Wise Statistics: AUM, Valuation, Revenues, Number of Users & More

Wise (formerly TransferWise) is a financial technology company founded in London in 2011 with a clear mission: to make international money transfers cheap, fair, transparent and simple. It served 18.9 million active customers and moved $243.5 billion in cross-border transfers in fiscal year 2026, the year ended 31 March 2026. All figures on this page were checked in September 2026.

In this article we examine the statistics that matter most: the user base, revenue, profitability, valuation, customer balances and transfer volumes, to give a clear picture of Wise’s growth, its position in the global cross-border payments market and its impact on traditional banking.

One thing to read the figures with. From FY2026 Wise reports in US dollars under generally accepted accounting principles in the United States, rather than in sterling under International Financial Reporting Standards, following its move to a primary listing on NASDAQ. It has stopped publishing the sterling measures it used before, including underlying income, underlying profit before tax and gross profit, and it did not publish sterling comparatives for FY2026. The tables below therefore run in pounds up to FY2025 and switch to dollars from FY2026. Where a FY2026 figure carries a growth rate, the comparative is Wise’s own restated dollar figure for FY2025, not the sterling number in the table above it.

Wise at a glance

The headline figures for FY2026, the year ended 31 March 2026, unless stated otherwise. Growth is measured against Wise’s restated US dollar figures for FY2025, not against the sterling figures it reported at the time:

• Active customers: 18.9 million, up 21%;
• Cross-border volume: $243.5 billion, up 31%;
• Net revenue: $2,502.8 million, up 19%;
• Income before tax: $660.4 million, a margin of 26%;
• Customer holdings: $39.0 billion, up 40%, of which $30.0 billion in cash balances;
• Cross-border take rate: 0.52%, down from 0.58%;
• Employees: over 8,800;
• Market capitalisation: $11.83 billion at the close on 25 September 2026.

Overview

The business was founded in 2011 by Kristo Käärmann and Taavet Hinrikus, two Estonian entrepreneurs, to move money internationally without the high fees, hidden costs and slow processing of traditional banks. It was originally TransferWise and rebranded to Wise in 2021.

The group is now headed by Wise Group plc. That is not a rename of Wise plc: it is a newly incorporated Jersey company, registered number 160362, inserted as the new parent through a scheme of arrangement that took effect on 8 May 2026, with shareholders receiving one Wise Group plc share for each Wise plc share. The UK operating company, Wise Payments Limited, still exists as a subsidiary.

Today, Wise operates a comprehensive financial ecosystem built around three core products:

• Wise Account (consumer): the multi-currency account for individuals, including expats, freelancers, travellers and remote workers. Customer balances reached $30.0 billion at the end of FY2026, and total customer holdings including Wise Assets reached $39.0 billion;
• Wise Business: a multi-currency account for small and medium-sized enterprises (SMEs) and growing businesses operating internationally, with 572,000 active business customers in the fourth quarter of FY2026 and business cross-border volume growing faster than personal;
• Wise Platform: a business-to-business offering that puts Wise’s payment rails inside banks and fintechs. Named partners include Morgan Stanley, Standard Chartered, Nubank, UniCredit, Raiffeisen Bank International, Monzo, N26 and Bank Mandiri, with Capitec in South Africa and MBSB Bank in Malaysia added during FY2026. Wise management said at an investor conference in September 2026 that Platform accounts for about 6% of cross-border volume, and that it expects roughly 10% within three years.

A major milestone came in May 2026, when Wise moved its primary listing to NASDAQ under the ticker WSE, keeping a secondary listing in London (LSE: WISE). Shareholders approved the move on 28 July 2025, the court sanctioned the scheme on 27 April 2026, and trading began on NASDAQ on 11 May 2026. The London shares sit in the equity shares (transition) category of the Official List. The aim is deeper access to US capital markets alongside Wise’s expansion in the US.

Here are some key corporate facts about Wise:

Wise users

Wise categorises an active customer as a distinctive user who has successfully executed at least one cross-currency transaction within the given year. It is worth distinguishing Wise’s two customer segments: Wise Account (personal) is designed for individual use, including expats, freelancers, remote workers, and frequent travellers, while Wise Business is intended for SMEs and growing businesses operating internationally.

Wise has delivered sustained double-digit growth in active customers. The base grew from 12.8 million in FY2024 to 18.9 million in FY2026, more than 6 million in two fiscal years, reflecting both wider global reach and growing adoption of multi-currency accounts as an alternative to a bank.

Wise publishes an annual active customer count and a separate quarterly one, and they are not the same base. The 18.9 million is the annual figure for FY2026. The quarterly count for the fourth quarter was 11.29 million, of which 10.72 million personal and 572,000 business. Wise does not publish a personal and business split of the annual figure, so that cell is marked as not published rather than filled with a derived number.

Key observations from this growth trajectory:

• 4x customer growth in 6 years: from 4.7 million (FY2020) to 18.9 million (FY2026), a 4x expansion despite operating in a sector typically dominated by entrenched banks;
• Consistent growth: Wise has delivered 21% or better annual customer growth in every year in the table;
• Wise Business acceleration: quarterly active business customers reached 572,000 in the fourth quarter of FY2026 and 608,000 in the first quarter of FY2027, up 28% on the year, growing faster than the personal segment;
• Pandemic-era inflection: customer growth accelerated meaningfully during 2020-2022 as more workers went remote and cross-border financial flows increased, a structural shift that has persisted post-pandemic.

Key observations on revenue per active customer trends:

• Up around 21% since FY2020: fee revenue per customer went from £64.38 to £77.69, with the peak at £84.71 in FY2023;
• The compression is intentional: the cross-border take rate fell to 0.52% in FY2026 and 0.50% in the first quarter of FY2027, prioritising volume and acquisition over revenue per customer;
• The mix is shifting away from transfers: customer holdings reached $39.0 billion in FY2026, and Wise reports that almost half of net revenue now comes from sources other than cross-border transfers;
• Reinvesting margin into price: Wise’s approach is to put margin back into lower prices to compound long-term growth rather than to maximise near-term revenue per customer.

Wise profitability

Wise is solidly profitable. Most of the distance between gross profit and profit before tax is administrative expenses: banking and customer-related fees, technology, employee costs and continued expansion of the product range. In FY2025 those grew 25% to £768.6 million, which is Wise reinvesting margin into growth rather than maximising near-term profit. Smaller items below the gross profit line make up the rest.

Under the old sterling reporting, Wise calculated gross profit from total income, which is revenue plus interest income on customer balances minus benefits paid to customers, less cost of sales and credit losses. That is why gross profit is larger than the revenue line in the previous section. For FY2025: total income of £1,645.0 million, less cost of sales of £328.1 million and credit losses of £9.1 million, gives gross profit of £1,307.8 million. Profit before tax was £564.8 million.

For FY2026 there is no gross profit figure, because US GAAP presentation does not use that line and Wise does not disclose one. The published measures are income before tax of $660.4 million, a margin of 26%, and net income of $498.7 million.

Key observations from Wise’s profitability trajectory:

• Profit transformation since FY2020: profit before tax grew from £20 million to £564.8 million across the five years to FY2025, a 28-fold expansion. Gross profit grew from £194 million to £1,307.8 million over the same period, close to seven-fold;
• FY2023-FY2024 inflection: profitability accelerated significantly in FY2023 and FY2024 as higher central bank interest rates substantially boosted interest income on customer balances, which Wise retains a portion of (the “first 1% yield” of customer deposits). This effect has partially normalised as central banks have cut rates;
• The old underlying measure: through FY2025 Wise’s preferred measure was underlying profit before tax, which excluded interest income above the first 1% yield retained on customer balances. It was £282.1 million in FY2025, up 17%, on underlying income of £1,362.3 million, a margin of 21%. Both measures were discontinued with the move to US GAAP;
• What replaced it: Wise now guides on income before tax margin, which was 26% in FY2026. For FY2027 it has guided to net revenue growth around the middle of a 15% to 20% medium-term range on a constant-currency basis, and an income before tax margin around the top of a 20% to 25% range, assuming no material change in central bank rates or in the interest it pays customers.

Wise customer balances

Customer balances have grown quickly, reflecting both the larger customer base and the adoption of the Wise Account as a primary multi-currency account rather than an occasional transfer service. At the end of FY2025 total balances reached £17.1 billion, up 29% from £13.3 billion, and more than eight times the £2 billion held in FY2020. Total customer holdings, which add the money invested in Wise Assets, were £21.5 billion.

In FY2026, reported in dollars, customer balances reached $30.0 billion and total customer holdings reached $39.0 billion, the latter up 40% from a restated $27.8 billion. The difference of roughly $9 billion is assets under custody, which do not sit on Wise’s balance sheet. By the first quarter of FY2027 holdings had reached $41.2 billion.

This matters for the revenue line. Balances generated interest income of £594.3 million in FY2025 under the old sterling reporting. In FY2026 they generated $806.1 million, of which $196.9 million was paid back to customers as interest on the Wise Account, leaving $609.2 million retained, about a quarter of net revenue. How much is paid out depends on the currency and on whether the customer has opted into an interest-paying product, so the share retained varies from year to year.

Key observations on Wise’s customer balance growth:

• Balances grew 8.5 times in five years: from £2 billion in FY2020 to £17.1 billion in FY2025, far outpacing the roughly threefold growth in active customers over the same period. Customers are holding money with Wise, not just passing it through;
• Wise Account adoption is the underlying driver: as of FY2025, Wise reported that roughly half of personal customers and 60% of business customers used more than one product beyond core money transfers, such as the Wise Account, the debit card or Wise Assets;
• Wise Assets adds to the total: the Interest and Stocks products are available to some residents of the UK, the EEA, Switzerland, Australia, Singapore and, new in FY2026, Brazil. Interest invests in a money market fund, Stocks in an index-tracking fund;
• Strategic implication: balances are now central to how Wise makes money, with $39.0 billion in holdings at the end of FY2026. Its attempt to go further into US banking infrastructure did not succeed, however: the Office of the Comptroller of the Currency denied Wise’s national trust bank charter application on 21 July 2026, and the Federal Reserve master account that plan depended on did not follow.

Average Wise deposit size

Segmenting by account type is the only way to read deposit size sensibly, since Wise serves two very different customers: the Wise Account for individuals and Wise Business for SMEs and corporates.

In the years it can be measured, the average business balance ran roughly 16 times the average personal one, reflecting larger transaction sizes and working capital needs. The series is short because it can only be computed where Wise published both a balance split and a matching customer count. It stops after FY2023: the FY2024 business customer count was restated on a new methodology and no longer reconciles with the balances, and from FY2025 Wise no longer publishes the split at all.

Wise transfer volumes

Cross-border volume is Wise’s most important operational metric, reflecting both the customer base and the value each customer moves. In FY2025 Wise handled £145.2 billion for 15.6 million active customers, up 23%, or 25% at constant currency. In FY2026, reported in dollars, volume reached $243.5 billion across 18.9 million customers, up 31% from a restated $185.2 billion in FY2025. The first quarter of FY2027 added a further $69.3 billion, up 26% on the same quarter a year earlier.

Key observations on Wise’s transfer volume growth:

• Volume grew 3.5 times in five years: from £41.7 billion in FY2020 to £145.2 billion in FY2025, then $243.5 billion in FY2026 on the new reporting basis;
• Business is outpacing personal: summing Wise’s quarterly disclosures for FY2026 gives roughly $70.5 billion of business volume against $173.0 billion personal, with business growing faster in every recent quarter;
• Average volume per customer: total volume per active customer was about $12,900 in FY2026, from $243.5 billion across 18.9 million customers;
• The market is enormous by comparison: Wise sizes global cross-border payments at £32 trillion, roughly $42 trillion at recent exchange rates, so at $243.5 billion it handles under 1% of the flows it addresses.

Bottom line

Wise is a global financial technology company specialising in international money transfers, multi-currency accounts and cross-border payments infrastructure. Founded in 2011 by the Estonian entrepreneurs Kristo Käärmann and Taavet Hinrikus, originally as TransferWise, it has built its position on transparent pricing and direct integration with local payment systems, letting customers send and hold money internationally well below bank rates. Käärmann was still chief executive in September 2026. Hinrikus left the business in December 2021 and retains a shareholding through an investment vehicle.

FY2026 was the year the company changed shape. It moved its primary listing to NASDAQ in May 2026 under a new Jersey parent company, began reporting in dollars under US GAAP, and posted net revenue of $2,502.8 million and income before tax of $660.4 million on $243.5 billion of cross-border volume across 18.9 million active customers. Customer holdings reached $39.0 billion.

Not everything went its way. The Office of the Comptroller of the Currency denied Wise’s application for a US national trust bank charter on 21 July 2026, and the Federal Reserve master account that the plan relied on did not materialise. Wise says the decision does not affect its normal operations, which run on money transmitter licences in 48 states and four territories, and that it intends to apply again under a different framework.

The figures in this article come from Wise’s FY2026 results of 25 June 2026 and its first quarter FY2027 trading update of July 2026.

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