revenue breakdown

Here is the complete, unfiltered breakdown of Wise plc’s money engine based on their full FY2025 audited results (year ending March 31, 2025). No fluff, just exactly where every penny comes from.

1. The Grand Total: Operations vs. Interest

Wise makes money from operations (fees) and from holding customer cash (interest). Because interest rates were high, they made a massive amount of "excess" interest outside their core business model.

• Core Revenue (Fees & Cards): £1,211.9 million

• Total Gross Interest Earned: £594.3 million

• Of that interest, Wise only counts the "First 1% yield" (£150.4m) as core income.

• The rest (£443.9m) is "excess interest" that they use to fund expansion, lower prices, or pass back to customers.

• Official "Underlying Income" (Revenue + 1% Interest): £1,362.3 million

2. The Product Split: Moving Money vs. Holding Money

Looking strictly at their core Underlying Income (£1,362.3m), here is how the products actually perform:

• Cross-Border Transactions (~62%): The fee you pay when you convert and send money across borders. This is still the majority of the business, but its share is shrinking.

• Non-Conversion Income (~38%): Money made from people using the Wise Account like a bank. This is their fastest-growing segment. Of this 38%:

• 42.5% comes from Debit Card interchange fees.

• 29.0% comes from the "First 1%" core interest on balances.

• 28.5% comes from other account fees (like expedited transfers, ATM withdrawal fees, or Wise Assets).

3. The Customer Split: Personal vs. Business

Wise Business is growing faster than Personal, but retail consumers still pay the bills.

• Personal Customers: £1,040.5 million (76% of core income)
• Business Customers: £321.8 million (24% of core income)

4. The Geography Split: Where the money is made

Europe is the cash cow, but North America and APAC are scaling fast.

• Europe (Excluding UK): ~31%
• Asia-Pacific (APAC): ~20%
• North America: ~20%
• United Kingdom: ~19%
• Rest of the World: ~10%

The Bottom Line: Wise is transitioning from a simple "money transfer app" (transaction fees) into a global checking account (card fees and interest). That is the complete picture.