Wise Q4 shows strong momentum – volumes up 26% and more customers than ever
Wise has posted another punchy quarter. Cross-border volume in Q4 FY26 rose 26% year-on-year to £49.4bn (+27% on a constant currency basis), with 11.3 million active customers using the service in the quarter, up 22% year-on-year. Underlying income came in at £435.3 million, up 24% year-on-year on both a reported and constant currency basis.
The mix continues to broaden beyond pure transfers. Customer holdings in Wise accounts climbed 37% to £29.4bn, while card and other revenue increased 29% year-on-year. Instant transfers reached 75% of payments, up 10 percentage points from 65% a year ago – a clear product edge.
At-a-glance numbers investors care about
| Metric | Q4 FY26 | Q4 FY25 | YoY |
|---|---|---|---|
| Cross-border volume | £49.4bn | £39.1bn | +26% |
| Underlying income | £435.3m | £350.4m | +24% |
| Active customers | 11.3m | 9.291m | +22% |
| Cross-border take rate | 0.51% | 0.53% | -2 bps |
| Instant transfers | 75% | 65% | +10 pps |
| Card and other revenue | £130.2m | £100.9m | +29% |
Business segment keeps firing – and customers are sticking around
Wise Business continues to be a real engine. Active business customers in the quarter rose 26% year-on-year to 572,000, and business volumes grew strongly again at +35% year-on-year. On the consumer side, personal volumes also pushed higher, helping the group maintain broad-based growth.
Customer holdings moving to £29.4bn matters because those balances can support interest income and deeper engagement across cards, payments and savings. The company also notes improving infrastructure reach, including being granted membership to Payments Canada in January – that paves the way for more direct and faster transfers in a key corridor.
Take rate nudges lower – here is what that means
Wise’s cross-border take rate – revenue earned per pound of volume – edged down by 1 basis point in the quarter to 0.51%, from 0.53% a year ago. Management frames this as a balanced approach to investing in price and in the platform to support long-term growth. In plain English, they are using some pricing power to win and keep customers, and making it back with scale and account monetisation.
Two useful datapoints behind the scenes: underlying interest income from the first 1% yield on customer balances was £53.7 million in Q4 FY26 (vs £41.1 million in Q4 FY25), while interest income above the first 1% was £96.7 million (vs £103.7 million). That mix suggests the easy interest tailwind is normalising, which makes the strong growth in card and other revenue particularly encouraging.
FY26 scorecard and margin outlook
For the full year FY26, active customers grew 21% to 18.9 million. Cross-border volume rose 25% to £181.7bn. The RNS states that underlying income increased 18% to £1,609.2bn on a reported basis, and 19% to £1,619.7bn on a constant currency basis. Given quarterly figures are presented in millions, this appears to be a unit typo in the release – the company has not clarified within this RNS, so treat that line with caution.
Crucially, Wise continues to expect FY26 underlying profit before tax (PBT) margin to land towards the top of its 13-16% range, even after costs related to the Dual Listing. That points to solid operating leverage despite lower take rates and listing expenses.
Nasdaq dual listing now has a date – 11 May 2026
The big capital markets headline: Wise expects to complete its Dual Listing this quarter with a planned primary listing on Nasdaq on 11 May 2026, maintaining a secondary listing in London. A Registration Statement has been filed with the US SEC, and shareholders approved the move back on 28 July 2025.
Why it matters: a primary US listing should increase Wise’s visibility in its biggest market today and provide access to the world’s deepest capital pool. It may also broaden the investor base, improve trading liquidity and, over time, help support investment in the network.
Product updates add fuel – faster rails and a UK current account
Management highlights two strategic updates. First, being among the first payment institutions to gain Payments Canada membership – a step towards direct access and faster, cheaper transfers for Canadian flows. Second, the formal launch of a UK current account, complete with a physical branch concept on Oxford Street, designed to showcase everyday spending, bills, savings and investments within the Wise account.
Both moves are aligned with the diversification theme we are seeing in the numbers – more customers using more features, which should make revenue less dependent on transfer margins alone.
My take – growth is excellent, pricing is competitive, watch the interest tailwind
- Positives: double-digit growth across volumes and customers, 29% rise in card and other revenue, and 75% instant transfer share underline product strength. The margin guide towards the top of 13-16% despite listing costs is a confident signal.
- Balanced but important: take rate dipped to 0.51%. That is the cost of winning share and keeping fees keen – acceptable so long as account monetisation and scale continue to offset.
- Watch items: interest income above the first 1% yield eased this quarter, hinting the rate tailwind is moderating. The planned switch to reporting in USD and under US GAAP may reduce comparability to prior IFRS periods – not a problem, but investors should read the reconciliations closely when they arrive.
- Strategy: the US primary listing and expanding payment rails should help Wise become more of an everyday account, not just a transfer app. If customer holdings keep rising, that is a durable foundation for cross-sell and interest income.
Bottom line for shareholders
This is a strong update. Wise is growing fast where it counts – customers, volumes and usage – while broadening income sources beyond transfers. Pricing remains sharp, and the company is still guiding for margins near the top of its target range.
The imminent Nasdaq listing is the next catalyst. If execution stays on track and engagement deepens, Wise looks well positioned to keep compounding from here. As ever, keep an eye on take rate trends and the evolving interest income mix, but the momentum through Q4 is hard to fault.
