Wise's FY25, the £1.4 Billion Year: How 'Money Without Borders' is Becoming a Trillion-Pound Juggernaut
With surging customer numbers, a 17% jump in profits, and a bold plan for a US dual listing, Wise's FY2025 results reveal a company firing on all cylinders and laser-focused on capturing £32T
In the world of finance, it's rare to see a company so relentlessly focused on a single mission that it rewrites the rules of an entire industry. For Wise, the fiscal year ending in March 2025 was another chapter in its story of doing just that. The company, born from a simple idea that "money should work without borders", delivered a powerful combination of customer growth, increased profitability, and a bold strategic announcement that signals its ambitions are only getting bigger.
Wise is no longer just a handy tool for travelers and expats; it's building the foundational infrastructure for the future of global finance. While it already moves an impressive £145.2 billion annually, its true aim is to handle trillions. The latest results show that this isn't just a lofty goal—it's a calculated plan in motion, fueled by a unique business model that turns lower prices for customers into a competitive advantage.
The Scorecard: A Look at the Numbers
Wise's performance in FY2025 demonstrates a business firing on all cylinders. The growth wasn't just incremental; it was substantial and seen across all key areas of the business.
A Growing Global Family: Wise served 15.6 million active customers in the last year, a 21% jump from the year prior. This growth was driven by a 22% increase in personal customers and an 11% rise in business customers, who are returning to the platform after a previous onboarding pause was lifted.
The Volume Dial Turned Up: Customers moved an impressive £145.2 billion across borders using Wise, a 23% increase year-over-year. This growth in volume outpaced customer growth in the latter half of the year, a sign that recent price reductions are successfully attracting higher-volume customers.
A Fortress of Trust: Perhaps the most telling metric is the amount of money customers now hold in their Wise accounts. This figure surged by 33% to £21.5 billion. This includes £17.1 billion in cash balances and a rapidly growing £4.5 billion in 'Assets', where customers can earn a return. This shows that customers are increasingly using Wise not just for transfers, but as a primary international account.
Strong and Profitable Growth: This customer activity translated directly to the bottom line.
Underlying Income (a key measure of retained revenue) grew 16% to £1.4 billion.
Reported Profit Before Tax rose 17% to £565 million.
Underlying Profit Before Tax, which the company uses to measure core performance, also increased by 17% to £282 million, yielding a healthy 21% margin.
The Engine Room: What's Driving the Growth?
This impressive performance isn't an accident. It's the result of what the company calls a "virtuous cycle": a disciplined, long-term strategy of investing in its own infrastructure, which creates efficiencies that are passed on to customers through lower fees and faster speeds. This superior experience attracts more customers and volume, which in turn generates more scale and capacity for further investment.
Building a Better Network: Wise is methodically replacing the old, slow, and expensive correspondent banking system. It is now directly connected to domestic payment systems in six countries, with Brazil (PIX) and Japan (Zengin) next in line. This is the core reason why 65% of all Wise transfers now arrive in under 20 seconds.
Products Customers Love (and Talk About): Over 70% of new customers come from word-of-mouth referrals. This evangelism is driven by continuous product improvement. In FY2025, Wise rolled out its 'Interest' feature in Australia , launched the full Wise Account in the Philippines , and for businesses, introduced QuickPay—a simple way to get paid internationally via QR code or payment link.
The Rise of the Wise Platform: A key future growth driver is the Wise Platform, which allows other companies—including major banks—to use Wise's network. New partnerships with giants like Morgan Stanley, Standard Chartered, Itaú Unibanco, and Raiffeisen Bank International underscore the value of Wise's infrastructure. While still a small part of the business, it's growing fast and is central to the company's long-term vision.
Insights from the Boardroom: The Earnings Call
The earnings call gave investors a deeper look into the strategic thinking behind the numbers.