Wise H2 2025 Earnings Report

Wise EPS Results

• Actual EPS: GBX 40.37
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Wise Revenue Results

• Actual Revenue: N/A
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Wise Announcement Details

• Quarter: H2 2025
• Date: 6/5/2025
• Time: Before Market Opens
• Conference Call Date: Thursday, June 5, 2025
• Conference Call Time: 4:30AM ET

Wise (LON:WISE) provides cross-border and domestic financial services for personal and business customers in the United Kingdom, rest of Europe, the Asia-Pacific, North America, and internationally. Its product portfolio includes international money transfer, wise account, international debit card, amount transfer, receive money, wise platform, business debit card, and mass payment services. The company was formerly known as 456 Newco plc and changed its name to Wise plc in June 2021. Wise plc was founded in 2010 and is based in London, the United Kingdom.

Wise H2 2025 Earnings Call Transcript

Key Takeaways

• Infrastructure and market share: Wise now moves £145 billion annually with about 5% share of the £3 trillion personal cross-border market and is building against a £32 trillion total market opportunity.
• Customer and volume growth: Active customers rose 21% to 15.6 million and cross-border volume climbed 23% to £145 billion, while customer holdings jumped 33% to £21.6 billion, driving 19% income growth to £1.4 billion and 17% profit growth.
• Pricing leadership: Wise reduced its take rate to 53 basis points in Q4, reflecting ongoing fee cuts to share scale benefits, improve affordability and maintain faster, cheaper payments than banks.
• Product and platform expansion: Key integrations are live in the Philippines, with Japan’s Zengen and Brazil’s PIX underway, plus QuickPay invoicing features and new bank partners (Itau, Raiffeisen) boosting the Wise Platform.
• US primary listing proposal: Wise plans a US primary listing to increase liquidity, broaden investor access and raise its profile in the largest market, while retaining its UK listing.

Presentation

[Martin Adams, Senior Director of Finance at Wise]

Thank you very much for joining us today both in the room and online for our FY twenty five results presentation. We have some slides that have been produced that will be presented to you by our CEO and Co Founder, Christo Carmen, followed by Emmanuel Thomasson, our CFO. We'll then move into Q and A and I'll give I'll explain the process for Q and A once we get there, but we'll start in the room before moving over onto Zoom. So without further ado, it's my pleasure to introduce Christo.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

Say that again? Thanks for having me. For having me. It feels like we're doing this every every other week now. We just had the owners day only only a month ago.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

I would love to find a clicker so that I can can move on the slides. It's coming. Thank you so much. So great to see you again, and I'm happy to cover now as a kind of the full scope of the financial year that we that we that we just finished. We did give you a lot of preview already on on that during the owners day, so a lot of the numbers are probably familiar to you.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

We also added another announcement to our to our earnings release this morning, so I'll come back to that towards the end. So I'll hold tight. But I'll start with actually, before we get into numbers, the reminder of why are we why do we even exist? Why are we why are we doing what we're doing? It's because we believe that money should work without borders.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

It should work the same internationally as it works at home. But there's still huge amount of friction and stress when people and businesses move across borders or try to do business across borders. So we will remind today about how our infrastructure and products are addressing this problem and cover the progress that we've made. But first, I'll keep reminding ourselves that we are very early in our journey. We estimate individuals move about 3,000,000,000,000 a year across borders.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

We have about 5% share of that. At small businesses, that's another £14,000,000,000,000, and our market share there is is even more in the beginning. And and now adding the adding the the scope of enterprise and corporates, you you can get to £32,000,000,000,000, which not all of it was in scope of our direct apps. But as we started bringing more and more volumes into Y's platform, actually, the infrastructure we're building is to serve this entire 32,000,000,000,000 market. So while today we already move around hundred and 45,000,000,000 a year, and we're building this network to move trillions.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

So let me take you through some of the the highlights of this year. It's across different parts of our product and and the service. So starting with the with the infrastructure, we we brought live the integrations into the the two payment systems in Philippines. Actually, even before that, from official numbers, we estimate that we deliver 12% of all the money that is going to Philippines in the world for people. The engineering work is still ongoing on Zengen in Japan and PIX in Brazil.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

And by the way, as a reminder, by the central bank statistics, we're already by far the largest institution moving money in and out of Brazil by transaction count. So we already have a huge head start or we built up a head start in Brazil. Now we're linking much deeper into their payment systems. Wise account, it got better for Australians who can now switch their interest for their Australian dollars and US dollar holdings. We rolled out the international account for people and businesses in The Philippines.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

There's a lot of features that we've added globally to the to the Wise account to make it a better place to hold. You'll see from the numbers shortly that this is starting to make difference in terms of the customer holdings. On features specifically for our business customers, we're actually addressing the most important task for any business owner. This is getting paid, and in our case, getting paid internationally. So we already talked about invoicing, I think, one of the half years.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

And we observed that 25% of the businesses who are using Wise to get paid, they're actually getting paid by other Wise customers. So that's why we built QuickPay. So QuickPay is where businesses can get paid online with cards, but they can also get paid with QR codes by other Wise customers. So that's enhancing the Wise to Wise transfers that are super cheap and fast and probably the best best way of moving money from one place to another. It was a strong year for Wise Platform.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

You heard this on on owners day. We've added more logos since then. We included Itau, the largest bank in in Latin America, and and Raiffeisen. And and much of what we've been talking about through this year of all the launches, all the developments, all the investments we've made, they will have a compounding impact on financials for many years to come, very little on this financial year. So when we start looking at the numbers, start looking at the financials, we will be looking at how our previous year's investments are now playing through and bringing us growth.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

So let's see how these are performing. When we start with active customers, last year alone, we served 15,600,000 people and businesses who made cross currency transaction. This was 21% more than the year before and 2.6 times since we listed on the exchange. The similar rate of growth is visible in terms of cross border volume. We moved 54 hundred and 45,000,000,000 volume, again, a 23 growth.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

And and when we look at the holdings, so people and businesses keeping money on their wise account, then this has really grown substantially, 33% only last year and at least £21,600,000,000. It's also a big testament in how the Wise account is is starting to get traction. So growth in customers' volumes and holdings, they all increase the return for our owners. Underlying income, 19% in financial year 2025, reaching 1,400,000,000.0, which is 3.2 times the amount that we generated in f y twenty one. Underlying profit before tax increased 17%, and our reported profit, including all of the interest income, was also 17% higher, so reaching now the other side of half a billion.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

So as we move on towards our goal, moving trillions, we will continue to create more and more value for our owners. But how do we get to that? How do we get to trillions? We will do this through the products that our customers love, and we'll do it profitably. But it starts with infrastructure.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

So coming back to that. As more and more people and businesses move and hold money with Wise, our networks is greater flows. Greater flows, we see economies of scale lead to better outcomes for everyone who use Wise network, people, businesses, now banks. And this, again, brings more users to Wise just because the service and the scale is so much better. And we get more of the share of the 32% $3,032,000,000,000,000 pounds that is already moving across borders.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

And all of these effects are really powered by this infrastructure that we're talking about. This is something that we built from scratch to replace the outdated correspondent banking networks that hadn't been fit for decades already. So our infrastructure is also the reason why payments on Wise are so much faster and served at a lower prices than any comp competitor can really match sustainably. So this strategy of continuously lowering our fees makes it harder for anyone to compete, and it will underwrite the long term success and growth of ours. So by the last quarter ending March 31, we brought out take rate to just 53 basis point, 0.53%.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

This is in comparison with what people and businesses are charged when they use their bank. This is already so much ahead. More and more payments are also going faster. So now 65% of all the transactions that move from one country to another arrive in less than 20% less than twenty seconds at the with the receiver with the recipient. So it's all these smart investments in the infrastructure, in our technology, in our marketing, the the products that will be driving the the growth for years to come.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

So we looked at how the previous ones are doing, and we'll we'll hear more later. So as a reminder, our this infrastructure that I just covered again and the fundamentals that you're seeing, this reaches our customers through the products that we build and through the experiences that we create in our service. We started with simple transfer products. We remain absolutely focused on on providing the best way to move money from one country to another. But we now serve huge amount of people and businesses through the Wise account.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

Our customers wanted to get paid internationally. They wanted to hold money on interest and spend without the hidden FX fees. And while it's in the very beginnings, we're already seeing some of the world's largest banks operate through Wise platform. So while we're onboarding more than a million people a quarter to Wise directly, to our apps directly, the vast majority of cross border volume that we looked at this 32,000,000,000,000 TAM is with retail banks, and the largest leverage to our infrastructure will be serving this volume through the banks, through Wise platform. And we get often asked why large banks use Wise.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

So first, cross border payments are really hard. They're very efficient. They rely on this outdated, underinvested infrastructure that the banks banks are operating on. They're slow. They're paid.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

They operate very manually, and it's expensive for banks. If it's expensive for banks, the banks have to charge it on to their customers. Prices are therefore high, although they try to hide it. And in addition to poor experience, the end users are then hit with these high costs. So many of the customers that of of retail banks are taking their international business to faster challengers or or other faster banks who who move faster on this, or sometimes to specialists like us or other challenger banks.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

But Wise Platform is a fantastic solution for banks for them to get ahead of their competition and give their customers a reason to stay in the bank's ecosystem. So that's why we see every quarter the network of our banks on this chart expanding. Last month alone, we added Itau and Raiffeisen on this map. The logo should be probably much larger here, but it's it's pretty good. With that, I gave you a bit of a reminder of of how we think about Wise as a as an operation from the infrastructure through to the product.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

And now the important part is financial. So how do we do this sustainably? Because what we're doing is is pretty exciting. And I'll hand it over to Emmanuel, our CFO, to cover.

[Emmanuel Thomassin, CFO & Director at Wise]

Well, thank you, Christo. Good morning, everyone. Yeah. 2025 was another exceptional year of growth driven by our commitment to our mission. And today, I like to work through through, the numbers and also the story behind it.

[Emmanuel Thomassin, CFO & Director at Wise]

So, obviously, we are very pleased with the year 2025 with our performance during the year. We saw a preview of these numbers, during our Honest Day, you know, in April, a few weeks from now. And during my presentation today, I will cover the different drivers, but also, the stories behind our performance. In 2025, we continue to see a double digit growth in both customers and volume, but also we saw a significant increase in customers' balance, and we also delivered very strong margins. So I now like to cover, the key drivers, behind this strong performance, and we start with our customers.

[Emmanuel Thomassin, CFO & Director at Wise]

In 2025, active customers increased by 21% year on year, with now customers experiencing the ease, the transparency, but also the affordability of Wise. And word-of-mouth remain the main customer acquisition channel, with over 70% of customers' growth coming from this channel. So this is the evidence that AHAAN product convinced and continued to have a great impact on people's life, and that continued to build our evangelical customer base. On the mixed, the active customer growth was mainly driven by an increase of 22% in personal customers and which increased from 12,000,000 to 15,000,000 last year. The business active customers increased by 11% last year from over 600,000 to nearly 700,000 active business customers, and we are pleased with this recovery because of this customer group following an onboarding pause in the second half of twenty twenty four as you surely remember.

[Emmanuel Thomassin, CFO & Director at Wise]

So now moving to our cross border volume. Clearly, the customer growth was the main driver behind our cross border volume of 22% last year. And we believe that price remain the main reason why customer choose Wise, which was also, pretty evident during the second half of the year. In particular, our price change that we took from the summer made us more attractive to customers moving high volumes. This results in volume growth outpacing customer growth in the second half of twenty twenty five.

[Emmanuel Thomassin, CFO & Director at Wise]

Overall, the cross border volume increased by 23% to GBP145 billion for the full year and with growth in personal cross border of 22% and business of 24%. And the growth of the wireless platform has continued to outpace overall the volume growth. In 2025, wireless platform represents 4% of the cross border volume compared to the 3% in the previous year. So we are very excited, you know, about the long term prospect of Quest platform as we continue to ramp up, their announced partnership and have new partners to the platform. Christo just mentioned that, you know, the newcomers over the past weeks with Raiffeisen Bank and Itau.

[Emmanuel Thomassin, CFO & Director at Wise]

So now I'd like to move to a different element of our underlying income starting with the cross border revenue. Our cross border revenue grew by 6% versus last year to GBP $840,000,000. And while the growth rate reflects our price reductions, it also underscore our commitment to making Wise more accessible for everyone as we will see on the next slide. We closed the year with a cross border rate of 53 basis points compared to in Q4 twenty twenty five, a reduction of 14 basis points compared to the same quarter in 2024. And this reflects the price adjustments that we had from Q2 twenty twenty five onwards as well as the impact of current mix and an increase of high volume customers.

[Emmanuel Thomassin, CFO & Director at Wise]

For the full year, the cross border take rate was about 58% basis point. And going forward, we expect to continue to investing in gradual, but also sustainable price reductions as we continue to share the benefit of the economy of scale to the customers. We have also continued to see an increase, in the adoption of Wise account, which drive also higher retention, with their broader use of our products. In last year in 2025, over 3,500,000 people start to use the Wise account. And we've also seen a strong growth from card only customers, which represent around onefive of our active customers based in Q4 twenty twenty five.

[Emmanuel Thomassin, CFO & Director at Wise]

So as a result of these factors, card and other revenues increased to by 45% year on year last year in 2025, and we saw an increase of 31% in card revenue to GBP $220,000,000 and seventy one percent growth in other revenue to GBP 152,000,000, out of which nearly 10% was coming from our asset product. This increased adoption of the Wise account is also driving an increase in customer holdings. In 2025, we saw an increase of 33% year on year in customer holdings to GBP 21,500,000,000.0 and this includes GBP 17,000,000 sorry from customer holding balance in the Wise account and GBP 4,500,000,000.0 in assets under management. We have seen a 55% increase in assets under management as the increased numbers of customers now benefit from our Wise Asset product today. And through Wise Asset, our customers can earn interest on their balance by investing their money in a money market fund.

[Emmanuel Thomassin, CFO & Director at Wise]

Wise Asset is now live in Singapore, in Australia, in Europe, including The UK, where we come directly tie the interest to our customers as you surely know. Overall, our underlying income increased by 16% to GBP 1,400,000,000.0, mainly driven growth by the Personal segment, as I mentioned before, by 18%. This growth in the Wise account has allowed us to further diversify our underlying income with 38% of underlying income now coming from card and also underlying interest income. So now I'd like to move through our cost structure and profitability. In 2025, cost of sales increased by 5%, which is significantly lower than compared to the underlying income growth of 16%.

[Emmanuel Thomassin, CFO & Director at Wise]

And this allows us to grow the underlying gross profit by 20% and expand our margin to 75 for the full year. And this was mainly a result of banking and customer related fees increasing by only 4% last year as we continue to enhance our infrastructure through direct integration, we'll talk about this, into domestic payment systems. And also alongside, well, we optimize our cost and are becoming more and more efficient. The administrative expense increased by 25% last year to EUR $769,000,000 as we continue to invest into the business and also providing a better experience for our customers. Our strong growth alongside our reluctance focus on driving cost efficiencies deliver a profit before tax of £282,000,000 an increase of 17% compared to the year before.

[Emmanuel Thomassin, CFO & Director at Wise]

And our underlying VPT margin was at 21%, which was flat year on year as we continue to invest in our business. And while this margin remained above our mid term target of 13% to 16%, we expect our investments into building the business and also sharing our economy of scale with our customers through pricing to narrow the gap. So I shared this slide with you at the Analyst Day in April, and I'd like to cover this again, how the efficiency that we generate and the growth driving is driving investment into the business truly generate a virtuous cycle. So while we may start with a targeting underlying BPTE margin of 13% to 16%, as you know, we see our margins grow our previous investments and also the relentless cost focus drive by efficiencies. And we can then reinvest this additional generate margin back into the business, into enhancing the and building the products, creating an even more powerful infrastructure, building the brand of Wise, through marketing, increased marketing investments, also efficient, effective services, and last but not least, sharing the efficiency, with customers through lower prices.

[Emmanuel Thomassin, CFO & Director at Wise]

These investments drive our margin back to the 13% to 16% mid term target range again ahead of the next investment cycle. So our focus is making sure that we can reinvest as quickly ahead at the substantial opportunities of the €32,000,000,000,000 that we mentioned before stand before us. So now let's take a look at how we invest. In 2025, we have increased of nearly 50% in non employee related expense to £356,000,000 and this include third party costs, including outsourced servicing, adviser spend, but also marketing and tech infrastructure costs. And our spend in employees' benefit increased by 9% to GBP $413,000,000.

[Emmanuel Thomassin, CFO & Director at Wise]

So let's dive into the detail. The increase I've just mentioned in employees benefit of 9% was driven by the headcount growth that we saw last year, as we were joining by new joiners of around 1,000 new wine search joiners last year. We also increased our investments in marketing last year as we increased our spend in brand awareness marketing with existing campaign in Australia and most recently in Canada. We also diversified our marketing channels with an increased presence on TikTok and also on Reddit. And we also complement the work with our team with 3P creative agencies to deliver targeted campaign driving brand awareness and considerations.

[Emmanuel Thomassin, CFO & Director at Wise]

We also increased our spend in product development during the year as we invest in improving our product to better serve our customers and deepen our moat through continuous investments into our infrastructure and also our tech stack. And our technology spend increased broadly in line with the volume growth and this is linked with the data storage capacities due to the volume and the trade in. So we also invest in our servicing function to service a larger customer base, whilst we are still driving efficiency by increasing automation and reducing customer contacts. This includes the use of outsourced providers, enabling us to meet demand, high quality and also cost efficiency manner. And finally, we also continue to invest in other functions.

[Emmanuel Thomassin, CFO & Director at Wise]

So now moving to the reported BPT in the full year 2025, we generate GBP444 million in interest above the first one percent yield. And as a reminder, as part of our interest income framework, we seek to keep the first twenty percent of this and distribute the remaining 80% back to the customers. And in full year 2025, we returned GBP 161,000,000 to the customers out of the GBP $355,000,000 target. Our reported BPT in the full year 2025 was GBP $565,000,000. This is an increase of 17% year on year.

[Emmanuel Thomassin, CFO & Director at Wise]

And following our income tax expense, our profit after tax was GBP $416,000,000. So this market massive op market opportunity and also the cycle that I just covered is what underpins our midterm guidance and I'm very proud of our progress year to date. Our growth on growth we expect to deliver on the 15% to 20% CAGR underlying income growth in the midterm, driven by the mix of customer growth as well as growth of our products and also reduction in price. We still expect to deliver on the 13% to 16% underlying BPT margin in the midterm, with the margin around the top of the range as we announced also at Honest Day in 2026. So before passing back to Christo, I'd like to provide an update on our capital allocation.

[Emmanuel Thomassin, CFO & Director at Wise]

And first, I'd like to cover our strong level of cash. We maintain a strong capital and cash position to ensure resilience, but also flexibility and to meet also the requirements of our regulators. And we announced it also in Honest Day, Duarte received an investments grade rating of BBB by both agency S and P and Fitch, which will allow us to optimize our working capital. Secondly, on return of capital, we announced it also at Honest Day, we announced a share repurchase program of incremental 25,000,000 shares into our employee benefit trust to fund historic options. And this we started in early the full year 2026.

[Emmanuel Thomassin, CFO & Director at Wise]

And for this program, we have already repurchased 4,100,000.0 shares at an average price of £9.5 So as I mentioned in April, this is a first step we're talking to return capital to owners, and it doesn't exclude any additional future returns. And with that, I'd like to pass back to Christo for closing remarks.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

Thank you. Thank you. Thank you, Emmanuel. I just have some final comments before we move into the QA, And I'll kind of summarize with with a few few thoughts on this. So all of the the good news so Emmanuel's given us quite quite a lot of good news of how well we're doing.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

We're not in this position by accident. So it is a result of over a decade now of taking the hard options over the easy ones or for building infrastructure over gimmicks, the results of avoiding distractions, embracing local laws and regulations, financial prudence, and steady prioritization of customer outcomes. And this didn't come overnight. It's rather over the long term and through us maintaining our focus on this mission. So the next ten years, they're not gonna be easier.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

They're they will demand no less discipline for different parts of our organization and and us adhering to these principles. So as we think of these next ten years of growth, as announced this morning, we are proposing to do a list of our shares, adding a primary listing in The US. We're excited this proposal. Believe it will bring significant benefits to owners our to our owners, actually, down the line to our customers. Our stock will be much more liquid, giving our owners flexibility, giving access to people who people and funds who didn't have access today.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

And it also strategically lifts our profile in The US, gives us greater access to the growth opportunities that we see there, especially our kind of single out wise platform and and the business space. But we are committing to The UK. We're retaining our UK listing. This is where we're founded. It's a source of really smart people, and we just we just really opened this office.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

So we are thinking of this move as additive. So we're adding a listing to The US. We're expanding our owner base. We're improving liquidity for our our shareholders, but we don't wanna make anything worse for our UK Shareholders who are based here. So we are, I think, a company like no other in recent history where we set foundations to eventually fix how money works across borders, both for people, for businesses, and now for banks.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

We are very focused on becoming the network for the for the world's money. And we talked about how we're moving or we've moved hundred and 45,000,000,000 this year, but we're on the way to move trillions. We have made great progress so far, but the path to get there is pretty clear, pretty exciting ahead of us. So that was all I wanted to share today, but we are open to questions. I think, Martin, you'll have to help us here. Thank you very much, everyone, for coming in.

[Martin Adams, Senior Director of Finance at Wise]

Thanks, Christo. Yes. So for q and a, we'll start in the room, then we'll take few questions from Zoom. So if I could ask you to raise your hand. When you receive the mic, please do introduce yourself and your company, ask your question and then hand back the mic.

[Martin Adams, Senior Director of Finance at Wise]

So if we just start here with Pavan. Thank you.

[Pavan Daswani, Equity Analyst at Citi]

Thanks. Pavan Deswani here from Citi. Thanks for taking my questions. I've got a couple. Firstly, could you maybe expand on your comments about the growth opportunities for The U.

[Pavan Daswani, Equity Analyst at Citi]

S. Listing? You particularly called out platforms in particular. And does it also help with the conversations with regulators in terms of direct connections possibly in The U. S?

[Pavan Daswani, Equity Analyst at Citi]

And then secondly, we're two thirds of the way through Q1. Obviously, quite seen quite a lot of volatility in the markets. Could you maybe touch on some of the trends so far in Q1?

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

I'll start with the first one and pass over to Emmanuel. We're thinking about these listing updates very much in the long term, so in the next ten years. And the the the the strategic impact, we expect to be soft and indirect. So there's no one thing that we can can't do today and we can do then. But it we expect this to raise our profile in the largest market of the world.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

And where our opportunity is is enormous. Already, I'll I'll skip the stats, but a a vast amount of our volumes touch the US dollar as as on one on one leg or one currency. So it is important for us to operate in in The US. It's a big part of our business already. So but I'll I'll lead the second part to Emmanuel.

[Emmanuel Thomassin, CFO & Director at Wise]

Yeah. There I mean, like, maybe to add to that, there are 4,000 banks in The US for the Wise platform. This is a massive opportunity, and we think that it will also increase our brand awareness. That's one of the aspects. Concerning the business, I mean, like, the, you know, the announcement on the certain announcements from coming from The US had an impact on on, you know, the the volume trades.

[Emmanuel Thomassin, CFO & Director at Wise]

We saw, like, your on the overall perspective. So if you look at the month of April in May, they are completely in line with what we saw the months before. Within the months, you have some fluctuations. We had some upward loaded volumes in the first two weeks of April, decelerating for the second for the last two weeks of the month. But overall, as I said, it was completely in line with what we saw the months before.

[Emmanuel Thomassin, CFO & Director at Wise]

Obviously, we we're monitoring what's happening and what kind of decisions would be made further on top of tariffs. It seems like it's cooling down a bit. And I should add, like, you know, we're not probably not so exposed compared to other players. I mean, like, you know, we're not exposed especially especially for one country. Like, I would mention, for example, China, where we don't have a massive exposure to one specific country.

[Emmanuel Thomassin, CFO & Director at Wise]

I think, the portfolio, the footprint that we have is almost natural age. So, yes, acceleration of their of the activities, the first two weeks of April over all the months was completely in line with what we saw before. And so far, also, the first two months are in line with with what we saw the the first quarter of twenty twenty five.

[Martin Adams, Senior Director of Finance at Wise]

Okay. Thank you. We'll go to the front here to Justin, please. Thank you.

[Justin Forsythe, Equity Research at UBS Group]

Awesome. Thank you very much. This is Justin Forsyth of UBS. Good to be here. So couple questions from me.

[Justin Forsythe, Equity Research at UBS Group]

Wise platform, wanted to touch on that. Obviously, some really nice wins, including Rafaisan, Itau. Maybe you just talk a little bit more detailed about the rollout and the phasing. And, specifically, I mean, is this a repeatable process? Or because of the size of these organizations, is there any sort of bespoke services type of work that you have to do to implement the the solution set there?

[Justin Forsythe, Equity Research at UBS Group]

And how long I know it's gonna vary depending on the partner there, but how long should we expect those rollouts to take? Is this three, four, five year journeys, and can they pick, you know, certain currencies? Like, how are you thinking about that? I know we've maybe spoke about it in the past, but it's, you know, six months since standard charter. Maybe we could have a little bit of an update there.

[Justin Forsythe, Equity Research at UBS Group]

And then I wanted to ask about, the merchant acquiring proposition, the payment links. So maybe you just talk a little bit more broadly about your go forward aspirations because I think this is just a starting point. Maybe there's opportunity to do more stuff with an ecommerce and just how it works, including with the QR code. And are are you ultimately the payment processor? Are you leveraging any partners to execute those transactions on the back end and how you view more broadly the payment processing proposition going forward.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

Okay. I can we'll try to probably split the first one with Emmanuel. You're right. We we've covered the the the pro progress. So these it's almost I I would I would color it in the way that this 2025 was a great year because we revealed a set of large logos and high profile banks that that we've been working with.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

But, of course, it's been a it's been years in the making to get to that stage, and it's gonna be years as we ramp up different volumes. Emmanuel has a has shared a little bit on a kind of a grander scale of of how how do you think of Wise profile as a as a as a whole as a whole? Probably unlikely to be able to comment on individual volumes of clients, but

[Emmanuel Thomassin, CFO & Director at Wise]

maybe You know, you remember probably at Honest Day, we said, like, we're around three to 4% today of the revenues, and midterm is going to be 10%. Long term, we we foresee, you 50% of the revenues coming from the platform.

[Justin Forsythe, Equity Research at UBS Group]

Of revenues.

[Emmanuel Thomassin, CFO & Director at Wise]

Of revenues. Yeah. So we we stick to that. In terms of, you know, acquisition or the the I don't know if you're you know, the the part of it was also the timeline. So Yeah.

[Emmanuel Thomassin, CFO & Director at Wise]

As Christos said, the acquisition takes some times. Having said that, obviously, announcing this kind of big wins increased the inbound calls, and we we are pretty optimistic for the years to come on the platform. But the ramp up after designing took some times. Usually, we start with one product, one route specifically, and then we increase the volume as time come.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

Answering your question on this 20,000 banks in the world, it has to be a repeatable process to to an extent, but with with any kind of enterprise sales, it's it's a process.

[Justin Forsythe, Equity Research at UBS Group]

Thank you.

[Emmanuel Thomassin, CFO & Director at Wise]

There were a second part.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

Second part. Second part was the pure well, the the payment payments.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

So, indeed, our maybe I'll I'll start with the where where the sweet spot is for for our business customers. So where we serve our business customers today are the ones who don't get paid, like, hundred times a day. So there's very different solutions for those for those businesses. There's even different solutions for businesses that get paid ten, twenty times a day. But those who don't get paid, like, multiple times a day, so if you're a contractor, if you're, you know, selling more occasionally, that's where we can help.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

And especially when you do it internationally. Again, domestically, a lot of these solutions are are quite advanced and quite well well set up. But if you do this internationally, the the the the main reason, like with our individual customers' businesses, really hate being really hate discovering that whoever the service provider is, they they managed to take an FX markup, and, you know, there's a 2% tax or 3% So that's what they don't love. We have a transparent solution for them, but it is geared towards less frequent, less less frequency payments. I don't know if that

[Justin Forsythe, Equity Research at UBS Group]

helps the the the partnering with anybody, or is this, like, full full stack wise solution?

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

We are partnering across across as we should we should be. So that within our stack, of course, we try to to to to use others as well. But especially these wise to wise payments, they're completely on our stack. That there's nothing there's nothing there. But then, you know, financial services are very integrated, so the integration is actually power rather than a downside.

[Martin Adams, Senior Director of Finance at Wise]

Yeah. Thanks. Just to Alex. Thanks a lot.

[Alex Short, Equity Analyst (TMT) - Vice President at Berenberg]

Thanks. Alex Short from Berenberg. I noticed in the results you reference that you've reference that you've entered into an insurance safeguarding policy for 520,000,000. My understanding, correct me if I'm wrong, is that that will allow you to use customer funds as working capital. Is that the case?

[Alex Short, Equity Analyst (TMT) - Vice President at Berenberg]

And what's the rationale behind that? Is there gonna be any material impact on direct costs? And could you or should we expect that 520,000,000 to grow over time? It's obviously quite a large amount relative to your post capital requirement corporate cash balance.

[Emmanuel Thomassin, CFO & Director at Wise]

So when you refer to the safeguarding insurance, it's part of we have it already. Right? And this is part of the overall strategy for safeguarding. Did we continue? I mean, like, we will we are prolonging this to safeguarding, and over time, we aim to to increase it.

[Emmanuel Thomassin, CFO & Director at Wise]

But this is part of the overall strategy of safeguarding.

[Alex Short, Equity Analyst (TMT) - Vice President at Berenberg]

Okay. And just one more. I noticed that h two revenue performance in North America was a little bit softer. Could you just elaborate on the underlying reasons behind that?

[Emmanuel Thomassin, CFO & Director at Wise]

America? I mean, like, you're on the you mean, like, from The Americas or the US dollar?

[Alex Short, Equity Analyst (TMT) - Vice President at Berenberg]

North America, the the geographic revenue disclosure that you provide.

[Emmanuel Thomassin, CFO & Director at Wise]

That's I mean, like, I'm over can't answer this question, actually. Sorry.

[Martin Adams, Senior Director of Finance at Wise]

Thanks, Alex. Would you mind just passing it to Andrew?

[Andrew Hollingworth, Founder and Portfolio Manager at Holland Advisors]

Thank you. Andrew Hollingworth from Holling Advisers. Just a few questions, if I may. You you talk about strategically sort of lowering fees, but obviously, this year was a big step down and then the previous years was not so many steps, albeit that I think you'd spoken about wanting to be reducing fees. So have we sort of got to an inflection point you think now whereby sort of operational gearing the business means that you're just gonna be continually lowering lowering some years more, some years less, but it's the trajectory is now consistently down.

[Andrew Hollingworth, Founder and Portfolio Manager at Holland Advisors]

That's just a simple sort of yes or no question, I suppose.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

I'll make it a bit broader. So I think Please do. Historically, it has always it always been. It just has in the middle, there were a few years where it wasn't down that much down that much. So I think it will vary.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

It will depend on economics and our scale effects. So yes is the short answer, but if you look at over the years, it's it's just there's varying. It's not a it's not a now being different.

[Andrew Hollingworth, Founder and Portfolio Manager at Holland Advisors]

Okay. Great. Thank you. And then just two other ones that's perhaps perhaps a bit more expensive. The Investor Day, a lot of people ask questions about the network and about sort of new products into larger corporates and all the rest of it.

[Andrew Hollingworth, Founder and Portfolio Manager at Holland Advisors]

I run a small business, and for me, the products you offer for a small business in terms of cross currency invoicing are just fantastic and to save a fortune. So it feels to me like there's a massive, massive potential in SMBs. But your sort of growth rate in those in that sort of segment is never quite what we want it to be because of all the onboarding and all the rest of it. So having got through that, what how do you feel about that sort of segment in three, four, five, ten years from now? Do you think it could be a massive business, or is there always gonna be an onboarding step changes that we're gonna have problems with?

[Emmanuel Thomassin, CFO & Director at Wise]

No. You're right. This is a massive opportunity. I mean, because also the this we have a beautiful cohorts with this, SMEs. They are usually very sticky, but the acquisition time is obviously take longer, I mean, like, for for small businesses to be acquired.

[Emmanuel Thomassin, CFO & Director at Wise]

But this is a massive opportunity for us, and we also declare the honest day. I mean, I could on honest day, it was a part of the presentation how we focus on launching new products that are facilitating, well, your daily life with invoicing and so on and so forth. So we will continue to focus on these opportunities for sure. That's a large one.

[Andrew Hollingworth, Founder and Portfolio Manager at Holland Advisors]

Okay. So much as we've had slower growth more recently, you just I know you're not gonna give a target, but it just feels like that's a bit that should be growing a lot quicker for a lot longer at some point in time.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

For sure. We put a target on those 14,000,000,000,000 across. Okay.

[Andrew Hollingworth, Founder and Portfolio Manager at Holland Advisors]

That's That's fine. That's a negative target.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

Where it's going.

[Andrew Hollingworth, Founder and Portfolio Manager at Holland Advisors]

Okay. And then the last one, could you just just talk about, you know, some competitors, sort of sort of Revolut, a new bank, a new holdings that obviously have chosen to become banks. And by being a bank, obviously, you give me greater security about me having deposits with you and so on. So could you just talk about that decision to do that and not to do that? Because, obviously, being a bank has that feeling of being old lazy competitor, but NewBank and let's not talk about Revolut, but NewBank is no is not an old lazy competitor.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

I I can I can try and answer it? Being a bank really only gives you mostly one thing, which is the ability to lend me to lend your business' holdings to people on this side of the room. And none of our customers are really asking us for that. So you're not calling and saying, hey. I have this money here.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

You're paying interest, but I'd actually want you also to lend it to someone else. So so that's why the the banking as like, lending deposits is not really that that relevant for us. Of course, because you would be taking, as a customer, huge amount of risk of holding your money with us if we were to lend your deposits. Therefore, this concept of deposit insurance is devised to give you comfort that you should do something as reckless as as giving us your money and and us lending it. Of course, if we're not lending your money, you don't need the deposit insurance.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

So I agree with you that most people won't, you know, won't wanna think about us. They then then there is a there is a this aura of security that comes with with banks. But instead, if your business is registered in The UK, what you can do is switch on interest. And with that, you'll be getting pretty much you'll you'll, a, getting government guarantee on your holdings because all the holdings are in assets that are either issued by the government or or or guaranteed by the government. And you get an interest that is not far from what Bank of England would be paying would be paying on on on bank's deposits.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

So with assets, you actually get the best part of the both both worlds. You get much more interest than you would get from the bank, and you get the security across all of your holdings, not only the the chunk of it. And that's why you also see the the assets part of the holdings, you know, growing pretty fast because this proposition is actually better than any bank can offer.

[Emmanuel Thomassin, CFO & Director at Wise]

Again, mean, revenues can play the bank security card in terms of the deposits of security. If you got messages that you can give your customers that just say, look, you haven't got the £85,000 security, but you've got so much other security. That's what I'm trying to get at is how do you get to public people that happy to have big sums with you?

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

I think when we look at the distribution of how big sums people have with us, you'll be surprised how how large these numbers are. So it's already happening a little bit, but, of course, I take your I take your comment that that that is a feature or setup that is new to the large population, and we're we're on the way of of bringing this to the market. So I think we're in the early days in this.

[Emmanuel Thomassin, CFO & Director at Wise]

I think it's also fair to say that we're not a bank, but we face obligations to, you know, safeguarding. We just touch base about it. So, basically, we we are securing the the money of our customers for sure. So, yes, one way to look at it, and that's also fascinating is, like, you could say, but, you know, the state only guaranteed to a certain level. So what happened beyond?

[Emmanuel Thomassin, CFO & Director at Wise]

Right? So, basically, it's in brackets only £85,000 and hundred thousand euros. But, basically, like, you know, some people will hold more money than this. So we have the obligation from the authorities to to to secure this money from our customers anyway.

[Martin Adams, Senior Director of Finance at Wise]

Aditya, just yet. Thanks, Scott.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

We're getting really detailed questions there during this.

[Aditya Buddhavarapu, Analyst at Bank of America]

Hey. Morning. This is Aditya from Bank of America. Just a few from my side. Firstly, just on the point around the pricing changes.

[Aditya Buddhavarapu, Analyst at Bank of America]

So you've had, you know, a couple of more direct connections, which would probably go live during FY twenty six, Brazil and Japan. So how how would that sort of reflect on your pricing changes during this year in terms of maybe timing or scope? Would that be something more gradual, or could that sort of be another step change? That's the first one. The second one is more broadly on the, US listing, which has been proposed.

[Aditya Buddhavarapu, Analyst at Bank of America]

So could you just talk about what's the requirements get add to some of The US indices once it happens? I know there's a few steps before we get there, but is there a need to incorporate, the business in The US, as such or have management I don't know. What what are the steps there to kinda get that point?

[Emmanuel Thomassin, CFO & Director at Wise]

Okay.

[Emmanuel Thomassin, CFO & Director at Wise]

I mean, we start with a second, and I'll come back to their prospect. So today, and, like, you know, we we just announced the recommendations. There's more to come. I mean, we're working on the details, so I think it's true premature to give you details today. We have a circular going out at the June, and then you would have the full detail of this.

[Emmanuel Thomassin, CFO & Director at Wise]

If you refer to basically, you know, where we are today in London, you know, one fifth of our employees, 6,000 employees, one fifth is based here. We're looking for a hundred positions. We just moved to a new office, so we don't have no plan whatsoever concerning the move to to The US. Maybe more on the financial part, which is part I covered. Yes.

[Emmanuel Thomassin, CFO & Director at Wise]

They will have some implications with the prior listing. I mean, obviously, US GAAP is one of the things. We, in the preparation and consideration with the board, the long discussion that we had, the teams have been working on the preparation already, and we know the steps that we have to follow in order to be ready for for for listing, assuming that we basically we got approval from their shareholders. On pricing, I think it's important because sometimes we forget this. I mean, we do press adjustments every month, but that's something that, you know, I think it's fair to say that, you know, we we continue to pass through the efficiencies to the customers.

[Emmanuel Thomassin, CFO & Director at Wise]

And then, you know, we that's something that we have already factored in in our guidance. So, yes, there would be price adjustments where we can. We, we are driving the business in a way that we become more efficient every single month. And, know, once we have this clear visibility, we will pass this efficiency back to the customers. So, yeah, there will be price adjustments, but, you know, the magnitude is soon to be seen.

[Aditya Buddhavarapu, Analyst at Bank of America]

Got it. And then maybe just one follow-up. You you spoken about the 2,000,000,000 of investment over the next two years Yep. Having invested 3,000,000,000 in the previous ten years. So given that sort of large runway of opportunity of 32,000,000,000,000 TAM, should we think about that investment scope beyond the next two years?

[Aditya Buddhavarapu, Analyst at Bank of America]

Because you could easily invest under 4, 5, 6. I mean, there's, you know, just capture the opportunity. So how do you think about the investment opportunity beyond this couple of years then?

[Emmanuel Thomassin, CFO & Director at Wise]

Yeah. So first, I mean, like, you know, these investments come with their a kind of return expectations. So, you know, we we we can measure I mean, we we share the 2,000,000. If we get the return that we expect or even beyond the investment, the return that we get, we might come back to you and say, look, mean, we we see an opportunity here to invest a bit further. It's too early to say.

[Emmanuel Thomassin, CFO & Director at Wise]

I mean, like, you know, we're accelerating our marketing spend as we as we said for this year. We see good returns, good year, reaction for the market. We're driving the proper funnel higher in in Australia, and we would enter other markets during the year, for the marketing. We are increasing our product and tech, headcounts. So that's that's where we start today.

[Emmanuel Thomassin, CFO & Director at Wise]

Beyond the 2,000,000,000, I mean, if the return is is good, I I think we can expect us to continue to to invest. I mean, the opportunity is so huge, you know, like you're so if the return is there for and we create value from the shareholders, we should continue to do so.

[Martin Adams, Senior Director of Finance at Wise]

That's Craig here. Thank you. And then after this question, we'll jump over to Zoom.

[Craig Mcdowell, Vice President Equity Research at JP Morgan Chase & Co]

Craig McDowell from JPMorgan. On the platform business, obviously, a lot changed in the macro since spoke to us last in April. Can you comment on whether there's been any change in the funnel of opportunities? Are you seeing prospective partners either delay or deprioritized? And similarly, on the integration of confirmed partnerships, any changed integration plans?

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

I haven't seen any impact from macro. Think we either either no or negligible on on the wise platform, I suppose. I think like banks, they like like us thinking long term, when banks talk to us, this is also a long term, pretty strategic move for them. So probably the short term movements are not not affecting them.

[Martin Adams, Senior Director of Finance at Wise]

Great. Thank you. If you are joining via Zoom and you'd like to ask a question, please raise your hand. We do have a question here from Gregoire Herman at Barclays. So over to you, Gregoire.

[Grégoire Hermann, Equity Research Analyst - Senior Associate at JPMorgan Chase]

Hi, everyone. I hope you can hear me well. A couple of questions, please. The first time would be on the timeline potentially on the on the Is there anything you can you can tell us here?

[Grégoire Hermann, Equity Research Analyst - Senior Associate at JPMorgan Chase]

I know you said on the June 26, you will circulate the the the proposal, but forwards, you said you you you're ready. So what can we expect there? Then on the platform and more specifically, RIFAS announcement, which was, I think, a couple of weeks ago, when do you expect it to be effective? And then lastly, more on recruiting, I think you said that as of March, you mentioned that you had more than 6,500 employees, which presented more than 2,000 recruits over the past three years. Should we expect that same pace of recruitment over the next three years? Thank you.

[Emmanuel Thomassin, CFO & Director at Wise]

I might start with the timeline. So, yeah, you're right. The circular should be available for the shareholders by the June with the full detail. I mean, I mentioned before the legal setup and and and other details, so that would be by the June. Then there would be, an EGM taking place or, we're seeking the approval for this consideration that would be at the July.

[Emmanuel Thomassin, CFO & Director at Wise]

And then there's a timeline, to consider their prior listing in The US. We're working full speed. As I said before, there's a financial part of it. There's also a compliance part of it. And, you know, the timeline should be, you know, around a year or so.

[Emmanuel Thomassin, CFO & Director at Wise]

We have to work and we have to file. We will have an iteration with the SEC. So that's probably that you have to keep in mind. But the next immediate steps are the circular on the June 26, we mentioned that this morning, and a vote of the of the shareholders, by the July.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

And, in terms of your, your question on, on platform and Wi Fi then, the the dynamic there is similar as as discussed before. We expect each of the customers to be like, once once announced we announce usually when we're starting to see some of their volumes or or very close to that, and then we should see each of these ramping up at their at their own pace. And I think the one to track is the overall Wise platform volume rather than the individual individual deals.

[Emmanuel Thomassin, CFO & Director at Wise]

Then you mentioned the headcounts. Yes. We've been increasing the accounts in the last three years. We ramped up their service departments or the service teams the last two years quite a bit because of the demand of customers and onboarding the customers on the private side, but also on SMEs. We also announced, if you remember, well, six months ago that we're working a lot with third party in order to also like have this flexibility and bandwidth to satisfy, you know, when we onboard more people or less.

[Emmanuel Thomassin, CFO & Director at Wise]

So that's is our full ongoing. This is also part of their expense increase last year, not related to to personal. In general, we are we are looking for recruiting in in the world, really. And like your this is true for Japan. This is true for Singapore, India that we announced.

[Emmanuel Thomassin, CFO & Director at Wise]

We build an office there. UK, I mean, like, we have more than hundred open position as of today, and The US, obviously. So, yes, we continue to recruit, probably not at the same pace in terms of certain departments in certain departments as we saw over the last two years. We're focusing on efficiency. We're focusing on automation, and artificial intelligence is obviously something that should also drive efficiencies here.

[Martin Adams, Senior Director of Finance at Wise]

Thank you. Now passing over to Alex Fohr at BNP Paribas. Over to you, Alex. You may just need to unmute on Zoom, Alex.

[Alexandre Faure, Equity Research Analyst at Exane]

Hi. Good morning. Can you hear me now?

[Martin Adams, Senior Director of Finance at Wise]

Yes. We can. Thanks.

[Alexandre Faure, Equity Research Analyst at Exane]

Apologies.

[Alexandre Faure, Equity Research Analyst at Exane]

Thank you very much, and thanks for the tip. Yeah. Couple of questions, if I may. Firstly, on the new US tax bill. In that context, how should we think of the mix between maybe discretionary transfers and and less discretionary transfers coming from your US based end users?

[Alexandre Faure, Equity Research Analyst at Exane]

And my second question is on stablecoins. Obviously, we've got the circle starting trading in a few hours now. Just wondering what exploratory work you might be doing within within why around stablecoins. And and maybe as an add on to that, how do you view potential competitors when it comes to cross border payouts, maybe technology from Bridge and BDNK and and the like? Thank you very much.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

I Yeah. Well, we can try to to answer. So your your question was about the proposed US transaction tax. We don't really have a position on this. Of course, the country can tax their how they how how they they want.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

But we don't particularly expect a substantial exposure to our financials. I think that's that's that's that we would have said if we if we expected that. I think I think that's let's see let's see what happens there. I would I would I would encourage the on the other topic, unstable coins, interesting interesting to watch. What are they gonna be the use cases?

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

It's hard to see how the it's hard to see that the kind of the general use cases of how people use money across the world, the the local as long as the local currencies are being used, I think it's hard to see these technologies competing with with the infrastructure that we've built up, but but also kinda reserve the reserve the opinion there.

[Alexandre Faure, Equity Research Analyst at Exane]

Got it. Thank you.

[Martin Adams, Senior Director of Finance at Wise]

That's great. So we don't have any further questions on Zoom. So at that point, we shall conclude today's presentation and Q and A and I thank you very much for joining us this morning. Thank you.

[Kristo Käärmann, Co-Founder, CEO & Director at Wise]

Thank you so much. Thanks everyone.

[Emmanuel Thomassin, CFO & Director at Wise]

Thank you.

Participants

Executives

• Martin Adams, Senior Director of Finance
• Kristo Käärmann, Co-Founder, CEO & Director
• Emmanuel Thomassin, CFO & Director

Analysts

• Pavan Daswani, Equity Analyst at Citi
• Justin Forsythe, Equity Research at UBS Group
• Alex Short, Equity Analyst (TMT) - Vice President at Berenberg
• Andrew Hollingworth, Founder and Portfolio Manager at Holland Advisors
• Aditya Buddhavarapu, Analyst at Bank of America
• Craig Mcdowell, Vice President Equity Research at JP Morgan Chase & Co
• Grégoire Hermann, Equity Research Analyst - Senior Associate at JPMorgan Chase
• Alexandre Faure, Equity Research Analyst at Exane