When I wrote about Wise earlier this year, I argued it was a rare compounding machine: founder-led, capital-light, structurally advantaged, and still early. I said the Costco model — deliberately giving efficiency gains back to customers — would deepen the moat faster than any marketing budget could.

Today's Q4 FY26 update is the evidence.

• Q4 cross-border volume:£49.4bn, up 26% YoY and 27% constant currency

• Q4 active customers:11.3m, up 22%

• Q4 underlying income:£435.3m, up 24%

• Cross-border take rate:51 bps, down from 53 bps a year ago

• Instant transfers:75%, up from 65%

• Customer holdings:£29.4bn, up 37%

• Card and other revenue: up 29%

• Wise Business active customers:572,000, up 26%

• Wise Business volume growth:35% YoY

• FY26 cross-border volume:£181.7bn, up 25%

• FY26 underlying income:£1,609.2m, up 18% reported and 19% constant currency

• Nasdaq dual listing expected 11 May 2026

• FY26 underlying PBT margin: expected toward the top end of the 13–16% range, even including dual-listing costs

Wise is still growing fast across the core operating metrics: volume, customers, business usage, holdings, and non-transfer revenue.

Wise continues to lower price, with take rate down to 51 bps.

The product is broadening beyond transfers into account usage, cards, and business infrastructure.

The Nasdaq dual listing (May 11) as a structural re-rating catalyst — London discount, new institutional audience and deeper liquidity.

Wise’s lower pricing is not evidence of pressure. It is evidence of structural advantage. The company is strengthening its moat while still compounding earnings.