Wise, the global money movement firm, has set its sights on processing trillions of pounds in transactions globally, following a strong first half of the year. In its H1 results, Wise reported £215.8 million in net interest income (up 19.2%) and £591.9 million in revenue (an 18.8% year-on-year increase). Transaction volumes surged by 19%, hitting £68.4 billion.
The company’s active customer base grew by 25%, as Wise continues to heavily invest in direct access to key payment rails. Recently, Wise secured its first Tier 1 global banking partner, Standard Chartered.
Wise CEO Kristo Kaarmann emphasizes that the opportunity for the company is enormous, with the cross-border market estimated to be worth £27 trillion across personal, SMB, and large enterprise segments. Despite holding less than 5% and 1% of the personal and SMB market share, Wise envisions becoming the go-to provider for low-cost international transactions.
Kaarmann explains, “We believe it’s possible that, within the next decade, someone will be able to transfer $10,000 for just $10, compared to the $200-$400 fees charged by traditional banks today. Our goal is to operate at this price point profitably, with cross-border volume in the trillions.”
Wise’s focus on infrastructure improvements and cost efficiency positions it to become a leading provider of low-cost, transparent financial services globally.