Index / Work / Case Studies / Wise
Wise sold 1 promise in every market: no hidden fees. Keeping it took 15 years of licences and direct connections to national payment systems, and that is why Wise now beats the banks almost everywhere. It started in 2011 with 1 route, euros and pounds between 2 Estonians in London. Today it holds more than 80 licences and plugs straight into 9 national payment systems.
The short version
Stage 1 of 8
United Kingdom · 2011
Two Estonians in London swapped money with each other at the mid-market rate instead of paying their banks. Taavet Hinrikus, Skype's first employee, was paid in euros. Kristo Käärmann was paid in pounds and had a mortgage in euros.1 TransferWise launched in January 2011 on 1 route, euros and pounds in both directions.3,2
Campaigns 7Scroll sideways
United Kingdom · 2014Website ads
2 items · tap a thumbnail · Video via YouTube
Many banks take as much as 5% of the amount you're sending. TransferWise charges just half-a-percent
True cost of sending 10,000 GBP to EUR
Landing page · transferwise.com · February 2014 · Wayback Machine
Hey, hidden fees. Your secret’s out.
Why it worked
It turned a hidden cost into 2 numbers side by side. The cost: the UK advertising regulator upheld a complaint that "real transfer fee" was ambiguous.56,57
London · June 2014Street stunt and video
Video via YouTube
100 naked protesters celebrate end of hidden bank fees
Protesting hidden bank fees, celebrating the solution.
#nothing2hide
Why it worked
A cheap stunt that made "hidden fees" literal: nothing to hide. Hinrikus: "It's very hard to build a brand online." The video did the work a media budget would have done.58,59,60
United Kingdom · 2015Website
2 items · tap a thumbnail · Video via YouTube
THE CLEVER WAY TO BEAT BANK FEES
With TransferWise you save up to 90%
Landing page · transferwise.com · July 2015 · Wayback Machine
The clever new way to beat bank fees
Why it worked
A bold savings number sells, but it has to hold up. The regulator ruled it misleading in May 2016, and later claims became more careful.4
United Kingdom · May 2018Research, calculator and complaints, with Resolver and Plum
Creative via Wise newsroom
Fight Overseas Fees
to expose the true cost of spending abroad, empowering customers to fight for change
Why it worked
A lifetime figure, £16,796 per person, made a small fee feel large. A calculator linked to online banking showed each person their own number, and Resolver gave them a way to complain.103
United Kingdom · 2022Petition and advocacy
4 items · tap a thumbnail · Video via Wise newsroom · Wise
Know what you pay
The British public lost £5.6 billion annually when sending or spending money abroad.
What you see should be what you pay.
Landing page · wise.com/campaign/gbknowwhatyoupay · October 2026 · live page
Know what you pay. Help us change the law to end hidden fees on international payments.
Why it worked
It moved the fight from Wise against banks to customers against hidden fees, and gave people something to do: sign.61,62
Follow-up · July 202315 fintechs, Revolut and Monzo among them, wrote to the Chancellor asking for the mid-market rate to be shown. Wise put UK losses to hidden fees at £5.6bn in 2022.122,123
United Kingdom · August 2023Podcast partnership with The Rest is History
2 items · tap a thumbnail · Creative via Wise · Wise newsroom
Travel like a historian
Amsterdam: to the Golden Age, and beyond
Paris, 1968: de Gaulle, mimes and protests
Why it worked
It borrowed the trust of one of Britain's biggest podcasts and turned a travel card into a reason to go somewhere: 4 episodes recorded in Amsterdam and Paris, with written guides to match.104,105
London · March 2026Pop-up shop, Oxford Street · Dalziel & Pow with Wise's in-house team
8 items · tap a thumbnail · Creative via Wise newsroom · Ads of the World
WHAT'S IN STORE FOR YOU AT WISE, OXFORD ST
Now you can get everything from your money a bank won't give you.
Landing page · wise.com/campaign/wiseldn · October 2026 · live page
What’s in store for you at Wise, Oxford St
Why it worked
A shop on the high street for a company with no branches, opened the day the UK Current Account launched. The TV, Tube and rail campaign "Unwise vs Wise" followed, with 4 fake banks.63,64,65
Stage 2 of 8
Germany, Estonia, Hungary, Belgium · 2013 to 2021
By May 2013 the founders were planning local launches in Germany, France and Spain, and the 2015 Series C paid for a push into Germany and Austria.139,140 Its biggest teams grew in Tallinn, now Wise's largest office, and in Budapest.7,10 Brexit forced the next step: an EU licence to keep serving customers across the bloc.8
Campaigns 7Scroll sideways
Germany · February 2021Rebrand launch
2 items · tap a thumbnail · Creative via Wise
Welt, dürfen wir vorstellen: Wise
Unsere Lösung: Wise – das internationalste Konto der Welt.
Geld ohne Grenzen
World, may we introduce: Wise
Our solution: Wise, the most international account in the world.
Money without borders
Landing page · wise.com/de · March 2021 · Wayback Machine
We’ve changed our name to Wise.
Why it worked
The same announcement in every language, but written in each one rather than translated word for word. The idea, money without borders, needs no local twist.68
Estonia · February 2021Rebrand launch
Creative via Wise
Maailm, saage tuttavaks Wise`iga
Raha ilma piirideta
Edasi!
World, meet Wise
Money without borders
Onwards!
Why it worked
Estonia is where the founders are from, so the home-country version kept the tone of a founder speaking.69
European Union · March 2021Reporting site with partners
IBAN not accepted? Report it here
Whenever a company doesn't accept your IBAN, don't just take no for an answer.
Landing page · acceptmyiban.org · August 2021 · Wayback Machine
Report it, so we can stop it!
Why it worked
Wise joined Revolut, N26 and others against a problem every cross-border customer hits. 1,000 reports came in within 5 months, over 40% of them from France.66,67
Follow-up · March 2023An open letter, "Stop breaking the law", co-signed by N26, Klarna, Bunq and others. Nearly 3,000 complaints had been logged, and Italy fined Vodafone and Wind Tre €800,000.124
Germany · March 2023Brand refresh
7 items · tap a thumbnail · Video via Wise newsroom · YouTube · YouTube · www.bandt.com.au
Ein Konto für überall: Wise hat jetzt einen neuen Look
Grenzen sind für Landkarten, nicht für Finanzen.
One account for everywhere: Wise has a new look
Borders are for maps, not for finances.
Why it worked
A line that works in any language because it is a contrast, not a pun.70
Follow-up · 2023 and 2025The 2023 identity was designed with Ragged Edge: bright green, a new typeface called Wise Sans, and colours tested across cultures. In April 2025 Wise Business was rebranded for large companies and banks, which Wise said "don't want boring".126,127
Italy · March 2023Brand refresh
4 items · tap a thumbnail · Video via Wise · YouTube
Addio blu, ciao verde
Un conto per chiunque, ovunque.
Goodbye blue, hello green
An account for anyone, anywhere.
Landing page · wise.com/it · March 2023 · Wayback Machine
Il tuo denaro. Ovunque.
Your money. Everywhere.
Why it worked
It made the colour change the news, which is easy to say and to remember.71
Hungary · 2020 onwardLanding page
3 items · tap a thumbnail · Creative via Wise
Magyar forint számlaszám, már 2020 óta
A Wise-zal a magyarok okosabban használják a pénzüket.
Hungarian forint account number, since 2020
With Wise, Hungarians use their money more cleverly.
Landing page · wise.com/campaign/magyar-szamlaszam-2020-ota · October 2026 · live page
Magyar forint számlaszám, már 2020 óta
A Hungarian forint account number, since 2020
Why it worked
It sells the local account number, the thing the direct connection to Hungary's payment system made possible.72
France · 2024Display ads
2 items · tap a thumbnail · Creative via Wise
L'argent n'a plus de frontières.
Au revoir les frais bancaires, bonjour le monde
Money no longer has borders.
Goodbye bank fees, hello world
Landing page · wise.com/campaign/display-brave-fr · October 2026 · live page
Dites au revoir pour de bon aux frais bancaires délirants.
Say goodbye for good to crazy bank fees.
Why it worked
The global promise and the local enemy, bank fees, in 2 short lines.73
Stage 3 of 8
New York, Austin, Tampa · 2015
US dollars arrived in 2012, and the full US launch came in February 2015 with an office in New York.13,14 There is no single US licence: Wise US Inc. holds money transmitter licences state by state, with a sponsor bank where it has none.15
Campaigns 4Scroll sideways
New York · February 2015Subway ads and a street protest · Space150 and VentureThree
$101
Landing page · transferwise.com/us · April 2015 · Wayback Machine
The clever new way to beat bank fees
Why it worked
The US launch ad was a giant $101 bill: a note with the wrong number on it, to show what a bank's rate quietly takes. A protest in the financial district followed. The US landing page carried the UK headline word for word.106
United States · September 2020Report and petition to Congress
2 items · tap a thumbnail · Creative via Wise
We are asking Congress to end the lack of transparency that costs Americans over $8.7 billion a year.
Sign the petition here
Why it worked
In a market with no single regulator, Wise took the argument to Congress and put a dollar figure on it.74
Follow-up · July 2022Wise asked the CFPB to update its Remittance Rule. Americans paid $16.3bn in fees, $8.7bn of it hidden in exchange rates, and only 18% saw the rate as part of the fee.125
United States and Canada · August 2025TV, connected TV, YouTube and radio · Little Big Engine
7 items · tap a thumbnail · Video via Wise · Ads of the World
Be Smart. Get Wise.
Don T. Overpay
HOW WOULD YOU WASTE $7.2 BILLION?
Landing page · wise.com/campaign/dontoverpay · November 2025 · Wayback Machine
Made a financial mistake? Call Don T. Overpay
Why it worked
A character and a rhyme for a market where few people knew the name. Brazil later adapted the same line.75,76
Canada · September 2026Pop-up branch, Toronto Eaton Centre, and promotions
2 items · tap a thumbnail · Creative via Wise newsroom
Your payday could be worth more
Double Payday
Canadians shouldn't need one account for life at home and another for life internationally
Landing page · wise.com/ca/feature/chequing-account-promotions · October 2026 · live page
Your payday could be worth more
Why it worked
The London playbook again: a branch for a company with no branches, open for 4 weeks. "Double Payday" doubles 5 customers' first paycheque of the month, every month for a year, so the account launch pays out where people notice it.107,108
Stage 4 of 8
Australia, Singapore, India · 2013 to 2025
Australia launched at the end of 2015.25 Singapore became the Asia-Pacific headquarters, and its team built Wise's direct connections in Singapore, Australia and the Philippines.29,31 India has been a route since 2013; Wise now handles about 10% of money sent into India.31,33
Campaigns 12Scroll sideways
Australia · 2017Campaign against bank rates
2 items · tap a thumbnail · Creative via Mumbrella
Ban Fake Rates
Landing page · transferwise.com/au · September 2017 · Wayback Machine
Send money with the real exchange rate.
Why it worked
Calling the bank's rate "fake" is the UK argument in 3 words. It was blunt enough to divide Mumbrella's readers in August 2017, and the landing page made the same case: banks could charge up to 5% in hidden costs.79
Australia · December 2017Campaign for International Migrants Day
Creative via Mumbrella
promoting the benefits immigrants bring to Australian society
Why it worked
It spoke to the customers who send money home, on the UN day that marks them, and made Wise part of the story of Australia rather than a utility.109
Australia · November 2022First local brand campaign, made in-house
Creative via Mumbrella
Made for the World
Why it worked
Its first in-house campaign set Wise against banks built for 1 country: an account that holds 50+ currencies and spends in 170+ countries at the mid-market rate.110,111
Sydney · July 2023Outdoor: light rail, trains, bus stops, airport
Creative via www.bandt.com.au
on a mission to make your life easier and save you money
Why it worked
The first outdoor campaign after the rebrand put the new green identity where Sydney travels: on light rail, trains and bus stops, and at the international airport.112,113
Australia · April 2024TV, digital and outdoor · BigSmall London, "Gone International"
2 items · tap a thumbnail · Video via Campaign Brief · shots.net
Your Money Anywhere
with Wise, Tina can spend and send money in other currencies
Tina's gone…INTERNATIONAL!
Why it worked
Wise's first paid brand campaign ran here first. Wise says it reached over 4 million people and raised awareness by 11 percentage points.77,78,33,128
India and global · May 2024YouTube series with The Grade Cricketer
Creative via Wise newsroom
Beyond the game
Why it worked
The T20 World Cup was played in the US, so a cricket comedy duo drove across America paying with Wise. The card was shown at work for the diaspora following the tournament.114
Australia · July 2024Swimwear collaboration
Creative via Mumbrella
Without a doubt, the most underrated faux pas is paying for your entire European summer with your Aussie bank card
Why it worked
Budgy Smuggler swimwear with a pocket for the Wise card. A joke Australians get, aimed at the exact moment the fees hurt: a summer in Europe.80
Singapore · January 2025Lunar New Year prize draw with feng shui readings
Creative via Wise newsroom
Win up to £3,888 in cash this Lunar New Year with Wise + Fengshui tips
Make more transfers for more chances to win!
Why it worked
Lunar New Year is when money goes home. Every transfer was an entry, the prizes were full of 8s, and a feng shui grand master wrote the money readings.115
Bondi, Sydney · May 2025Pop-up with live sheep · Havas Red
3 items · tap a thumbnail · Creative via www.mediaweek.com.au · Mumbrella
Fleece Free FX
The Big Banks have been pulling the wool over Aussies' eyes for years.
Why it worked
A pun you can photograph: a currency exchange run by live sheep on Bondi beach made "fleeced" the story. YouGov research behind it said 90% of Australians travelling abroad pay conversion fees without knowing.116,117
India · July 2025Research and press
2 items · tap a thumbnail · Creative via Wise newsroom · Wise newsroom
India's students lost ₹1,700 crores in hidden bank fees, nearly three times the cost of Chandrayaan‑3
Why it worked
Education is 75% of Wise's India volume, so it spoke to students and parents and measured the loss against the Moon mission. The travel card waitlist passed 75,000 in about a month.82,83
India · October to December 2025Travel card waitlist and launch
Creative via Wise newsroom
No markups, no surprises, just clarity.
Why it worked
Announced at the Global Fintech Festival alongside the UK prime minister. The waitlist did the selling: 75,000 people joined in about a month, and the card fee was waived for launch.118,83
Singapore · November 2025Pop-up stall, Funan Mall · Sweatshop
3 items · tap a thumbnail · Creative via Wise newsroom
Ready to stop being a chopped carrot head?
Kan Cai Tou
"Kan Cai Tou" (chopped carrot head) is Singapore slang for someone who gets ripped off.
Why it worked
It used the local word for being cheated instead of explaining exchange rates. People chopped carrots to win prizes.81
Stage 5 of 8
Tokyo · 2016
Wise launched in Japan in 2016 on a Type 2 funds transfer licence, which capped every transfer at ¥1M. The cap held until March 2024.34
Campaigns 2Scroll sideways
Japan · January 2021Card launch
2 items · tap a thumbnail · Creative via Wise
多通貨対応のデビットカードで、高額な外貨取扱⼿数料を撃退。
オンラインショッピングをする人、旅行者、日本に住んでいる外国人の方へ
Beat high foreign-currency handling fees with a multi-currency debit card.
For online shoppers, travellers, and foreigners living in Japan.
Why it worked
It named 3 audiences up front, including foreign residents. No Japanese TV or train advertising was found.84
Japan · February 2021Rebrand release
2 items · tap a thumbnail · Creative via PR TIMES
TransferWise、創立10周年を迎え、ブランド名を「Wise」に変更
国境なき金融
TransferWise marks its 10th anniversary and changes its brand name to "Wise"
Finance without borders
Landing page · wise.com/jp · March 2021 · Wayback Machine
We’ve changed our name to Wise.
Why it worked
In Japan the message went out as a formal press release, the expected channel for a financial firm.85
Stage 6 of 8
São Paulo · 2016
Wise has been in Brazil since 2016, at first through a partner bank, MS Bank.39,37 It won its own foreign exchange broker licence in January 2021. A month later MS Bank ended the contract without notice, launched a rival service and accused Wise of fraud. Wise suspended the route and reopened it, from reais to dollars, on 12 March 2021.38
Campaigns 9Scroll sideways
Brazil · January 2022Digital, card launch · design by That Thing, film by Mol
3 items · tap a thumbnail · Video via Wise newsroom
Wise, uai!
"Uai" is an interjection from Minas Gerais, roughly "Wise, huh!"
Landing page · wise.com/br · February 2022 · Wayback Machine
O cartão internacional 7 vezes mais barato que o seu cartão de crédito.
The international card that is 7 times cheaper than your credit card.
Why it worked
A regional word made a foreign name feel Brazilian on day 1.86
Brazil · May 202311 pay-TV channels, outdoor in 5 cities, 340+ Azul flights
3 items · tap a thumbnail · Video via Wise newsroom · YouTube
Queremos mostrar que viajar internacionalmente pode ser simples, inclusive financeiramente
We want to show that travelling internationally can be simple, financially too
Landing page · wise.com/br · July 2023 · Wayback Machine
A sua conta para viajar e economizar no exterior
Your account for travelling and saving abroad
Why it worked
Made with Visa and placed where travellers are: on Azul flights and at their airports. The sales point was tax: 1.1% IOF on Wise against 5.38% on credit cards.87
Brazil · December 2023Online, lift screens and São Paulo outdoor, made in-house
Creative via Wise newsroom
Nova campanha da Wise foca em férias e viagens de começo de ano
Wise's new campaign focuses on holidays and early-year travel
Why it worked
Built on the reason users gave for choosing Wise, fast and easy conversion, and placed on street clocks, bus stops and lift screens before the January holidays.119
Brazil · June 2024Airports, pay TV, cinema, influencers · BBDO
6 items · tap a thumbnail · Video via Wise newsroom · Ads of the World
Se vai viajar, Wise é a melhor jogada
If you're travelling, Wise is the best play
Landing page · wise.com/br · June 2024 · Wayback Machine
Economize em suas viagens pelo mundo
Save on your travels around the world
Why it worked
Football player Debinha and a football word, "jogada", ahead of the July holidays.88,129
São Paulo · December 2024Elevator and coworking screens, podcasts, YouTube
5 items · tap a thumbnail · Video via Wise newsroom · Wise newsroom
Receba dinheiro sem perder dinheiro
Get paid without losing money
Landing page · wise.com/br/business · December 2024 · Wayback Machine
Receba dinheiro sem perder dinheiro
Get paid without losing money
Why it worked
For freelancers and small firms paid from abroad, placed in the buildings where they work.89
Brazil · August 2025Instagram and creators · Live the Agency, with Heloísa and Luisa Perissé
Quem converte se diverte
Whoever converts has fun
Landing page · wise.com/br · September 2025 · Wayback Machine
Economize em suas viagens pelo mundo
Save on your travels around the world
Why it worked
It flips a Brazilian travellers' saying, "quem converte não se diverte": whoever does the currency maths has no fun.90
Brazil · March 2026TV Globo, radio, digital, outdoor
6 items · tap a thumbnail · Video via Wise newsroom · Wise newsroom · www.meioemensagem.com.br · YouTube
Quem Sabe Vai de Wise
Those in the know go with Wise
Landing page · wise.com/br · April 2026 · Wayback Machine
A conta global onde o seu dinheiro Rende+
The global account where your money earns more (Rende+ is the yield product)
Why it worked
Wise's first big Brazilian campaign, with samba singer Zeca Pagodinho, adapting the US line "Be Smart. Get Wise." Wise: "O brasileiro que viaja não quer se sentir um estrangeiro no próprio dinheiro" (Brazilians who travel don't want to feel like foreigners in their own money).91,92
Brazil · May 2026Limited-edition World Cup card with Visa
Creative via Wise newsroom
Brasil será o único país a receber a versão física do cartão.
Brazil will be the only country to get the physical card.
Why it worked
Scarcity and the national team: a physical card in Brazil's colours that only Brazil could order, free until October, with Visa as the official World Cup sponsor.120
Brazil · September 2026Instagram and YouTube Shorts
Creative via Wise newsroom
Quem Sabe Não Improvisa
Those in the know don't improvise
Why it worked
Comedy group Cia Barbixas extends the same line. Wise calls humour its main territory in Brazil.93
Stage 7 of 8
Manila · 2024
Wise launched in the Philippines in May 2024 and connected directly to the national payment systems from the start.42,33
Campaigns 2Scroll sideways
Philippines · May 2024Launch
2 items · tap a thumbnail · Creative via Wise
Built for the Filipinos, to go global like a local
Money without borders
Landing page · wise.com/ph · June 2024 · Wayback Machine
Money for here, there and everywhere
Why it worked
English is the language of money in the Philippines, so the launch did not localise the words. It localised the audience: freelancers, travellers and families of overseas workers.94
Philippines · March 2025Research and press
Filipinos lost PHP 8.37 billion to hidden foreign exchange fees in 2023
Why it worked
The same research template as every other market: a national figure for what hidden fees cost. No Tagalog advertising was found.95
Stage 8 of 8
UAE, Mexico, Malaysia, Thailand, Chile, South Africa · 2022 to 2026
From 2022 to 2026 Wise took its own licences in 6 more markets.43,44,46,47,48
Campaigns 6Scroll sideways
Malaysia · August 2022Social, Chinese-language
别上当
安娣超人
你具有识别隐藏收费的"超能力"
Don't get conned ("Don't Kena Con")
Aunty Power
You have the "superpower" of spotting hidden charges
Landing page · wise.com/my · September 2022 · Wayback Machine
The 3x cheaper international account.
Why it worked
It used the thrifty aunty everyone knows as the expert on hidden fees.96
Kuala Lumpur · April 2025Pop-up and live game show
Creative via Wise newsroom
Siapa Wise?
Sedikit-sedikit lama-lama jadi bukit
Who's Wise?
Little by little, it becomes a hill (small savings add up)
Why it worked
A Malay proverb about saving, with influencer Adam Izzy as "Uncle Tim". Wise found 96% of Malaysians still use money changers.97
Malaysia · May to July 2025Digital and social, with the Singapore Tourism Board
Creative via Wise newsroom
Discover Singapore's latest attractions and win flights for your next trip back
Spend with confidence in Singapore.
Why it worked
A tourism board shared the reach and the prize. Malaysians got a free card and a chance at a flight for paying with Wise across the border.121
Kuala Lumpur · November 2025Pop-up
2 items · tap a thumbnail · Creative via Wise newsroom
Aiyo! Every year, same story – we hunt for a RM50 flight discount, then lose RM200 on bad exchange rates
Why it worked
Manglish and a sum everyone can do: the flight deal is smaller than the fee.98
Mexico · January 2025Launch and website
5 items · tap a thumbnail · Video via Wise newsroom · Wise newsroom · Wise
Nunca inflamos el tipo de cambio. Compruébalo.
Es tu dinero, no el nuestro
Dinero sin fronteras
We never inflate the exchange rate. Check it.
It's your money, not ours
Money without borders
Landing page · wise.com/mx · February 2025 · Wayback Machine
Envía y recibe $ globalmente
Send and receive $ globally
Why it worked
A dare: check the rate yourself. The launch named a figure, US$446 million lost to hidden fees in 2024, and no paid campaign was found.99,100,44
Thailand · 2026Website
ไม่มีค่าธรรมเนียมแอบแฝง
บัตรเดียว รองรับกว่า 40 สกุลเงิน ไม่มีค่าธรรมเนียมแอบแฝง
No hidden fees
One card, 40+ currencies, no hidden fees
Landing page · wise.com/th · March 2025 · Wayback Machine
สกุลเงินคนทางโน้น ก็ใช้ได้ด้วยสกุลคนทางนี้
Their currency, paid for in yours (literally: the currency of people over there, usable with the currency of people here)
Why it worked
The original promise, translated directly. No Thai paid campaign was found.101
Part 1
Most customers find Wise through a search, a comparison or a friend. Paid marketing came late.
Growth engine
Most growth comes without paid media. The route runs from a search for an exchange rate to a recommendation, and paid spend and partners sit on top of it.33,37
The currency converter shows the mid-market rate for 140 currencies. Each pair has its own page with a 5-year chart, a rate alert and a Send button.132,133,135
The comparison tool puts Wise next to the banks. For pounds to euros it lists 8 providers, including Western Union, HSBC, Barclays and PayPal.134
The fee is shown before you pay, and 78% of transfers arrive in under 20 seconds. The first transfer is the proof of the claim.50
New customers by year
Wise does not publish when the converter or the referral programme launched, how much traffic the converter brings, or a cost per new customer.6,28,33
Marketing
Marketing spend by fiscal year, then the share of new customers who came by word of mouth. Wise reports a blended payback on marketing of under 6 months in FY2023 and FY2024. FY2026 spend was reported in dollars, $171.8M, up 62%.16,6,28,33,49
Marketing spend
New customers by word of mouth
Campaign copy on this page is transcribed from the pages cited, in the original language, with a translation below.
Regions
Revenue for the 6 months to 30 September, by customer address. Grey is H1 FY21, green is H1 FY26. The last column shows growth over 5 years and each region's share of the total.130,131,17,32,21
Total £192M → £658M. Wise switched to reporting in dollars in FY2026, so later figures are not on this chart.
Full year FY2026, net revenue in dollars
| Region | FY2024 | FY2025 | FY2026 | Growth | Share |
|---|---|---|---|---|---|
| Europe (ex UK) | $501M | $593M | $713M | +20% | 28% |
| United Kingdom | $479M | $548M | $586M | +7% | 23% |
| Asia-Pacific | $298M | $384M | $516M | +35% | 21% |
| United States | $290M | $318M | $365M | +15% | 15% |
| Rest of world | $209M | $257M | $322M | +25% | 13% |
| Total | $1,776M | $2,099M | $2,503M | +19% | 100% |
Net revenue is transaction revenue plus interest on customer balances, less interest paid to customers. Asia-Pacific grew fastest, at 35%. The UK and the US grew slowest, at 7% and 15%. Wise reports 1 operating segment, so it does not publish profit by region. Most of the interest income it keeps comes from the UK.37,28
Part 2
The expansion was paid for by customers after 2017. The price was paid in licences, caps and pauses.
Capital
About $400M of equity was raised up to 2017, including some shares sold by existing holders. Wise has been profitable since then and has raised no new equity, borrowing through credit lines instead. In FY2026 it made $660M before tax on $2.5bn of revenue.143,37
| Date | Event and investors | Amount | What it paid for |
|---|---|---|---|
| Apr 2012 | Seed IA Ventures, Index Ventures, Max Levchin, Seedcamp | $1.3M | More users, currencies and markets138 |
| May 2013 | Series A Valar Ventures (Peter Thiel), SV Angel | $6M | About 12 more currencies and 20 hires139 |
| Jun 2014 | Round Richard Branson, Valar, Index, IA | $25M | The campaign against hidden bank fees57 |
| Jan 2015 | Series C Andreessen Horowitz | $58M | A US office, Germany and Austria, 300 routes140 |
| May 2016 | Top-up Baillie Gifford | $26M $1.1B, reported | The balance sheet, while still loss-making141 |
| May 2017 | Break-even | Profitable 6 years after launch142,10 | |
| Nov 2017 | Series E Old Mutual Global Investors, IVP, Sapphire, Mitsui & Co | $280M $1.6B, reported | Asia-Pacific and the Borderless account143 |
| May 2019 | Secondary Lead Edge, Lone Pine, Vitruvian | $292M $3.5B | Staff and early investors sold shares. No new cash144 |
| Jul 2020 | Secondary D1 Capital, Lone Pine, Vulcan | $319M $5B | No new cash. Growth funded by customers145 |
| Jul 2021 | London direct listing | None raised | Wider ownership, with no shares sold55,146 |
| May 2026 | Primary listing moves to Nasdaq Ticker WSE, with London kept as WISE | None raised | The US as its biggest opportunity37 |
Pauses and limits
Wise does not announce these in press releases. They sit in annual reports and help pages.
| What, where, when | Reason | Outcome |
|---|---|---|
| Accounts closed Russia and Belarus · From early 2022 | Sanctions | Exit. Transfers to Ukraine stayed open, with fees waived for a time.16 |
| Cards blocked for Russian and Belarusian nationals EU · Current | The EU's 19th sanctions package | Called temporary. Sending, holding and receiving still work.148 |
| $5,000 cap on each transfer out India · Until FY2025 | Licence limits | Lifted with a dealer licence, bought with Vaho Forex in FY2022. Transfers for investment or donations are still barred.33,16,149 |
| ¥1M cap on each transfer Japan · Until FY2024 | Licence limits | Now ¥150M. Holding is still capped at ¥1M by default.28,150 |
| New business customers paused UK, EU and US · 2023 to early 2024 | "Operational capacity constraints at a time of high demand" | Resumed in all major markets by FY2025.28,33 |
| No interest on balances UK · Ongoing | The terms of its UK licence | About 67% of the interest Wise keeps comes from the UK.28,33 |
| Interest and Stocks unavailable US residents and US taxpayers · Ongoing | How its fund partner is regulated | Holdings switch to cash if a customer moves to the US.151 |
| No holding money and no card Nevada · Ongoing | Not stated | Sending still works.152,153 |
| No direct card network membership US · Structural | Wise is not a bank | Relies on a sponsor bank. Its application for a national trust bank charter, filed in June 2025, was denied in July 2026.37,22 |
| Bitcoin purchases stopped Global · April 2013 | Pressure from banking providers | Product dropped.154 |
Part 3
Wise in 2026: cheaper and faster than ever, and ahead of the banks.
Wise in FY2026
Price
What Wise keeps from each transfer, as a share of the amount sent. It rose in FY2023 and FY2024, then fell to the lowest Wise has reported.16,6,28,33,49,50
Speed
Instant means under 20 seconds. Most of the rise came from the direct connections.10,6,28,33,49,50
Competitors
Amount the recipient gets on a sample transfer, from Wise's own comparison data, paying in by bank transfer. Wise names traditional banks as its main competitors, followed by digital banks and other money transfer firms.134,147,33,37
| Market and corridor | Wise rank | Wise | Best rival | Best bank or PayPal |
|---|---|---|---|---|
| UK £1,000 to euros · 5 Oct 2026 | 1st of 15 | €1,175.51 | Instarem €1,173.02 | HSBC €1,154.04 |
| UK £1,000 to rupees · 18 Aug 2026 | 1st of 17 | ₹129,028 | Remitly ₹128,951 | State Bank of India ₹128,948 |
| Germany €1,000 to dollars · 6 Sep 2026 | 2nd of 22 | $1,154.14 | Instarem $1,155.64 | BNP Paribas $1,145.00 |
| US $1,000 to euros · 3 Oct 2026 | 4th | €879.92 | Western Union €883.22 | n/a |
| US $1,000 to rupees · 2 Oct 2026 | 6th of 9 | ₹95,068 | Remitly ₹96,030 | State Bank of India ₹95,550 |
| US $1,000 to pesos · 6 Sep 2026 | 2nd | MX$16,685 | Instarem MX$16,767 | PayPal MX$16,096 |
| Australia A$1,000 to pesos · 28 Jul 2026 | 4th of 10 | ₱42,602 | Xoom ₱43,331 | n/a |
| Japan ¥10,000 to dollars · 18 Oct 2026 | 2nd of 7 | $61.17 | Instarem $63.00 | SMBC $40.87 |
| Singapore S$1,000 to dollars · 18 Oct 2026 | 1st of 6 | $778.52 | Instarem $777.72 | HSBC $775.64 |
| Malaysia RM1,000 to rupiah · 18 Oct 2026 | 1st of 5 | Rp4,367,697 | Only banks listed | HSBC Malaysia Rp4,113,967 |
Wise beats the banks and PayPal in this sample, with 1 exception: State Bank of India pays more on dollars to rupees. The specialists are the closer fight: Instarem, Remitly, Western Union and Xoom beat it on 6 of the 10 corridors shown.
Wise Platform
Monzo since 2018 and Standard Chartered from November 2024. Morgan Stanley, Itaú, Raiffeisen and UniCredit signed in 2025, and OakNorth in October 2026. Nubank, N26 and Google Pay also use it. Wise counts more than 85 partners.53,32,33,52,54,28
The open question
Wise won its first 15 years against banks, and its own comparison data still shows it ahead of them almost everywhere. The next stretch looks different. Remitly, Instarem, Western Union and Xoom, built on the same low-price pitch, beat Wise on 6 of 10 sample corridors, including dollars to euros and dollars to rupees.147,134
The pressure is highest in the US. Net revenue there grew 15% in FY2026, less than half the pace of Asia-Pacific, and Wise cannot join the card networks without a bank. Even so, Wise moved its primary listing to Nasdaq in May 2026. Its application for a US trust bank charter was denied in July 2026.37,22
Wise's answer so far repeats the playbook: more direct connections, lower prices, and banks that sell Wise through Platform. Whether that is enough against rivals who make the same promise is the question the next 5 years will settle.50,33
Takeaways
About the sources
Sources