprises. In FY2025, Wise saved customers around £2 billion in fees compared to traditional bank rates—part of an estimated £200 billion in hidden fees that consumers and businesses pay to traditional banks annually, per industry data.

Strategic network expansions are broadening Wise's addressable market. In October 2024, Wise became the first foreign firm authorized on Japan's domestic Zengin payment system, enabling cheaper yen transfers. In January 2025, the company launched services in Mexico, targeting one of the world's largest remittance corridors. Mexico is the second-largest remittance recipient globally.

Customer satisfaction remains a competitive differentiator: Wise maintains a Net Promoter Score above 65, indicating strong customer loyalty. The company's transparent pricing model—typically 0.5%–1% fees—continues to attract users away from incumbent banks and legacy money transfer operators.

With a 24% CAGR in cross-border volumes over three years, an expanding product set, and a massive addressable market, Wise is positioned to capture an increasing share of the cross-border payments market. However, competition from traditional banks modernizing their offerings and from other fintech entrants—particularly in high-volume corridors—remains a key factor to monitor as the company scales toward its goal of moving trillions.