Wise reports jump in users ahead of US dual listing
Money transfer firm Wise delivered a bumper third-quarter as the UK fintech continued to lay the groundwork for its US dual listing.
The payments firm recorded a 26 per cent surge in cross-border volumes to £47.4bn in its latest quarter as its customer base swelled.
Wise said it now served near-11m users, up by a fifth from the year prior.
This helped boost income to £424.4m, a 21 per cent increase. The fintech said it expects full-year income to land in the middle of its 15 to 20 per cent target range.
Meanwhile, the firm’s profit margin is forecast to come at the top end of its 13 to 16 per cent target despite plans to bulk up investment.
In the first half of the financial year, Wise’s pre-tax profit tumbled 13 per cent to £254.6m.
Marketing investment increased by 59 per cent to £57m, while tech investment rose by 18 per cent to £144m.
Over the course of the first half, the fintech hired over 1,000 additional colleagues as it beefs up capacity.
Wise to launch dual listing this year
Wise shocked the City last year after announcing plans to ditch its primary listing in London in favour of New York.
“We consider that the US is offering us a larger liquidity with a larger investors community,” finance boss Emmanuel Thomassin told reporters following the half-year report.
Wise expects to complete its US dual listing in the first half of 2026 as part of its mission to accelerate global growth.
When making the announcement in June 2025, Wise said transferring its main listing would “provide a potential pathway to inclusion in major US indices, further enhancing liquidity and demand for Wise shares”.
“While Wise is not initially expected to be eligible for these indices, a US primary listing provides the opportunity to work towards this inclusion,” the firm added.
The plans triggered a major rift between founders Kristo Käärmann and Taavet Hinrikus, with the latter saying he was “deeply troubled” over plans to change voting rights as part of a vote on the listing change.
He accused Käärmann of a “lack of transparency,” adding it was “entirely inappropriate and unfair to wrap these distinct issues together,” referring to the transferred listing and shares extension.
But Wise was able to curb a rebellion, as more than 90 per cent of Class A shareholders and 84.6 per cent of Class B shareholders approved the deal, which permitted a ten-year extension of the super-voting shares held by only a handful of inside investors.