Wise 公布 FY2027 二季度业绩：收入增 21%、非跨境收入占比过半，但 take rate 续降、股价当日已回落 1.42%

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Introduction & Market Context
Wise presented its second quarter fiscal 2027 results on October 15, 2026, showcasing broad-based growth across its customer base and product portfolio. The London-based fintech company reported net revenue of $739 million, up 21% year-over-year, while active customers reached 12.5 million and cross-border volume climbed to $72 billion. Despite the strong operational performance, shares fell 1.42% to $902.6, reflecting investor caution about declining take rates and margin sustainability.
The presentation highlighted a strategic milestone: non-cross-border revenue now accounts for 52% of total net revenue, marking Wise’s evolution from a pure cross-border payments provider to a more diversified financial platform.
Quarterly Performance Highlights
As shown in the following overview of key performance indicators, Wise delivered robust growth across all major business metrics in the second quarter.
The company’s active customer base expanded 20% to 12.5 million, with business customers growing even faster at 26% year-over-year. Cross-border volume increased 22% to $72 billion, while card spend surged 30% to $14 billion, demonstrating strong engagement with Wise’s expanding product suite. Customer holdings rose 28% to $44 billion, including $11.5 billion in Wise Assets, the company’s investment product.
These volume gains came despite continued pricing reductions, as Wise’s cross-border take rate declined to 49 basis points from 52 basis points a year earlier. The company has maintained a strategy of reducing take rates by approximately 1 basis point per quarter when efficiency gains allow, prioritizing long-term volume growth over short-term revenue maximization.
Revenue Diversification Strategy
The presentation emphasized Wise’s successful pivot toward revenue diversification, with non-cross-border activities now generating the majority of net revenue. The following chart illustrates how cross-border revenue drivers evolved during the quarter.
Cross-border revenue increased 16% to $355 million, growing more slowly than volume due to the declining take rate. However, this was more than offset by accelerating growth in other revenue streams. Card and other revenue jumped 34% to $206 million, while interest income on customer balances rose 18% to $238 million.
The composition of transaction revenue demonstrates the company’s broadening business model, as shown in the following breakdown.
Total transaction revenue reached $561 million, up 22% year-over-year, with card and other revenue representing an increasingly significant portion of the total. This diversification reduces Wise’s dependence on cross-border transfers alone and creates multiple growth vectors across its product portfolio.
Detailed Financial Analysis
The company’s net revenue growth and diversification milestone are illustrated in the following revenue mix analysis.
Net revenue of $739 million represented 21% growth, with the revenue mix shifting notably toward non-cross-border sources. Cross-border revenue declined from 50% to 48% of the total, while card and other revenue increased from 25% to 28%, and net interest income held steady at approximately 24%. The 52% contribution from non-cross-border revenue marks a strategic inflection point for the company.
Customer balances, which generate interest income, grew 22% to $32 billion during the quarter. However, interest income growth of 18% lagged balance growth due to yield compression, as gross yields fell to 2.9% from 3.1% a year earlier. This dynamic reflects the broader interest rate environment and represents a potential headwind for this revenue stream.
The company’s platform business, which serves partners through direct integrations, represented 6% of cross-border volume at quarter-end, moving toward a medium-term target of 10%. Platform transactions typically carry lower take rates of approximately 40 basis points compared to 49 basis points for direct cross-border business, but expand Wise’s addressable market through embedded finance partnerships.
Strategic Initiatives
Wise outlined its strategic framework for balancing efficiency, investment, and pricing in the presentation. The company targets an income before tax margin of 15-20% under normal conditions, or 20-25% if it cannot pay out 80% of interest income above 1% yield to customers.
The strategic cycle involves generating margin improvements through operational efficiency and scale, reinvesting incremental margin in teams, products and infrastructure, making strategic pricing investments, and returning margins toward the target range. This approach allows Wise to maintain profitability while funding growth initiatives and passing savings to customers through lower prices.
Geographic and product expansion continued during the quarter, with launches in Thailand, New Zealand, Canada and Israel, plus a new direct integration in Malaysia. The company also introduced eSIM services and expanded Wise Assets, demonstrating its ambition to become a broader financial platform rather than solely a transfer service.
On the regulatory front, Wise completed remediation on U.S. consent-order points and is awaiting feedback from regulators. The company noted that approximately one-third of ongoing investments continue to flow into compliance and know-your-customer systems, reflecting the regulatory intensity of its cross-border financial services model.
Forward-Looking Statements
The company provided detailed guidance for fiscal 2027, as shown in the following targets and projections.
For the full fiscal year 2027, Wise expects net revenue growth in the upper half of its 15-20% medium-term target range on a constant-currency basis. The first-half performance of approximately 22% growth suggests the company is tracking ahead of this guidance, though management indicated growth may moderate in the second half.
Income before tax margin is expected to reach approximately the top of the 20-25% range for the full year, with first-half margins at roughly 23%. This profitability level reflects the company’s disciplined approach to balancing growth investments with margin maintenance.
The guidance incorporates recent interest rate changes from the Federal Reserve and European Central Bank but does not assume further rate increases. Management expects to continue reducing take rates by about 1 basis point per quarter, contingent on achieving efficiency gains and maintaining confidence in margin sustainability.
Wise also announced a share purchase program exceeding $500 million for fiscal 2027, representing a significant capital return to shareholders while maintaining investment capacity for growth initiatives.
Market Reaction and Investor Considerations
The 1.42% decline in Wise shares following the presentation suggests investors remain cautious despite strong operational results. The stock, trading at $902.6, sits approximately 18% below its 52-week high of $1,101 but about 20% above its 52-week low of $754.
Market concerns likely center on the sustainability of growth as take rates decline, the potential for further yield compression on customer balances, and the company’s ability to maintain margins while investing heavily in compliance, product development and geographic expansion. One-off costs of approximately $30 million related to listing expenses and administrative items also weighed on margins during the quarter.
However, the company’s diversification progress, strong volume growth, expanding customer base and disciplined approach to profitability suggest Wise is successfully executing its strategy to build a sustainable, multi-product financial platform. The balance between pricing investments, operational efficiency and margin management will remain central to investor assessment of the company’s long-term value creation potential.
Full presentation:
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