Wise PLC Reports Strong Q3 Growth with 26% Volume Increase and Dual Listing Plans

Insight into Wise's stellar Q3: 26% volume jump, 20% more customers, and solid margins with dual listing on track.

20 January 2026by Joshua Thompson5 min read26 views

This article covers information on Wise PLC.

Wise Q3 FY26: 26% volume growth, more active customers, and a confident margin outlook

Wise has posted another strong quarter. Cross-border volume climbed to £47.4bn, up 25% year-on-year (+26% on a constant currency basis), with 10.9 million active customers using the platform (+20% YoY). The account continues to gain traction too: customer holdings rose 34% to £27.5bn, while card and other revenue accelerated 30% YoY.

Management remains focused on long-term growth and expects FY26 underlying profit before tax (PBT) margin to land towards the top of its 13-16% medium-term target range, even after factoring in costs for a planned dual listing in the first half of 2026.

Key Q3 FY26 figures investors should know

Metric	Q3 FY26	YoY/Comment
Cross-border volume	£47.4bn	+25% YoY (+26% constant currency)
Active customers	10.9m	+20% YoY
Wise Business active customers	542,000	+25% YoY
Underlying income	£424.4m	+21% YoY (reported and constant currency)
Cross-border take rate	0.52%	Flat QoQ, down from 0.56% a year ago
Instant transfers	74%	+9 percentage points YoY
Card and other revenue	£127.4m	+30% YoY
Customer holdings	£27.5bn	+34% YoY
Customer balances (on balance sheet)	£21.2bn	+8% QoQ

Notes: “Take rate” is revenue from cross-border transfers divided by cross-border volume. “bps” means basis points (100 bps = 1 percentage point). Underlying income includes revenue plus the first 1% of gross yield earned on customer balances and any interest expense on those balances, but excludes interest above that first 1% and benefits paid to customers.

Customer growth and account usage are doing the heavy lifting

Wise continues to add users at pace, with 10.9 million active customers in the quarter. Wise Business is a notable growth driver: active business customers rose 25% to 542,000 and business volumes were up a punchy 37% YoY to £14.2bn. That mix shift matters because business cohorts often have higher and more regular payment needs.

On the account side, customer holdings climbed 34% to £27.5bn as more people use Wise for day-to-day spending, travel, and multi-currency balances. The appendix shows on-balance-sheet customer balances at £21.2bn in Q3; the higher £27.5bn “holdings” figure likely reflects additional assets not recognised on the balance sheet. Either way, engagement is deepening, and it is showing up in card and other revenue, which rose 30% YoY to £127.4m.

Pricing discipline: take rate steady quarter-on-quarter, lower year-on-year

The cross-border take rate held flat at 52 bps versus last quarter, but is down from 56 bps a year ago. That dip is consistent with Wise’s strategy: invest pricing and efficiency gains back into the product to grow the network. Lower take can weigh on revenue per pound of volume, but it can also enlarge the customer base and volume pool over time.

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In short, Wise is prioritising scale and speed while holding the line on QoQ take rate – a sensible trade-off if the growth momentum continues.

Profitability guidance: aiming for the top of the 13-16% PBT margin range

Underlying income was £424.4m in the quarter, up 21% YoY on both reported and constant currency bases. For FY26, Wise expects underlying income growth around the middle of its 15-20% guided range. Just as importantly, management now expects FY26 underlying PBT margin to be towards the top of 13-16% – and that includes the costs associated with the dual listing.

That’s an encouraging signal on operational leverage and cost control, especially given ongoing investment in infrastructure and expansion.

Execution upgrades: faster payments and new market openings

Speed is improving. 74% of transfers were instant in Q3, up nine percentage points year-on-year. This is a tangible product win for customers and a competitive advantage that can drive retention and word-of-mouth growth.

There were several noteworthy market moves too: a travel card launch in India attracted over 75,000 people to the waiting list in one month; Wise became the first non-bank to introduce Google Pay for customers in the Philippines; it secured conditional licence approval in South Africa (its first in Africa); and went live with a direct integration to Japan’s Zengin system. The company now has eight direct domestic payment integrations – the kind of plumbing that underpins instant transfers and cost efficiency.

Dual listing plan in H1 2026: why it matters

Wise plans to complete a dual listing in the first half of 2026. Management says this should raise its profile in the US as it pursues global growth and builds “the network for the world’s money”. For investors, a dual listing can broaden the shareholder base and improve visibility with US institutions. The company expects to absorb associated listing costs while still delivering a PBT margin towards the top of its 13-16% range for FY26.

Josh’s take: what looks good, and what to watch

Positives

Strong top-line momentum: volume +25% and underlying income +21% YoY, with customer growth still brisk.
Diversifying income: card and other revenue up 30% YoY as account usage deepens.
Improving customer experience: instant transfers at 74% is a meaningful step up.
Geographic and infrastructure expansion: India, Philippines, South Africa and Japan show the playbook is scaling.
Margin confidence: targeting the top end of 13-16% despite dual listing costs signals operational discipline.

Watch-outs

Take rate compression: at 52 bps versus 56 bps a year ago, pricing remains a lever Wise is pulling to drive scale.
Regulatory and execution risk: new licences and integrations are valuable but can be complex to implement.
Macro sensitivity: cross-border activity can be influenced by global travel, trade, and FX volatility.

What to track into Q4 and the FY26 finish

Active customers and volumes: does the 20-25% growth cadence hold?
Take rate trend: stabilisation at 52 bps, or further compression?
Account monetisation: continued growth in card and other revenue, and progress in customer holdings.
Speed and infrastructure: instant transfer percentage and any new direct integrations.
Guidance delivery: underlying income growth around mid-range (15-20%) and PBT margin towards the top of 13-16%.

Bottom line

Wise is executing on a clear playbook: grow customers and volumes, make transfers faster and cheaper, and deepen account usage. Q3 shows that working, with a solid profitability outlook intact despite ongoing investment and dual listing prep. The key swing factor remains take rate versus growth – for now, scale is winning.