2025 Annual Report and Accounts

Contents
Strategic Report
2 Vision and Mission
3 Wise at a Glance
6 Chair Statement
8 Chief Executive Officer Statement
11 Investment Case
12 Market Overview
14 Our Mission Pillars
18 Our Infrastructure
22 Our Products
28 Business Model
29 Key Performance Indicators
31 Chief Financial Officer Review
34 Our People
42 Environmental, Social Impact and Governance
57 Our Stakeholders and Section 172 (1) Statement
60 Risk Management
69 Viability Statement
71 Non-Financial and Sustainability Information Statement
Governance
75 Governance at a Glance
77 Chair’s Introduction to Governance
78 Corporate Governance Compliance Statement
79 Board of Directors
82 Leadership Team
84 Role of the Board, its Activities and Decisions
89 Nomination Committee Report
92 Audit and Risk Committee Report
97 Remuneration Committee Report
115 Directors’ Report
118 Statement of Directors’ Responsibilities
Financial Statements
120 Independent Auditor’s Report
126 Consolidated Statement of Profit or Loss and
OtherComprehensive Income
127 Consolidated Statement of Financial Position
128 Consolidated Statement of Changes in Equity
129 Consolidated Statement of Cash Flows
130 Notes to the Group Consolidated Financial Statements
155 Company Statement of Financial Position
156 Company Statement of Changes in Equity
157 Notes to the Company Financial Statements
Other Information
162 Alternative Performance Measures
165 Glossary
168 Company Information

Strategic
report
1Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Our vision
is money
without
borders
Our mission is to build the best way to
move and manage the world’s money.
Min fees. Max ease. Full speed.
Find our mission pillars on page 14
Find our business model on page 28
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Two-way – we send money to and from One-way – we send money to
Wise at a Glance
40+
currencies supported
160+
countries have coverage
15.6 million
active customers
6,500+
Wisers globally
3 products
1. Wise Account page 22
2. Wise Business page 24
3. Wise Platform page 26
Strategic Report Governance Financial Statements Other Information
3Wise Annual Report and Accounts 2025

Growing fast and profitably
“Our vision is money without borders and we are building
the best way to move and manage the world’s money.
Min fees. Max ease. Full speed. We believe that our
relentless focus on becoming ‘the’ network for the world’s
money will enable us to move trillions around the world,
and to become the market leader in providing people
andbusinesses with an account that is truly international.
We continue to build this network by progressing with our
strategy of securing additional licences and gaining direct
connections to domestic payment systems.
In the last 12 months, 15.6 million people and businesses
used Wise to move money around the world, an increase
of 21% from the previous year. Transfers got faster, with
65% arriving instantly
1
. We reduced our prices, with the
take rate falling by 9bps, and more customers adopted
the Wise account (c.50% for Personal and c.60% for
Business), with customer holdings growing to £21.5 billion.
We also grew our Wise Platform offering, now enabling
partners including global banks like Morgan Stanley and
Standard Chartered, to leverage our infrastructure to the
benefit of their clients. Our progress demonstrates the
momentum building behind our mission, and how we
willbecome ‘the’ network for moving and managing
theworld’s money.”
Kristo Käärmann, Co-founder and Chief Executive Officer
1.
In less than 20 seconds.
4
Wise Annual Report and Accounts 2025
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*
To supplement performance assessment, the Group uses alternative performance measures (APMs), which are not defined under IFRS. APMs are indicated in this document with an asterisk (*); definitions and further details
are provided in the Other Information section of this Annual Report.
We continue to
build our network
6
direct connections live with
local payment networks
We invested and strengthened
ourinfrastructure
65%
of payments were instant
1
• 86% of payments were made within 1 hour
1
• 96% of payments were made within 24 hours
1
• Connection to InstaPay in Philippines went live
inFY2025
• 2 more going live in FY2026 – Brazil (PIX) and
Japan(Zengin)
• c.50% Personal and c.60% Business adoption
• We continued to expand Wise Assets ‘Interest’ and
‘Stocks’ products – now live in Australia, across the
EEA, Singapore, and the UK
• 65+ Net Promoter Score average from our
personaland business customers
• Over 70% of new customers come from
word-of-mouth recommendations
Our business has
strong fundamentals
£145.2 billion
Cross-border volume up 23%
£1.36 billion
*
Underlying income up 16%
£282.1 million
*
Underlying profit before tax up 17%,
equivalent to a 21% margin
£564.8 million
Profit before tax up 17%, which includes an
additional £282.7 million of net interest income
40.37p
Earnings per share up 18%
£1.21 billion
Revenue up 15%
The Wise account
got even better
£21.5 billion
in customer holdings (up 33%)
Existing customers a major driver of
continued growth
15.6 million
active customers in FY2025
(growth of 21%)
1.
Q4 FY2025
5
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Chair Statement
Making our customers’ lives simpler
Wise had a strong year of growth, further
cementing its position as a global leader
incross-border payments.
Total cross-border volume increased 23% to £145.2 billion
andthe growth we are delivering is highly sustainable,
drivenby strengths in each of our products: Wise Account,
Wise Business and Wise Platform. Wise is serving a vast
addressable market of people, businesses and enterprises,
and we remain focused on growing quickly to become ‘the’
network to move and manage the world’s money.
Our growth has driven excellent financial results. Over half
ofour personal and business customers now use the Wise
account to move and manage their money, reflecting our aim
to build the world’s best international account. As the Wise
account becomes increasingly important to customers, it also
drives increasing value to Wise; serving more of customers’
financial requirements and providing them with more reasons
to be evangelical about Wise. In FY2025, in line with guidance,
underlying income grew 16% (18% in constant currency) to
£1,362.3 million and underlying profit before tax grew 17%
to£282.1 million (19% in constant currency), representing
anunderlying profit before tax margin of 21%. This margin
ishigher than our medium-term target, allowing the team
tocontinue to seek to deploy greater levels of investment
behind the long-term growth and value creation ofWise.
We were disappointed that our strong financial results did not
translate directly to stronger market returns, but we continue to
invest for the long term in the belief that this eventually will be
reflected in our market value. For the year to 31 March 2025,
shareholders saw a return of 1.8%, compared with 7.9% for the
FTSE 100. During the second half of our financial year, Wise’s
share price appreciated strongly with the announcement of
large new Wise Platform wins together with the clear articulation
of our long-term strategy of moving trillions acrossborders.
Following global macroeconomic uncertainty, and in line with
the broader market, Wise’s share price fell from February to
April, but has since risen back to the levels seen at the start of
2025.
Our Wise Owners Day in early April was directly oriented
atsharing the long-term strategy and was well attended.
Overthe past year, we continued with our price offensives
andcontinued to generate efficiency and a better proposition
through gaining more direct connections into domestic payment
systems. The value of our infrastructure has been clearly
demonstrated by some of the leading global banks, including
Morgan Stanley and Standard Chartered, choosing Wise as
apartner for their cross-border payment needs. This is an
important step that will enable Wise to ultimately move
trillionsthrough its market-leading network.
Serving our customers
Consistent with our long-term strategy, in FY2025 we lowered
prices for our customers, with the cross-border take rate being
reduced by 9bps to 58bps, with our fees saving customers an
estimated £2 billion in the year. Whilst our customers benefit
from lower prices, this move will also ensure the long-term
sustainability and success of Wise. We believe that it will
become increasingly difficult for competitors to match
ourexperience and efficiency in cross-border payments,
leading to substantial growth in the long term and driving
morecustomers and Wise Platform partners to join us.
Supported by continued investment in our pricing, products, and
in delivering excellent service, we onboarded over 5.9 million
new customers this year. Active customers grew by 21% to
15.6 million, and account usage increased amongst existing
customers. Combined with a continuation of high interest
rates, this led to reported profit before tax increasing by
17%to £564.8 million, while our earnings per share
increasedby 18% to 40.37p.
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The services we are providing to our Platform partners have
enabled even more customers to benefit from the price,
speedand convenience that Wise provides.
Leadership and governance
In October, we welcomed our new Chief Financial Officer,
Emmanuel Thomassin, to Wise. Emmanuel has decades of
experience leading the financial growth strategy of rapidly
expanding private and publicly traded companies as Chief
Financial Officer, leader and board member, and we are
already benefiting from his extensive experience and insights.
Since joining, Emmanuel has led the analysis of Wise’s strong
capital position. We recently obtained BBB stable credit ratings
from Fitch and S&P and also expanded our programme of share
purchases for the Employee Share Trust beyond those for
in-year stock-based compensation (SBC) grants, to now also
begin acquiring shares for historical SBC grants representing
c.25 million shares.
We recognise the importance of strong governance, and
inparticular the need to maintain stability and oversight
whileadapting to changes in the external environment or the
evolution of our leadership. You will find more detail on our
Board and governance arrangements in the Governance
Report on pages 74 to 118.
Looking forward, the Board will continue to focus on increased
competitiveness and supporting the Leadership Team in
delivering long-term sustainable value in line with Wise’s vision.
Maximising our impact
We are fully focused on complying with regulations and guiding
principles with regard to environmental, social and governance
(ESG) matters.
We focus on areas where we can make a tangible difference.
Wise’s strategy of providing low-priced transfers to its
customers and always being transparent highlights the
importance we place on allowing customers to make their
money work harder.
Lower cost
Means bigger
savings for
customers
Cross-border take rate %
2023 2024 2025
0.65%
0.67%
0.58%
0.58%
2025
In addition, during the year, we enhanced our climate-change-
related governance by creating our in-house Climate Risk Forum
to identify, monitor and report climate change risks. We also
expanded our ESG Committee’s remit (formerly the Social
Impact Committee) to include climate change. This Committee
oversees strategic development and implementation of climate
and social impact projects across the business, such as our
new partnerships with the International Rescue Committee
andOpna. To read more, please see our ESG section and
TaskForce on Climate-Related Disclosures (TCFD) reporting.
Onwards
We have made significant progress in FY2025 and we will
continue to do so, addressing the huge market opportunity
wesee ahead. We will focus our investments on deepening
thecompetitive advantage we have built over the past decade,
enhancing our Wise Account and Wise Business products and
scaling Wise Platform, in order to be ‘the’ network to move and
manage the world’s money. When we can sustainably reduce
our costs, we will continue to pass these savings on to our
customers to drive our long-term growth.
We are committed to financial discipline and a sustained level of
profitability so that both our customers and our shareholders
continue to benefit from our growth. Although we have
significant capacity to invest, we will retain our return-led
approach, ensuring that the investments we make will have a
tangible impact on driving strong growth over the long term.
Over time, the growth we will generate to achieve our vision
will also generate increasingly strong shareholder value.
It’s been another excellent year for Wise and I want to say a
huge thank you from the Board to all of the Wisers who have
contributed to our progress this year. We also want to express
our gratitude to all customers and shareholders – we have
ahuge opportunity ahead of us and we are grateful for
yoursupport.
On behalf of the Board of Directors,
David Wells
Chair
5 June 2025
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Chief Executive Officer Statement
Becoming ‘the’ network
for the world’s money
Dear Wise Owners,
Fourteen years ago, we set out with a simple but ambitious
vision: our money should work the same abroad as it works
athome. Paying someone in another currency shouldn’t cost
us extra. It shouldn’t be more expensive to use our cards when
travelling. It should be as cheap and convenient for businesses
to sell to their clients abroad as it is to sell at home. Money
should work without borders.
Guided by this singular vision, we have built the next generation
cross-border money infrastructure that today powers payments
from over 50 countries, and a company that moved £145 billion
for over 15 million people and businesses in the last year alone
– saving them around £2bn in fees along the way.
The size and value of the opportunity was self-evident when
we listed in 2021 – Wise’s direct listing was the biggest listing
of a tech company on the London Stock Exchange to date.
As our lives become more digital, our financial relationships
willextend across borders even more. People work, spend
andinvest internationally. Businesses now hire and sell
everywhere. These cross-border payments already add
upto£32 trillion moved across borders each year.
We started with fixing overseas transfers and went on to
develop the international Wise account for a truly borderless
banking experience for our customers, and now also make
thisinfrastructure directly available to banks through our APIs.
We’re working to handle trillions, not just billions, and become
‘the’ global network for the world’s money.
Our growth over the past year is a testament to the Wise
team’s laser focus on our long-term goals. In FY2025, we
moved £145.2 billion across borders for 15.6 million people
andbusinesses. These are well over double the number of
active customers and volume from just four years ago when
we listed. And, in what might be the strongest reflection
ofthetrust that we’re building with our customers, our
customer holdings grew 5.7x to £21.5 billion during the
samefour-year period.
As a result of this growth in customers, volume and balances,
underlying income grew to £1.36 billion in FY2025, up 16%
(18% in constant currency) from last year, and more than triple
compared to four years ago. And underlying profit before tax
grew to £282.1 million, up 17% from last year – nearly 7 times
more compared to four years ago.
Unique and powerful infrastructure
International payments outside of Wise feel broken,
becausethe financial infrastructure they are running on
hasn’tbeen fit for purpose for decades. We are building a new
global payments network that directly connects local banks
and payment systems at both ends of every transaction,
bypassing the traditional correspondent networks used
bybanks and other payment services, eliminating costly
intermediaries and outdated processes.
We are becoming increasingly experienced at building the
direct connections with domestic payment systems, refining
and accelerating our integration process. During the year we
went live with InstaPay in the Philippines, marking our sixth
direct integration to date. We were granted access to Japan’s
payments system, Zengin and secured the licence to access
Brazil’s instant payments system, PIX.
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The number of transfers arriving to recipients instantly, in less
than 20 seconds, is an indicator of the experience this new
infrastructure gives to our direct customers, but also the
customers of our Wise Platform clients. The proportion of
instant transfers increased from 49% three years ago to 65%
this year.
We expanded our global licensing footprint, closing the
yearwith over 70 licences. In India, we operationalised our
new licence, removing a previous USD 5,000 transaction cap.
And in Australia, we were granted a license for investment
services, allowing Australians to earn a return on their Wise
Account balances held in government-guaranteed assets.
We grow because our customers tell everyone about Wise.
They do it because the products work amazingly compared to
their past experience with banks. And the products are so great
because we invest so much in the infrastructure beneathit.
Account for a truly internationalexperience
About £32 trillion moves across borders, split across
individuals, businesses and large enterprises. We serve
eachof these customer groups through our three products:
the Wise Account for personal customers, Wise Business for
small and medium-sized businesses and Wise Platform for
banks and other enterprises.
We brought Wise to more countries and groups, and added
more features for existing customers to make their international
banking experience more satisfying and therefore even easier
to recommend.
We launched Wise for Mexican nationals, and went live with the
Wise Account and card for personal customers in the Philippines.
We also brought Wise Business to Hong Kong and Brazil, and
launched Invoicing and QuickPay for businesses globally.
Finally, we continued to roll out Assets with return-earning
accounts for both personal and business customers in more
countries, including Australia, bringing the number of countries
Assets is now live in to 30 since we first launched in the UK in
September 2021.
This year was a year of significant progress for Wise Platform.
We partnered with two of South America’s largest financial
services providers, Nubank and Itaú Unibanco as well as
globalbanks, like Morgan Stanley and Standard Chartered.
These partnerships speak to the speed, scale and reliability
ofthe infrastructure and network we have built over the last
14years.
Leading on price in an increasingly
transparent market
It’s clear that whoever builds the lowest-cost, highest-quality
infrastructure will move the world’s money.
Supported by our scale, our discipline in cost optimisation and
servicing expenses, this year, our global take rate reduced
from 0.67% to 0.53% in Q4 FY2025 – our lowest to date.
It’s never been cheaper to use Wise, but we are not done.
Newcustomers consistently switch to Wise because our fees
are radically lower than traditional banks. They’re doing the
smart thing for their wallets: global banks collect an estimated
£200 billion annually in hidden retail cross-border fees. That
won’t last. As technology continues to evolve, these fees will
come down, and Wise is leading the charge.
External forces are also working in our favour. We see signs that
financial conduct regulators will not tolerate banks charging
hidden cross-border fees to retail consumers. The EU has
already legislated against hidden fees, and some more
forward-thinking banks are also adopting more transparent
pricing. As retail banks increase transparency and follow our
lead in reducing prices, plus more digital first options enter
themarket, our cost discipline remains ever more important
inretaining our long-term competitive advantage.
We expect that in the future world of transparent fees, people
and business owners will be even more actively looking for
cheaper alternatives; it will then be too late for banks to start
competing. Indeed, the price drops we put into place at the
start of the year are already having an effect, positively
impacting growth in larger volume transactions.
Convenient
becoming
increasingly
popular
c.50%
of customers have
now adopted more
than one Wise product
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Our approach to compliance and
combating financial crime
Like all banks and financial services companies, there is a risk
that bad actors may try to use our services for their financial
crime such as fraudulent activity. To mitigate this risk, we
needto be technologically a step ahead of the bad actors.
We invest heavily behind this. Today, around a third of
ourglobal team is dedicated to preventing financial crime,
keeping our customers safe, and helping to ensure that we are
in compliance with the requirements of the over 70 regulatory
licences we maintain globally. We also work in collaboration
with regulators and crime-fighting authorities around the world
to prevent any misuse of our services. Given an ever evolving
landscape, we regularly assess and review our systems to
identify and address any potential gaps, and take into account
regulator input, to enhance our strategies and technologies to
adapt to new threats to help ensure the highest standards of
compliance and security.
We see financial crime prevention as a native function of
ourmoney moving infrastructure. It will be a competitive
advantage in a world, where threats grow in sophistication
faster than most institutions can improve their countermeasures.
Customer-driven financial results
Our growth is fast and sustainable, with capital generation
allowing us to comfortably reach our profitable medium-term
targets and invest continuously towards the massive, long-term
opportunities still ahead of us.
The value we are creating is evident in the strong growth over
the last 3 years. We see this in active customers, which grew
by 28% CAGR to 15.6 million, in our cross-border volumes,
which grew by 24% CAGR to £145.2 billion, and in our
customer holdings, which grew by 47% CAGR to £21.5 billion.
In order to continue on this path, we will continue to invest
inareturn-led and disciplined manner in product, in pricing,
inservicing and in marketing. As announced in our recent
Owners Day, we plan to double the annual investment made in
running and growing Wise over the medium term. This includes
tripling our investment in marketing and growing our teams.
These investments mean we will be able to support more
thantwice as many customers. Investing in enhancing the
awareness of our brand and our products will ensure our
growth remains strong amidst a growing and increasingly
competitive digital-first money transfer market.
As we scale, our unit costs also continue to decrease,
whichwe can then translate into more investment, including
into price. In time, we expect further growth in customers
andvolume as the price advantage we are driving becomes
evenclearer. This relationship was evidenced in FY2025 with
our highest ever revenue recorded of £1.2 billion (FY2024
£1.1 billion) and profit before tax of £564.8 million (FY2024
£481.4 million). These results show that we can decrease
prices for customers while maintaining profitability, and so
support our business model to scale and allow us to reinvest
tobe able to build the best product for our customers.
After considering these costs and reinvestments, we are
committed to our medium-term guidance for underlying
income growth of 15-20% and underlying profit before tax
margin of 13-16%. For FY2025, underlying income growth
was16% in reported currency (18% in constant currency)
andthe underlying profit before tax margin was 21%. In FY26,
we expect underlying income growth to be within the guided
range, with the underlying PBT margin to be around the top
ofthe guided range as we prudently ramp-up investments
towards the enormous opportunity ahead of us.
Read Emmanuel’s CFO Review on page 31 for more details of
our financial performance.
Onwards – the journey to move trillions
The relentless expansion of our products and geographic
reach, improvements in cost and speed through infrastructure
build-out, increasing adoption and increasing scale, means
we’re increasingly generating value for customers and our
owners along the way. This alignment between our customers
and our owners gives us every reason to be enthusiastic
aboutour long-term vision of becoming the network for
theworld’s money.
In the near term, we will continue to provide the best cross-
border experience for our customers which will drive growth
inour volumes. In the medium term, we want to be the number
one international account, and in the long term, we will also be
providing the world’s best correspondent infrastructure.
We have made significant progress over the last year and I’m
very pleased that we were able to help 15.6 million customers
move money across borders in FY2025. However, our ambition
is to do so much more – we are still at the start of our journey
when we consider the size of the market we want to serve.
Looking at the massive opportunities ahead of us, I am confident
that our continued focus and disciplined, long-term oriented
investments will only accelerate our path to become ‘the’
network for money around the world.
Kristo Käärmann
Co-founder and Chief Executive Officer
5 June 2025
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Investment Case
Why Wise? A vision for the future
65+
Net Promoter Score
c.£2 billion
fees saved in FY2025
£145 billion
FY2025 cross-border volume
c.£2 billion
investment over the next
twoyears
£32 trillion
cross-currency opportunity:
people c.£3 trillion, small
businesses c.£14 trillion and
enterprises c.£15 trillion
Growing fast
andprofitably
The total number of
customers using us continues
to grow significantly, along
with our total cross-currency
volume. The combination of
great products, value-driven
marketing and evangelical
customers has also helped to
keep new customer growth
hyper-efficient. We have
maintained our financial
discipline so the Group
continues to be profitable
aswe grow.
Our customers are using our
products in more ways and
we will continue to add more
features and improve our
infrastructure to keep making
it easier for our customers to
live, work and play anywhere.
Investing to
fuel growth
We are committed to
fuellinggrowth through
scaled investments that
arestrategic and return-led.
Over the medium term, we
plan to double our annual
spend tosupport Wise’s
growth, including increased
investment in marketing,
hiring and infrastructure to
accommodate a customer
base twice its current size,
while focusing on investing
quickly and effectively to
expand into our total
addressable market.
Delivering the
network the
world needs
The world currently relies
ona system of international
money transfers that is
outdated, unreliable
andheavily intermediated.
Thisisthe result of decades
of under-investment in
technology which has led
touncompetitive products
forcustomers. International
banking that can cater
totheincreasingly global
requirements people and
businesses have either
doesn’t really exist or fails
todeliver the fast, low-cost,
easy to use and transparent
service they need and expect.
Over the past fourteen years,
we have built a unique
infrastructure to solve this
problem – the world’s best
infrastructure to move and
manage money globally.
People and
businesses
lovewhat we
are building
Our growth has been built
ona relentless focus on our
customers: specifically, their
needs and the challenges
they encounter when moving
and managing their money
around the world. Solving
their problems one by one
iswinning their trust and
making them evangelical.
With more than 70% of
ourcustomers coming via
word-of-mouth in FY2025,
we believe that our products
are having a positive impact
on people’s lives.
We are solving a
massive problem
In an increasingly global
world, more and more
peopleand businesses need
to send and receive money
internationally. But cross-
border payments are still
expensive, slow and inefficient,
with little transparency on
thefees being charged. As a
result, we see £200 billion in
annual fees that banks are
collecting from people and
small businesses. To reduce
these fees, there is strong
demand for a new network
tomove and manage money.
The market for cross-border
money movement is £32
trillion per year across
people, SMBs and large
enterprises, and growing
quickly. Today, Wise has <1%
of this large and continuously
expanding addressable
market, but continues to
increase its share every year.
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Market Overview
Building a new network for the world’s money
Moving and managing money around the world
has been slow and expensive for too long.
We’re fixing that.
With people and businesses becoming more international,
theneed to move and manage money across countries and
currencies is growing. Driven by long-term trends, including
globalisation, increased international migration and technological
advances, the market for cross-border payments is only
expected to expand.
Traditional banks continue to dominate the market, providing
an expensive, slow and inefficient service via outdated
infrastructure and networks of intermediaries. And with
lowtransparency on fees, there has been little pressure on
them to improve their service or infrastructure – until Wise.
We have spent the past fourteen years building a replacement
infrastructure to bypass correspondent banking and make
moving money across borders faster, cheaper, easier and
more transparent. We have made great progress, but the
opportunity ahead of us is orders of magnitude greater and
ever growing. We process around 5% of consumer money
transfers across borders, just under 1% of those made by
businesses and, through our Wise Platform offering, we have
started to move money for large enterprises too. We continue
to gain momentum as our business grows and we are excited
about what the future holds.
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Competitive landscape
While more digital banking services have entered the market in
recent years, traditional banks remain our primary competitors,
with most cross-border transactions originating from them.
Customers now expect a higher level of service, faster
transactions and fairer prices. Though digital-first money
transfer operators and remittance providers are putting some
pressure on banks’ digital service models, few truly meet
customer expectations. With a large and growing competitive
landscape, there are also opportunities for a range of traditional
and challenger operators to carve out niches – which is a
powerful opportunity for Wise.
The wider payments and banking market is also facing
pressure from governments and regulators to provide more
transparency for customers and lower fees. With transparency
having been a core pillar of our strategy from day one, we
welcome this industry-wide evolution as it aligns with our
mission of helping everyone move and manage their money
more easily.
More people are global.
Total number of people living
outside their country of birth:
280 million+
and growing
International population movement promotes
cross-border payments and remains robust
regardless of the economic cycle.
Source: Global Migration Data Portal
Global cross-border payments market volume (£ in trillions)
These include a broad set of use cases such as remittances, e-commerce card payments, real estate investments and
tuition bills; as well as cross-border payments of salaries, suppliers, and merchandise and services from abroad.
Source: Research by Edgar, Dunn & Company, September – November 2024
2024 2029
15
14
3
20
18
5
+5%
Enterprise CAGR
+5%
Business/SMB CAGR
+14%
Personal CAGR
Convenient
The market is
huge and growing
The addressable market for cross-border payments continues to grow at a steady rate.
Wise is well-positioned to capture an increasing share of this market as we build our
customer base in existing markets and expand into new ones.
13Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Our Mission Pillars
Mission in Motion
Our mission pillars support our strategy
and allow us to build the things our
customers need.
We’re building the best way to move and
manage the world’s money. We’re making it
faster, cheaper, easier and more transparent
for people and businesses.
Min fees.
Max ease.
Full speed.
14Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Instant
No one should have to wait around for their money. It should be just as quick to send
money 100 metres or 1,000 miles: as fast as pressing ‘send’ on an email. We’ve built
ourown network that runs so fast that 65% of all our transactions arrive instantly as
atQ4FY2025 (i.e. in less than 20 seconds).
We are working hard to make that number 100%.
% of instant transfers
1
Convenient
Money can be stressful. But the way customers keep, manage and move money should
bestress-free. They should be able to live their international lives with no limits. And with
Wise, it’s easy to do business, shop or stay financially connected in over 160 countries and
more than 40 currencies.
Our contact rate is falling as we remove friction.
% of customers that contact us
2021 2022 2023 2024 2025
36%
49%
55%
62%
65%
2025
65%
Q4 FY25Q3 FY25Q2 FY25Q1 FY25
6.0
6.5
7.0
7.5
8.0
6.93%
1.
As of Q4 each year.
15
Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Transparent
We’ve got nothing to hide. It’s more than just no hidden fees. We update everyone on our
mission every single quarter, and we are working to set a better standard that pushes
financial institutions to be honest, creating true transparency for everyone.
We will always be upfront about our fees.
Fee comparison table on wise.com
Coverage
Customers want to manage their money wherever they are and whenever they want.
Ouraim is to build a global financial network which lets our customers manage their money
anywhere on the planet. We have expanded our coverage to offer more products in both
existing and new places.
We’re building the best global financial network.
Number of countries with Wise coverage
2021 2022 2023 2024 2025
0
50
100
150
200
160
16Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

onwards
CHEAPER
We’re here to save our customers money: when they send it, convert between currencies,
get paid. There’s a whole team at Wise who exist to drive down our fees.
Cross-border take rate (bps)
2021 2022 2023 2024 2025
70bps
63bps
65bps
67bps
58bps
2025
58bps
17Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Our Infrastructure powers everything
Bringing a domestic experience to global payments.
Speed via local bank payouts. Transparent pricing.
Predictable payments.
Example:
Traditional correspondent banking
Numerous correspondents needed. Transfers take up to 5 business days.
Example:
Sender
Sender
Wise
Correspondent banks
Recipient
Recipient
• Exchangerateunknown(withbigmarkups)
• Fees~3-7%
• Nodeliveryestimateorpaymenttracking
“Our customers are amazed with how we’ve
transformed the daunting task of moving and
managing money internationally into something
simple and delightful. With over 70 licenses,
direct connections to 6 payment systems, and
partnerships with over 100 local banks globally,
our unique infrastructure provides a significant
competitive edge in cost and speed, which leads
to more users, volume and better outcomes of
the network of the world’s money.”
DianaAvila–ChiefBankingandExpansionOfficer
18Wise Annual Report and Accounts 2025
Strategic Report Other InformationFinancial StatementsGovernance

Wise explained
Ouruniqueinfrastructureisourcompetitiveadvantageandis
fundamentalinachievingourvisionofmoneywithoutborders.
Thelegacycorrespondentbankingsystemisoutdatedand
doesn’tgivecustomersthespeed,costandtransparencythey
expect.Wefixedthisproblemwithourinfrastructure,which
isreliable,fast(with65%oftransferscompletedinstantlyin
Q4FY2025),andlowcost(takerateof0.53%inQ4FY2025).
Thecomponentsthatpowerournetworkaredescribedbelow:
1. Regulatory licences and approvals
Wecontinuetoworkwithregulatorsaroundtheworldtoobtain
therequiredlicencesandapprovalstoreliablyprovidethe
productsandservicesthatourcustomerswant.Forexample,
ourAssetsproductisnowliveinAustralia–thankstothe
AustralianFinancialServicesLicenceforInvestmentsobtained
thisyear.Customersin30countriesarenowabletoaccess
WiseAssets‘Interest’throughourbroker-dealerlicences.
Similarly,securingregulatoryapprovalsinIndiaenabled
ustoremovetheUSD5,000limitfortransfersoutofIndia,
whichisexpectedtohelpusreducethecostofsendingto
andfromIndiaovertime.Thisisabenefitwewillpassonto
ourcustomers,improvingourpropositionandenablingusto
growourmarketshareinIndia.Wearecurrentlyprocessing
approximately10%ofincomingfundstoIndia.Withour
“AuthorisedDealerII”licence,weanticipatecapturing
anevenlargershareoftheoutboundmarket.
2. Direct connections
Wearealreadymovingnearlyhalfofalltransactionsinandout
ofWiseviaoursixdirectconnections.Thesedirectconnections
allowustoprocesstransactionsend-to-end,usingourown
infrastructure,whichmeansthatwecandothesetransactions
athighspeed,lowcostandmorereliably,withoutdependence
onintermediaries.Wenowconnectdirectlyintosixdomestic
paymentsystems,afterourconnectionwithPhilippines’
InstaPaywentliveinFY2025.Theimpactherehasbeenclear.
Withthisdirectconnection,wecannowcomplete90%of
transactionsinstantly,andthecostofmakingapayment
isreducedbyafactorofeight.
AlsoinFY2025,weweregivenregulatoryapprovalfor
directconnectionsinBrazilandJapan,whichwe’recurrently
workingtoimplement.Obtainingapprovalstojoindomestic
paymentsystemstakestime,bothintermsofworkingwiththe
regulatortosecuretherequiredapprovalsandintegratingwith
thesystemsthemselves.Thesignificantinvestmentrequiredin
regulatoryandtechnologywork,togetherwiththeexperience
wehavebuiltingainingconnections,meansitisbecoming
harderforotherstoreplicatethisstrategyatscale.
3. Operations
Wehaveover7,000people,bothinternallyandexternally
throughourpartners,acrossmorethantwentylocations
servicingourcustomers24/7.Managingandmovingmoney
aroundtheworldisnoteasysowemakesurewearethere
forourcustomers,toprovideasseamlessandsimplean
experienceaspossible.
Webelievethebestcustomerserviceiswhencustomershave
alackofneedforservice;butwhentheydoneedservice,it
shouldbeaseasyandfrictionlessaspossible.Wehaveinvested
inAI,aswellasourservicingteam,toreducecontactrates;
lastyearbringingthecontactrateperactiveusertoaround
7%.Butwhenourcustomersdoneedus,werespondquickly.
Currentlywereachover65%ofcustomersin<1minutefor
livesupportand<1hourforallotherbackofficequeues.
Weresolveover90%ofcaseswithin24hours.
Wewillcontinuetoinvestinimprovingtheserviceweoffer
ourcustomersandwearefocusingonleveragingAIand
automationtoolstodeliverabetterexperienceandtokeep
customermoneymovingaroundtheworld.Lastyear,we
increasedtheproportionofautomatedresolutionstomore
than30%.
4. Technology
Wehavespentfourteenyearsdevelopingourtechnology,
allinternallyandfromthegroundup,withmorethan850
engineersworkingonourstrategyofmovingtheworld’s
money–thisisthelargestengineeringteamdedicatedto
cross-bordertransfers.
Ourinfrastructureallowsustoprocessover3.5million
transactionsperday,orover2,000transactionsperminute,
everyday,includingweekends.Ourtechnologyallowsour
connectionsandoperationstorunseamlesslyandatscale,
poweringthesetransactions24/7with99.9%uptime.
Whilstwehavecomefar,ourworkdoesn’tstophere.
SinceWise’sinception,wehavespentmorethan£3billionon
ourinfrastructureandwewillcontinuetoinvestevenmoreas
weseemoreopportunitiestoscaleandgrowourcompetitive
advantage.Overthenexttwoyears,wewillinvestanadditional
c.£2billionintoourinfrastructure.Wefundamentallybelieve
thatwhoeverhasthebestinfrastructureinthisspacewillwin
inthelongterm.
Building a network to move trillions
Thisincreasedinvestmentinourinfrastructurewillpowerour
relentlessfocusondrivingbetteroutcomesforourcustomers.
Byinvestinginlicences,directconnectionsandourtechnology
andoperations,wewillmaintainwhatmakesWiseuniqueand
simpletouse,therebyincreasingourcompetitiveadvantage.
Thesimplicitythatourinfrastructureprovides,alongwith
fasterandcheapermovementsofmoney,willattractmore
userswhowillgeneratemoreflowswithinournetwork,
ultimatelypoweringWisetomovetrillions.
19Wise Annual Report and Accounts 2025
Strategic Report Other InformationFinancial StatementsGovernance

What makes us unique
InQ4FY2025,ourinfrastructureenabledover65%ofallWisetransactions
acrosstheworldtotakeplaceinstantly,inunder20seconds,and96%within24hours.
850+
skilledengineersacrossover122teams
shippingover120releasesperday
3.5 million+
transactionsperday
1,000+
cloud-basedservicespoweringa
horizontallyscalablesystem
Proprietary
machine learning
approachtofightfinancialcrime,predict
treasurymoneymovementsandhelpour
customersupportteamsbemoreefficient
Sophisticated and scalable Deeply integrated Servicing our customers
100+
partnershipswithbanksand
paymentpartners
6
directconnectionstodomesticpaymentrails
(2morecominginFY2026)
160+ countries
withlocalpaymentprocessing
Mastercard
and Visa
cardissuancepartnerships
Cloud-based
connectionwithVisa
7,000+ strong
internalandexternaloperationsteam,
splitacross26sites
30%
automationrate
(proportionofmanualworkloadautomated)
c.7%
contactrate
24/7
coverage
65%
ofcustomersservicedunder60seconds
20Wise Annual Report and Accounts 2025
Strategic Report Other InformationFinancial StatementsGovernance

What have been the biggest areas of progress in
Servicing this year?
Weareconstantlystrivingtowardsour‘instant’goal,to
notmakeourcustomerswaitmorethan1minuteforlive
support,ormorethan1hourforback-officecases,and
we’vemadealotofprogresstowardshittingthesetargets.
Togetthere,we’vebeeninvestingheavilyinthelatest
technology,especiallyAI,alongsideour7,000+strong
Servicingteamofin-houseandoutsourcedagents,toensure
wecanalwaysbethereforourcustomersanywhereinthe
world.Thisalsoallowsustohandle1.8millionservicing
caseseverymonthefficiently,constantlyscaling.Our
commitmenttoapositivecustomerexperienceisreflected
inthefactthatServicingisthebiggestteamatWiseandwe
haveteamsinovertwentysites,fromAustintoSingapore,
coveringCustomerSupport,KnowYourCustomer,
FinancialCrime,andPaymentOperations.
WisersinourServicingteamhavebeenscalingand
improvingtheservicethroughautomationanduseofLarge
LanguageModelsaswellasa‘chat’functionforcustomers
andco-pilotforouragents.Ithasallowedustoimproveour
servicelevelsby20%thisyear,withfasterresponsetimes
andround-the-clockcustomersupport365daysayear.
Wehaven’thitourtargetyet,butwe’rewellonourwayto
reachingitandwewon’tstopimprovinghowwedothings.
We’llcontinueinvestingintechnologytosupportandgrow
ourservicingefforts,whichwillalsosupportourmissionto
keepdroppingpricesforourcustomerswithoutcompromising
onspeedofservice.
What differentiates Servicing at Wise from
thecompetition?
Ourcustomersaretrulyglobalandthereforesoisour
service.Thismeansthatourcustomerscanexpectthe
samelevelofservicenomatterwheretheyare.Wehavethe
scaleandcoverageofmorethantwentysites,andstrong
continuity,whichmeanswe’renotreliantononesiteor
countrytooperate.
Butbeyondthat,wealsooperateinclosealignmentwith
ourProductandEngineeringteams.ManyServicingteams
areco-locatedinfull-stackhubsnexttotheteamsbuilding
ourproducts.Thismeanswecansharefeedbackquickly
tohelpourteamsimprovethecustomerexperience.To
bringeveryoneclosertoourcustomers,weregularlyhost
customerchallengesandside-by-sidesforallproductand
engineeringteams–andeveninvitethewholeCompanyto
takecustomercallsandworkqueuesonceayear.
How can Servicing act as an enabler for growth?
Whilstwebelievethebestserviceislackofneedfor
aservice,oratleastacompletelyfrictionlessone,we
recognisethatsometimesourcustomershavequestionsor
needadditionalhelp.Andgiventhatmorethan70%ofour
growthcomesfromword-of-mouth,providingafastand
high-qualityserviceisakeycontributortomorecustomers
recommendingWise.
TohelpusensurethatthefeedbacktheServicingteams
receiveiscontinuallyaddressedandfeaturedinquarterly
plans,weallocateeachcontactbacktotheproductsquad
thatisresponsiblefortheissuewhichhasarisen.Thisyear
wedroppedcontactratesperactiveuserfromover8.5%to
around7%.Wealsoestimatethecostofeachcontact,and
usethisestimatetoattributecoststoeachproductsquad,
tohelpwithopportunitysizingandprioritisation.
How are you using automation and
AI in Servicing?
Today,weprocessoveramilliondocumentsamonth
usingautomationandAI,andoursingleglobalviewofall
transactionshelpsuscontinuetoleveragethistechnologyto
reducehandlingtimeandcosts.Duringtheyearwelaunched
LargeLanguageModel-drivenco-pilotsforteamsinFinancial
CrimeandCustomerSupport,tohelpagentshonetheir
precisionandefficiency.Ourautomationrateformanual
workloadtodayis30%andwekeepinvestinginthisspace.
Wealsoimprovedourservicingplatforminfrastructureduring
theyear,whichhelpscentralisethemodelcalculations
ofcustomerbehaviourandriskprobabilities,andtrigger
controlsagainstastandardiseddatamodel.Thisisakey
differentiatorinbuildingServicingatWisetohelpspeed
upmoneymovement,improvemodellingofcustomer
behaviour,andrunoperationsevenmoreefficiently.
What’s your most important focus area for the
upcoming year?
Whilstwehavemadegreatprogress,wearenowherenear
done.Intheupcomingyear,wewillfocusheavilyonfurther
improvingourqualityofserviceacrossanumberofareas,
includingimprovingresolutionrates,streamliningcustomer
touchpointsandbuildingdeeperconnectionsacross
Servicingfunctionstodeliverthebestoutcomeforthe
customer.Weintendtobuildcapacityusingbothourinternal
teamsandvendors,andbybuildingoutspecialistteams
inareaslikeComplianceOperationsorwithinourregions.
Beyondthatwewillkeepinvestingintoourtoolingand
processimprovements,includingongoinguseofautomation.
Q&A with Rohan Basu, Head of Global Operations
21Wise Annual Report and Accounts 2025
Strategic Report Other InformationFinancial StatementsGovernance

The Wise Account is our global solution for people with
cross-border financial needs, and is increasingly popular with
customers who want to send, spend and get paid with more
speed, transparency and convenience. The Wise Account
nowserves 14.9 million active customers across the world.
Over half of our customers already use multiple features,
andafast-growing proportion see it as their primary account.
Today, the average deposit per customer stands at c.£1,000.
We introduced a range of features
over the last year
1. Stronger security and smarter fraudprotection
Safety and security is core to our growth, as more and more
customers trust us with their money, holding £21.5 billion in
their Wise accounts and in Wise Assets. This year, we rolled
out Wise Push, an all new secure infrastructure to replace
SMS-based two-factor authentication with in-app notifications.
We have also introduced smarter scam prevention measures
with customers receiving clear, tailored warnings based on
their transaction details.
2. Expansion
The Wise Account is now available in the Philippines for
personal customers, who can now get paid in over nine
currencies, including US dollar, Euro, and British pound
andspend it with their Wise Card.
We have also launched Wise Assets in more markets – it is now
available in Australia, and throughout most of the EEA, as well
as in Singapore and the UK. Customers in those markets can
now grow their money with government-guaranteed assets.
We have also increased limits in several regions, making larger
transfers easier in a number of countries.
3. Convenience: smarter features and better
moneymanagement
• Spend with others: We have been rolling out this feature to
enable customers to pool money with their friends and family,
for shared expenses such as holidays or managing bills
• Account summary: We have made it easier for customers to
see a snapshot of their holdings, spending and how much
they have saved using Wise
• All-new calculator: We have refreshed the transfer
calculator, making it faster and easier for customers to
setup their transactions
• Money to email: Customers can now send money using
justa link – no bank details required
• Digital cards: We have added new designs to help
customers differentiate between cards. Use one for
spending, one for subscriptions, and another for travel
Our Products
Wise Account: faster, cheaper and more global than ever
22Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Q&A with Nilan Peiris,
Chief Product Officer
What is it about the Wise Account that
customers love the most?
Customers love the ease of setting up a Wise Account
inminutes. One of the features our customers find
especially useful is that they can hold their money
insafe government-backed assets earning returns
withindustry-leading rates – right now they hold over
£4 billion in Wise Assets ‘Interest’. And with the Wise
card, they can use their money to make purchases or
withdraw cash anywhere in the world with no hidden
fees or exchange rate mark-ups. It is the one account to
hold, send, spend and grow their money. Our customers
especially love how easy we make it to access local
account details in 9 currencies, enabling them to get
paid like a local – whether this is to receive their income
when they relocate or to get their pension overseas.
What developments during the year have done
most to increase value for customers?
This year we have made Wise cheaper for millions of
customers with our fees going from 0.67% to 0.61%
yearon year and 0.53% as at Q4 FY2025. Customers
sending large amounts can get fees as low as 0.1%.
How many Wise Account customers did you
acquire during the year?
In FY2025, c.3.4 million people started using the
WiseAccount.
Instant
delivering faster speeds
for our customers
65%
of our transfers were
instant
1
in 2025.
1.
In less than 20 seconds.
23
Wise Annual Report and Accounts 2025
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Our Products
Wise Business: the only account growing businesses need
We have also made progress on making it even easier for
businesses to operate internationally – whether that’s in
managing their account payables and receivables, employee
cards and expenses, or earning a return in multiple currencies.
Wise Business is the one account that growing businesses
need to operate internationally, allowing them to focus on
whatmatters most: growth.
Over 690,000 active business customers, and 20,000 new
businesses joining each month, trust Wise for their banking
needs. These businesses are increasingly using us as their main
account, as evidenced by the over £6.6 billion of business
deposits being held at Wise. We continue to see growth in
retained volume and new customers with businesses having
sent or spent a total of £3.2 billion every month in FY2025,
growing our business cross-border volumes by 24%.
For businesses that want to get paid, they can now use a
range of options with Wise. Apart from issuing an invoice
withtheir accounting software, businesses can now create
and issue invoices directly from their Wise Business account.
Their customers can then pay for these invoices in multiple
currencies using domestic account details, SWIFT or instantly
through ‘Pay with Wise’ if they are also using Wise Business.
Businesses can now have higher spending limits when paying
for their SaaS services, advertising and all other expenses.
Wealso brought Wise Business to more markets, launching
inBrazil and Hong Kong over the year. We continued to
strengthen the underlying infrastructure powering our USD
account details, and are now seeing an uptick in user adoption.
We improved our user experience and operational processes
for transaction checks, making payments faster, all while
maintaining the highest level of security. Larger businesses
now increasingly use our payment approval feature for added
security. With specific access permissions, they are also able
to have peace of mind as they allow their team members to
operate their Wise Business account. We’ve also scaled our
servicing capabilities to ensure 24-hour phone support
between Monday and Friday, for businesses in all countries
– giving them increased confidence as they operate at scale.
24Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Testimonial from a startup
Jonas Templestein is well known on the UK startup
circuit. After founding Hipdial in the early 2010s in
SiliconValley, he returned to London to co-found Monzo
as the CTO. It’s an honour to support Jonas in his latest
venture, Iterate. They’re on a mission to ‘make it possible
for everyone to build software’. Wise is proud to support
that mission across borders. Jonas and the Iterate team
use Wise Business as their primary account. In Jonas’s
own words:
“We’ve set up both our US top
company and the UK operational
entities on a single login on Wise,
which makes it quite convenient.
We have a USD account to receive
locally from our US investors and
customers and a GBP account for
local GBP payments. And we also get
the best FX rates to pay contractors.
I particularly love the Assets product,
which allows us to earn an attractive
return on our investment money
inUSD safely while keeping it
easilyaccessible.
We’ve just started using Wise’s
cardproduct, enabling everyone
inmy small, high-trust team
tospendmoney and have the
transactions sync automatically
withXero. I’m now looking forward
towhen Wise can automate all
ourmonth-end reconciliations.”
Convenient
Always Expanding
our reach
70+
licences and counting
In 2025, we gained
new licences in Brazil,
Australia and India
to strengthen our
offering–and we’ll
keepexpanding globally.
25Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Our Products
Wise Platform: empowering partners
to build global paymentsolutions
Wise Platform is our market-leading global payment
infrastructure for banks, financial institutions and enterprises
around the world. Wise Platform provides these organisations
with the capabilities to serve their customers with a world-
class experience to send, receive, hold and spend money
cross-border instantly, reliably, securely and cost-effectively.
The total addressable market for cross-border payments
issubstantial. However, we will not be able to reach the
hundreds of millions of individuals and companies involved in
these transactions by merely requiring them to download the
Wise app. Instead, our strategy is to extend our infrastructure
to enhance the tools and products people and businesses are
already using, through the Wise Platform.
With one simple integration, our partners can leverage all of
our infrastructure benefits to offer their customers the speed,
efficiency and transparency of Wise without the need to
rebuild their own systems.
This is why increasingly some of the world’s most recognised
financial brands, including Nubank, Monzo, Qonto and Brex, are
choosing Wise Platform. These organisations use all aspects
ofour infrastructure: for example, multi-currency accounts,
receiving internationally, sending remittances, fulfilling global
payroll, as well as settling invoice and bill payments.
This year, we continued our progress towards becoming
thechosen cross-border infrastructure partner for banks
andenterprises everywhere. In particular, global banks such
asMorgan Stanley and Standard Chartered have signed up
topower their cross-border needs through Wise Platform
(seepage 27) and we have continued to expand our
footprintin Brazil by launching a partnership with Itaú,
LatinAmerica’s largest bank, to enable its customers to
makeinternational payments with the same ease and
simplicityas domesticpayments.
26
Strategic Report Governance Financial Statements Other Information

Q&A with Steve Naudé, Managing Director of Wise Platform
Why did Morgan Stanley and Standard Chartered
choose Wise?
Morgan Stanley chose Wise Platform to facilitate foreign
exchange international settlements for its corporate
customers. It became the first investment bank to enable
these capabilities on Wise Platform – something we’re
veryproud of.
An integration with Wise Platform significantly cut the capital
expenditure and time required to modernise Morgan Stanley’s
cross-border payments infrastructure and therefore enabled
them to bring greater value to their customers more quickly.
With Wise Platform, Morgan Stanley was able to leverage
fourteen years of infrastructure investments through a single
application programming interface. The partnership enabled
us to quickly provide their corporate customers with the
leading payment experience, complementing their
existingworld-class trading capabilities.
Standard Chartered chose Wise Platform to power its
SCRemit product in Asia and the Middle East. Standard
Chartered’s goal is to provide a top-class payments
experience to its retail wealth customers, to drive stickiness
and growth – making sure these customers come back for
more of their financial needs beyond payments.
With Wise, SC Remit will be well on its way to deliver this
experience, with the ability to send money in 21 different
currencies in a matter of seconds.
Samir Subberwal, Global Head, Wealth Solutions, Deposits
and Mortgages, and Chief Client Officer, Standard
Chartered, said:
“We chose to partner with
Wise Platform due to their extensive
currency coverage and the stellar
cross-border payments experience
they are known for. This collaboration
supports our priority to deliver a fast,
seamless and efficient digital global
payments experience to our clients.”
How is Wise Platform making it easier
for banks to integrate?
Our goal for Wise Platform is to help financial institutions
andonline platforms bring fast, low-cost and transparent
cross-border payments to their customers – quickly
andsecurely.
Last year we announced that banks could connect to Wise
Platform through our Correspondent Services offering,
allowing them to route Swift messages directly through us.
This solution is helping them launch better cross-border
payment products faster to meet their customer demands,
without the need to undertake a large technical project.
And now, we’re also integrated into AbbeyCross (ABX), a
platform focusing on improving transparency, connectivity
and access to emerging markets FX. Banks on the ABX
platform will be able to source transparent FX rates and
startexecuting trades with Wise Platform.
These investments continuously make it easier for banks
toaccess Wise Platform and initiate payments through
ourinfrastructure within a few months.
27Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Business Model
Value created for
our stakeholders
Our resources
power our growth
How we invest to create value
Customers
c.£2 billion
saved by customers using Wise
compared with traditional banks
Our infrastructure
• Licences: 70+
• Direct connections: 6, with
2 more coming in FY2026
• Technology: including
ourTreasury function
andoperations
• Engineers: 850+
• Localisation of our
operationsand products
Our people
• Over 6,500 Wisers all over
theworld are motivated by
ourmission
• Diversity, equity and inclusion is
central to ourpeople strategy
• Highly capable operations team
Owners
40.37p
earnings per share,
an 18% increase on FY2024
Wisers
Top 25%
of the tech company benchmark
when Wisers were asked if they
would recommend Wise as a
place to work
To become
‘the’ network
for the world’s
money
More
customers
Increased
income and
gross profit
Offer better
products that
customers love
and recommend
Invest in
product and
engineering
Invest in
marketing
Invest in our
teams and
operations
28Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Key Performance Indicators
Another year of outstanding performance
Underlying income increased by 16%
to£1,362.3 million in FY2025, driven by
the continued growth in multi-feature
adoption and cross-border volume.
Our underlying profit before tax has
increased 17%, with the margin steady
at20.7%. This is due to the combination
ofincreased underlying income and
pricechanges during the year, which
demonstrated our ability to lower prices
for customers while maintaining margin.
While revenue increased by 15% to
£1,211.9 million, the take rate decreased
by 9bps in FY2025. This was a result of
our focus on reducing unit costs, which
allowed us to lower prices and is the
maindriver of the cross-take rate.
Underlying income*
£1.4 billion
Underlying profit before tax
(and margin %)*
£282.1 million
Cross-take rate
0.58%
2023 2024 2025
892.0
1,172.7
1,362.3
2023 2024 2025
74.3
8.3%
241.8
20.6%
282.1
20.7%
2023 2024 2025
0.65
0.67
0.58
Cross-border volume increased by 23%
to£145.2 billion, with personal volumes
growing by 22% to £106.4 billion and
business volumes increasing by 24%
to£38.8 billion.
Cross-border volume
£145.2 billion
2023 2024 2025
104.5
118.5
145.2
*
To supplement performance assessment, the Group uses alternative performance measures (APMs), which are not defined under IFRS. APMs are indicated in this document with an asterisk (*); definitions and further details
are provided in the Other Information section of this Annual Report.
29
Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Our earnings per share increased by 18%
to 40.37p.
Our number of active customers grew
21%, from 12.8 million to 15.6 million.
Active personal customers grew 22%
to14.9 million, while active business
customers increased by 11% to 0.7 million.
Earnings per share
40.37p
Active customers
15.6 million
Profit before tax increased 17%
year-on-year to £564.8 million, due
toourdisciplined approach to expense
management, allowing us to continue
tocontrol costs, which in turn allows
ustoinvest in price changes that fuel
further growth.
Profit before tax
£564.8 million
2023 2024 2025
146.5
481.4
564.8
2023 2024 2025
11.07
34.20
40.37
2023 2024 2025
10.0
12.8
15.6
Gross profit increased 20% year-on-year
due to both increased revenue and
improved cost of sales, with the aid
ofitems such as reduced expenses
related to card fees and hedging.
Gross profit
£1.3 billion
2023 2024 2025
638.2
1,092.4
1,307.8
30Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Chief Financial Officer Review
Customer-led investments andgrowth
We remain focused on our mission,
balancing growth with driving efficiencies
FY2025 was another year of strong growth led by an
expansion in active customers. We continued investing in our
customers by reducing our prices and building the infrastructure
they need to move and manage money around the world, while
also broadening our product offering. During FY2025 over
15.6 million customers used Wise for cross-border transactions
and a growing number used other Wise products. This has
resulted in a strong financial performance for the year, with
16% underlying income growth (18% in constant currency)
andan underlying profit before tax margin of 21%, which
wasabove our medium-term target of 13%-16%. Revenue
increased by 15%, with reported profit before tax increasing
to£565 million (FY2024 £481 million), representing a reported
profit before tax margin of 34%.
Customer-led growth
In FY2025 our customers sent or converted £145.2 billion of
volume (cross-border volume), an increase of 23%, or 25% on
a constant-currency basis. This was primarily led by growth in
active customers of 21% to 15.6 million, with 5.9 million new
customers joining Wise and completing their first cross-border
transaction. We continued to deliver double-digit growth across
all five of our geographical segments (Europe, United Kingdom,
North America, Asia-Pacific, and the Rest of the World).
Active personal customers grew 22% to 14.9 million, with
personal cross-border volumes growing by 22% to £106.4 billion.
We continued to see an increased usage of the Wise Account,
with an adoption rate of c.50% at the end of FY2025, defined
as the percentage of active customers who have adopted
more than one product. This adoption is driving a continuation
of the higher growth in ‘card-only’ customers, or customers
who only use their Wise card for cross-border activity.
Historically, these customers have had a cross-border VPC
of£500 to £1,000 per quarter. In Q4 2025, the proportion of
active personal customers who were ‘card-only’ was c.20%.
Personal VPC in Q4 FY2025 was £3,200, which was up
7%compared to Q4 FY2024. This reflects higher growth in
high-volume customers in Q4 FY2025, as our pricing has made
us more attractive for this group.
Active business customers increased by 11% to 0.7 million,
with cross-border volumes growing by 24% to £38.8 billion.
Business customer growth sequentially accelerated in
Q4FY2025, as we resumed the onboarding of business
customers in the US and UK, following the pause in H2
FY2024. Business cross-border volumes grew at a faster
ratethan active customers, driven by an increase in VPC.
Compared with cross-border volume growth of 23%,
cross-border revenue grew by 6% to £840.4 million,
reflectinga reduction in the average take rate for FY2025
of9bps to 58bps as we reinvested efficiency gains through
lower pricing with the aim of driving increased volumes.
Wise Account adoption is driving increased customer
retentionand we are seeing a broader use of Wise products
for business too. Within FY2025 revenue of £1.2 billion, card
revenue (which primarily consists of interchange revenue),
increased 31% in FY2025 to £219.8 million. Other revenue
(which largely comprises business customer account set-up
fees, fees for replacement cards and revenue from Wise
Assets), increased by 71% to £151.7 million.
Additionally, underlying interest income rose by 25% to
£150.4 million, due to a 29% growth in customer balances
to£17.1 billion combined with higher interest income yields.
Underlying income, which consists of cross-border revenue,
card revenue, other revenue, and underlying interest income,
increased 16% to £1.36 billion (18% on a constant currency
basis), while revenue itself increased 15% to £1.21 billion
andtotal interest income 22% to £594.3 million.
31Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

2023
8%
2024
21%
2025
21%
Underlying gross profit expansion
enables reinvestment into growth
Cost of sales and net credit losses increased by 5% to
£337.2 million in FY2025, whereas revenue increased by
15%and underlying income grew by 16%. Costs decreased
inFY2024 with these reductions sustained through FY2025.
Underlying income benefited from active customer growth and
Wise account adoption, delivering an increase of 20% in both
underlying gross profit and gross profit to £1,025.1 million and
£1,307.8 million, respectively.
Underlying gross profit margin was 75% in FY2025, up
2percentage points versus FY2024.
Underlying gross profit enables us to fund significant
investments in the business, reduce our prices and provide
abetter experience for our customers whilst also delivering
our target underlying profit margin. During FY2025 we were
pleased to reduce cross-border prices by over 9 basis points,
sustainably reinvesting gross profit margin into lower prices
– akey reason why customers choose to join Wise.
Administrative expenses for the year increased by 25%
to£768.6 million. This reflects our continued investment in
futuregrowth, as well as in the capacity required to onboard
and serve a fast-growing active customer base that is
increasingly using more features. In FY2025 we saw an
increase in third-party costs, as we continued to outsource
theprovision of specific elements of our servicing operations,
allowing us to flex capacity at a lower cost.
At 31 March 2025, we had over 6,500 Wisers, an increase
ofmore than 2,000 employees over the last three years.
Thegrowth in our team resulted in employee benefit expenses
increasing 9% to £412.7 million in FY2025. We expect to add
c.700 roles over the course of FY2026. These Wisers will
helpus on our mission: building products, improving our
infrastructure, supporting our core functions and helping
toattract and serve even more customers.
We continue to invest in our customer acquisition efforts,
witha focus on improving the effectiveness of our marketing
programme. In FY2025 our marketing spend was £53.8 million,
an increase of 47%, with our Marketing team growing by 30%.
We aim to drive incremental adoption and engagement as
wecontinue to invest across multiple channels, including
anexpansion into awareness marketing and a greater level
Lower cost
Our investments
fuel growth and
efficiency, which
create further
capacity for
more investment
Underlying profit before tax margin
2025
21%
ofinvestment into performance marketing. In FY2025 we
launched our first brand campaign in Australia, which delivered
encouraging results, reaching over 4 million people and driving
an increase in awareness of 11 percentage points.
Technology costs increased by 23% to £65.9 million and
expenses relating to consultancy and outsourced services
increased by 42% to £128.1 million, both reflecting the greater
services required to support the growth of the business.
Strong, sustained profitability profile
In FY2025 we generated an underlying profit before tax
of£282.1 million at a 21% margin, an increase of 17% over
FY2024, reflecting our continued investment in the business.
Our underlying profit before tax margin was strong at 21%,
above our sustainable margin target of 13%-16% for
themid-term.
Reported profit before tax of £564.8 million for the year is
calculated by adding ‘interest income above the first 1% yield’
(£443.9 million in FY2025) and deducting benefits paid relating
to customers’ balances (£161.2 million).
Of this £443.9 million of interest income above the first
1%yield in FY2025, our interest income framework aims
toretain 20% (£88.9 million) and to return the remaining 80%
(£355.0 million) to customers. In FY2025 we managed to pay
£161.2 million to customers (45% of our target), while retaining
£282.7 million.
We were unable to return the other 55% of our target
forseveral reasons, including: where the deposits are in
jurisdictions where we are unable to pay interest or cashback
for regulatory reasons (e.g. the UK, which made up two-thirds
of the 55%); where we do not yet pay interest or cashback on
all currencies; and in some geographies such as the US, where
customers are required to ‘opt-in’ to receive interest but have
not yet done so. Where customers do not currently receive
interest or cashback on their balance, our priority is to launch
and promote our Assets ‘Interest’ product, which provides a
market rate of return, while still offering all the other benefits
of the Wise Account. This option is available for customers in
the UK, EEA, Australia and Singapore.
Reported profit before tax grew 17% to £564.8 million in
FY2025, with earnings per share of 40.37p.
32Wise Annual Report and Accounts 2025
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Highly liquid and well capitalised
As at 31 March 2025, we held £18.6 billion of cash and highly
liquid investment grade assets, up 28% from £14.5 billion at
the end of FY2024. This includes assets in respect of the
£17.1 billion of customer balances. It also includes £1.4 billion
of our ‘own cash’ (£1.1 billion at the end of FY2024), with the
increase from our operating performance partly offset by a
reduction in our rolling credit facility drawings as we repaid
half of the RCF draw down given our strong cash position.
We are well capitalised for the future, and as at 31 March
2025our Group eligible capital was £1.3 billion, including the
now-audited FY2025 profits; significantly above our minimum
regulatory capital requirements.
Our capital position, built through sustained profitability,
enabled us to initiate a programme in FY2023 to reduce the
dilutive impact on share count that arises through stock-based
compensation (SBC). £10 million of our capital was used in
FY2023 by our Employee Share Trust to fund such share
purchases, rising to £68 million in FY2024 and £73 million
inFY2025, which covered the impact of new grants issued
during the year.
At our Owners Day on 3 April 2025, we announced our intention
to expand our programme of share purchases for the Employee
Share Trust, with the expansion taking us beyond those for
in-year SBC grants to now also begin acquiring shares for
historical SBC grants, which represent c.25 million shares
andc.2.5% of issued capital.
Also, as part of our corporate finance strategy, we entered into
a £520 million Safeguarding Insurance policy during FY2025,
allowing for this amount of customer funds to be used for
operational customer liquidity, with the insurance providing
fullcustomer security. We also refinanced our RCF on an
unsecured basis and underwent a credit scoring process in
November 2024 and received investment grade ratings of
BBBfrom both S&P and Fitch. Our aim is to optimise the
funding of our working capital in the coming years.
Regulatory Development
As we continue to expand our product and coverage we
aimtobe compliant with all regulations in the markets that
weoperate in. However, with an evolving regulatory, political
and financial crime landscape we occasionally don’t achieve
this goal, and where we or regulators identify gaps in our
processes or controls then actively engaging with the relevant
regulator we act quickly to identify remediation plans. Late in
FY2025 we agreed a consent order with the CFPB in relation
to some historic technical issues which had been fully
remediated at the time of the consent order. The CFPB
originally fined us $2 million, but the Consent order was
recently amended with an adjustment to the findings and
thepenalty reduced to $45,000.
Relentless focus on the long-term
opportunity
The opportunity for Wise remains substantial, with many
millions of people and small businesses moving trillions of
pounds across borders while overpaying for a poor service.
We fundamentally believe that the market leader over time will
be the provider of the cheapest, fastest and most convenient
service, with the broadest coverage.
We remain focused on unlocking this opportunity and will
continue to invest in our long-term growth potential, building
abusiness with world-class fundamentals and the potential
toscale volumes from billions to trillions, and generating
exceptional value for both the customers and owners of Wise.
As we deliver on our mission, we continue to target 15-20%
CAGR for underlying income (with FY2024 as a base year)
andan underlying profit before tax margin of 13-16% over
themedium-term.
We expect our reported profit before tax to continue to
behigher than underlying profit before tax as long as the
effective interest rate we achieve on customer balances
isgreater than 1%.
Improvements in efficiency gained in FY2025 resulted in an
inflated level of earnings, which we expect to reinvest back
inthe business. We plan to scale our ability to invest in the
business in order to fuel many more years of growth. Over
themedium term, we aim to double our annual spend on the
running, and growing, of Wise. This will include a tripling of
ourinvestment into marketing, alongside increased hiring
inour Product and Engineering teams. This investment
willparticularly support the planned initiatives across Wise
Business and Wise Platform, the investment needed to support
a larger business, and our continued efforts to reduce our
average cross-border pricing.
Strong financial performance
with world-class fundamentals
We have built a unique business with world-class
fundamentals, delivering strong growth and high profitability.
As we continue investing for the long term with the aim
ofbecoming ‘the’ network for the world’s money, we are
delivering on our mission and creating massive value for
bothour customers and shareholders.
Emmanuel Thomassin
Chief Financial Officer
5 June 2025
33Wise Annual Report and Accounts 2025
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Our People
People are central to the success of Wise
Statement from Chief People Officer,
Isabel Naidoo
I’m really proud that Wisers (the employees at Wise) play a
central role in helping us build a world where money exists
without borders. As a global team with a global mindset,
weare continually innovating to support our customers.
Thediversity, drive and problem-solving capabilities of
Wisersare essential to our mission. Their skills, innovation
andcommitment help us build great products, deliver
lightning-fast services and continue to grow our
presenceacross our global markets.
In my role as Chief People Officer at Wise, I lead our People
team in continuing our focus on our three-pronged strategy:
building skills for the future to fuel business growth, creating
an irresistible employee experience to enhance the customer
experience, and ensuring our ways of working are optimised
toenable speed to market. And we have achieved so much
inthese areas in the last year.
Our employee engagement score continues to consistently put
us in the top 25% of companies compared to the benchmark,
as well as the top 5% for inclusion, both of which support our
aim of creating an irresistible employee experience. In the
latest survey, from March 2025, employees also scored Wise
in the top 25% when it comes to feeling inspired by the mission
and recommending Wise as a place to work.
On building skills for the future, we launched our Leadership
Strengths programme for our Senior Leads at Wise, and
ourperformance framework to nurture a mission-driven,
high-performance culture poised for growth.
And when it comes to optimising our ways of working, we
havesome ambitious plans for FY2026, including building
outa shared service operating model to centralise processes,
and using AI-driven tools to streamline query resolution and
improve employee experience globally. We will also continue
to make improvements to our candidate experience for
potential hires, strengthen wellbeing initiatives and
embedourperformance framework.
Isabel Naidoo
Chief People Officer
Our four core values
This isn’t just a job,
we’re a revolution.
We’re making a positive,
important change in the
world. We can’t do this
hanging out in our comfort
zones. No-one can do this
alone. We need each other.
We get it done
We break through walls
tomake amazing things
happen. We take ownership
of what we do. This thing
belongs to all of us. We
takecare of ourselves
andeach other.
Customers > team > ego
We’re working to create
abetter world for our
customers – that’s the whole
point. Customer voices
should always be heard as
they are at the centre of
everything we do. Ego?
Vanity? No. Stay humble.
No drama. Good karma
We start by assuming
everyone has good
intentions. We respect
others’ world views and
challenge arguments, not
individuals. We’re open
andhonest – no hidden
agendas here.
34Wise Annual Report and Accounts 2025
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Our culture
Our culture is driven by our mission and underpinned by
ourfour core values. They shape how we communicate and
engage with customers, and show Wisers what we expect from
them. We’re building the best way to move and manage the
world’s money and it’s important everyone shares our goals
and feels genuinely invested in our purpose. Our employees all
share in the responsibility of making Wise a success and every
individual is offered stock, as a way to share the value in our
growth. Wisers are empowered to solve the most urgent and
relevant problems they see for our customers. And it shows.
Wise scored above the tech company benchmark in our
employee engagement survey on how our work contributes
topositive outcomes for our customers. Regular feedback
isalso critical to our ways of working. Teams from across
theorganisation contribute to our quarterly planning process.
They take ownership by providing feedback on how we can
improve the experience for our customers, from those who
areclosest to them. Feedback helps us iterate and improve.
For our customers and our Wisers.
Mission Days
Our bi-annual Mission Days give Wisers a chance to reflect
onhow we are progressing against our mission: what we have
achieved so far and where we need to focus in the future. The
customer experience is central to our mission. That’s why we
host customer panels at these events, so we can have direct,
honest conversations to find out how we can better solve real
problems for them. Mission Days are also an opportunity for
our Wisers to connect and collaborate across locations, build
stronger global teams and embed our culture. That in turn
helps us to build a stronger global product.
Wise is more than
6,500 people, across
124nationalities and
11 key global locations
In June 2024, we brought together over 4,000 Wisers across
nine global locations and hosted local watch parties with
evening celebrations, extending the sense of community
beyond our main event in Tallinn. The average employee
NetPromoter Score (eNPS) across all of these events was 75,
which is generally considered an excellent eNPS. This shows
how much Wisers appreciate the Mission Days experience
across the globe.
In January 2025, we hosted simultaneous events in Austin,
Budapest, London, Singapore and Tallinn, as well as local
watch parties across our other locations. These events
deepened regional relationships and gave Wisers a chance
tocome together to focus on improving our local market
product offering.
Creating an irresistible employee
experience
We’re shaping the future of international payments and our
people help make this a reality. That’s why we are creating an
irresistible employee experience that helps us attract, develop,
engage and retain top talent. Our employee experience has
earned us a place on lists such as Austin’s Built In Best Places
to Work, the Financial Times, Best Employers Asia-Pacific and
Estonia’s Attractive Employer Award.
Improving the candidate experience
We want future Wisers to have an irresistible experience,
starting before they join. Last year we invested in improving
the candidate experience, introducing a new applicant tracking
system in March 2024, accompanied by a new careers website.
This drove significant efficiencies to streamline the candidate
experience and help us to recruit at pace and achieve our
global growth ambitions. For example, we introduced a
self-serve, automated interview scheduling system, which
hasreduced time to schedule interviews from at least 3 days
to 68 minutes on average. Our new system also enables us
tocreate self-selected communities of talent, which helps us
reach key populations of potential candidates with targeted
messaging. We’re initiating regular updates to these
communities throughout FY2026.
Mission
Days
Wisers who participated in our Mission
Days events in Tallinn in June 2024 feel
more inspired and aligned with Wise’s
mission and strategy.
Inspired by our mission
Attendees scored
10pps
above the benchmark and
7 percentage points (pps)
higherthan those who
didnotattend the events
Inspired by our strategy
Attendees scored
9pps
above the benchmark and
3 percentage points (pps)
higher than non-attendees
Data source: WiserPulse, our employee engagement survey
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Measuring our progress
Our People Plan is built on a three-pronged strategy:
buildingskills for the future, creating an irresistible employee
experience, and ensuring our ways of working are optimised.
To understand how well we’re delivering on these points, we
use a People Scorecard to evaluate metrics including training
coverage, attrition risk, and representation. This scorecard
isshared with the Board on a quarterly basis. In FY2025,
ourNon-Executive Directors continued to host engagement
sessions with Wisers across a range of locations, teams
andtenures. These sessions, alongside the People
Scorecard,ensure the Board better understands
Wisers’on-the-ground experiences.
Board engagement sessions with Wisers
5 sessions,
2 locations
Global, flexible and connected
Wisers represent more than 124 nationalities, and 43% of
ourorganisation live and work in a country that’s different
totheir nationality. Like our customers, they’ve been shaped
by the places where they live, work and travel. It’s important
that we strike the right balance of flexibility and connection
forour growing, global team. For coaching, community and
collaboration-centred work, such as supporting new joiners,
we encourage office-based workdays to keep our
connectionsstrong.
In March 2025, we moved our largest Wiser populations to
new office spaces in London and Tallinn. These spaces have
significantly improved facilities, and strong security, and
provide a better in-person experience for our Wisers.
In FY2025, we also invested in new spaces in São Paulo,
KualaLumpur, Hong Kong, Mumbai and Sydney. Additionally,
we refurbished our offices in Budapest and New York.
We won the ‘Best New Website’ award
at the Online Recruitment Awards
Time to schedule interviews reduced
from at least 3 days to 68 minutes
onaverage
In January 2025 we also launched a new candidate
experiencetool, to help us gain a much deeper understanding
of the experience we offer through our recruitment processes
and enable us to drive an outstanding candidate experience.
This has already seen a strong candidate response rate in the
first few months since implementation. We will use insights
collected from this tool throughout FY2026 to continue to
improve our candidate experience.
Listening to our people
Our employees’ voices are valuable in helping us make
surewe’re creating an irresistible employee experience and
understanding how we can make Wise an even better place
towork. We run employee engagement surveys twice a year,
and we are currently piloting more regular surveys to empower
managers via a more frequent pulse check of their teams’
engagement. We are proud that our survey participation rate
remains consistently high, and above the industry benchmark,
at 89%. We are even prouder that our overall engagement
score continually increases and puts us in the top 25% of
ourbenchmarked competitors. Even more encouragingly,
ourinclusion score also continues to place us in the top 5%.
Employees scored Wise in the
top 25%
of companies compared to the benchmark for:
• feeling inspired by the purpose and mission of Wise
• recommending Wise as a place to work
• recommending Wise’s products or services
36Wise Annual Report and Accounts 2025
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The benefits of our investment in the workplace experience
have been reflected in our employee engagement survey
scores relating to the physical working environment,
whichincreased by thirteen points since last year.
We know that teams and individuals all have different needs
depending on what they need to deliver. That’s why we offer
flexible working at Wise, which may include spending some
time working from the office and some time working remotely,
depending on roles. Wisers have a ‘work from home’ allowance
and can access workplace safety checks and collaboration
tools wherever they work. Our Mobile Wiser programme also
offers the majority of employees a chance to work from
almostanywhere in the world for up to 90 days each year.
Mobile Wiser
A third of Wiser’s took advantage of our
programme in FY2025
Protecting Wiser wellbeing and safety
We cannot build a better business, or have a positive impact on
the financial sector, without prioritising our people’s wellbeing
and safety. We encourage Wisers to take advantage of the
wellbeing support we offer, such as:
• Enhanced parental leave and ‘me’ days
• Employee assistance support from in-house
mentalwellbeing champions and external providers
• Benefits to support health and financial wellbeing
• Local social and physical wellbeing activities and
teamget-togethers
• Flexible working times and locations
In FY2025, we focused our efforts on improving awareness
ofour wellbeing initiatives and strengthening our offering,
particularly around financial wellbeing. Towards the end of
2024, we ran a wellbeing benefits awareness campaign across
four of our largest locations – Tallinn, London, Budapest and
Singapore. In each location:
• Our health insurance providers offered information sessions
for local teams on the benefits they offer
• We ran financial wellbeing learning sessions to upskill Wisers
on topics such as retirement planning
• We offered a series of social and physical wellbeing events
for Wisers to join, including sessions such as yoga, ice
swimming and mindfulness
In support of financial wellbeing, in FY2025 we also initiated:
• A series of sessions in Belgium and US locations to
ensureWisers understand the tax implications of stock
payments and how to manage this core part of their total
compensation package. These followed similar sessions
held in Hungary in March 2024
• A partnership with a financial education provider in the UK,
to upskill Wisers and provide support on financial planning
across a series of events and one-to-one sessions
In FY2025 we appointed a dedicated Benefits Lead to focus
our efforts on optimising and enhancing our global benefits
offerings. We will continue to invest in these efforts
throughoutFY2026.
In FY2025 we also established a new workplace business
continuity procedure and emergency action plans for all Wise
locations, and introduced a safety notification system to ensure
that we can reach all our employees during an emergency.
Furthermore, we introduced a global travel assistance helpline,
which is a 24/7 service hotline that Wisers can call for assistance
with various travel-related issues, such as lost passports,
stolen bags, medical support, or delays and cancellations.
Diversity, equity and inclusion (DEI)
Our mission to build a world of money without borders
isinherently inclusive. Just like our customers, our Wisers
arefrom every part of the world, so they reflect the diverse
communities we serve every day. Transparency is also
deeplyimportant to us, so we are honest about our pace
ofprogress, the challenges we face and how we’re working
toovercomethem.
The key priorities we continue to focus on are:
1. Increase the diversity of our Wiser population and
Leads to reflect our global and local customer base
2. Enhance the inclusivity of our products and services
to broaden our reach and improve the customer
experience, particularly for our vulnerable customers
3. Evolve our learning curriculum to increase DEI
knowledge, actions and behaviours in order to
increase retention and drive high performance
4. Ensure our processes and policies are fair, equitable
and able to mitigate potential biases, particularly in our
decision-making moments
5. Improve our DEI data capture, analysis and reporting
capabilities to set specific goals and track our progress.
Our progress so far
To strengthen our collective DEI awareness and inclusion
skills, we facilitated DEI learning sessions for over 1,800
attendees across seven key topics in FY2025:
• Disability and Neurodiversity Inclusion
• Becoming an Anti-Racist Workplace
• Cultivating LGBTQIA+ Allyship
• Mental Health Inclusivity
• Fostering Faith inclusion
• Inclusive Ways of Working
• Uncovering Unconscious Bias
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To maximise our impact and reach across the whole business,
we delivered tailored DEI training for Leads, as well as
team-specific sessions.
To widen the diversity of our Wiser population, we work
with a number of diversity-focused recruitment partners
andorganisations.
We currently rank in the top 5% of global technology
businesses for inclusion, based on the results of our
employeeengagement survey.
Our partners include:
Increasing women’s representation
Women’s representation as at 31 March 2025:
Women Men
Wise overall 52% 48%
Managers (or Leads) 45% 55%
Senior leader positions
1
32% 68%
Leadership Team 30% 70%
1.
Senior leaders are defined as those in Management Level 8 and
above (equivalent to Director level and above).
See page 76 for a further breakdown of our Board and
Leadership Team composition by gender and ethnicity.
See page 117 for the DEI statement from the Board.
38Wise Annual Report and Accounts 2025
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Building skills for the future: our
performance philosophy
Our goal is to attract, develop, and retain top talent while
nurturing a mission-driven, high-performance culture poised
for growth.
In FY2025, we began rolling out our refreshed performance
framework with the introduction of tools such as:
• Performance calibration: aligning performance ratings
basedon role expectations
• Development plans: offering a structured framework
forWisers to drive their development, by specifying the
knowledge, skills and behaviours needed for growth
• Anytime Feedback: a system for allowing continuous,
year-round feedback between Wisers, by fostering
real-time, inclusive communication.
These initiatives have also enhanced data collection and
analysis, providing us with valuable insights into Wisers’ impact
and reinforcing our robust feedback and performance culture.
They also equip Leads with an evidence-based framework,
along with the tools and training needed to build high-
performing teams.
In FY2026, we will continue to embed the framework through
global communications and learning campaigns. Additionally,
we plan to integrate the performance framework into other
talent processes, including our applicant tracking system,
Company onboarding, and leadership training, to ensure we
can hire and upskill Wisers based on high-performance skills
and behaviours.
Hitting the ground running
It’s important that new faces quickly get on board with our
mission and values, and understand our structure and product
pillars. That’s why during FY2025 we onboarded more than
95% of new Wisers within one week of their start date through
a face-to-face, two-day programme in either Austin, Budapest,
London, São Paulo, Singapore or Tallinn. It’s also a valuable
opportunity for newbies to start building productive networks
across Wise, which help them quickly begin making a difference.
We’re proud to have consistently strong feedback on our
onboarding process. After training, 98% of participants say
that they feel more confident and informed about our products
and organisation, and enthusiastic and driven to execute
ourmission.
Over the past year, we have continued to focus on increasing
representation of women within Wise. As a signatory to the
UK’s Women in Finance Charter, we’re particularly focused on
increasing women’s representation among senior leaders at
Wise. Already 45% of all our Leads are women, and we are
making progress in senior leader roles. Many teams have
already exceeded our aspirational goals, and 37% of the
people we hired at Director level and above were women
inFY2025. Women also represent 32% of our senior
leaderpositions.
In areas where we’re currently below some of our aspirational
goals, teams have set specific objectives for hiring, retention
and career development, including:
• Mitigating any potential biases in their
people-related processes
• More deliberate outreach to senior women candidates
anddiversity-related recruitment organisations
• Ensuring talent management and career growth
opportunities for their pipeline of senior women
We also report our gender pay gap in the UK. Information
about our FY2025 gender pay gap is available on our website.
Increasing representation
We’re also continuing to build out our support for ethnic
minority talent, and improve neurodiversity and disability
inclusion, to help increase our representation of these groups
particularly at leadership levels. We are pleased to report that
we have 50% ethnic minority representation overall and 42% in
leadership (73% disclosure rate). We are focusing on evolving
our ethnic minority inclusion action plans across our functional
teams in FY2026.
Nurturing our Wise Communities
We have 13 global Wise Communities, also known as Employee
Resource Groups, with over 5,000 members who actively help
us drive our DEI progress. In FY2025, these groups hosted
over 120 events globally to build stronger connections across
Wise and the wider fintech industry. Over 97% of respondents
agreed that the Community event they attended made them
feel included and that they belong at Wise.
83%
of Wisers used Anytime Feedback in FY2025
Scored in the
top 25%
of tech companies for professional growth
Data source: WiserPulse, our employee engagement survey
In FY2025, Wise grew more than 18%, to over
6,500 Wisers
We onboarded Wisers across
124 sessions
in 6 locations
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Leadership training
We continue to run our flagship leadership training programme,
Leadership Essentials, to provide every Lead at Wise with a
solid foundation of knowledge in relation to leading a team,
performance management and team effectiveness. Wisers
whose Leads have attended this training positively endorse
their Leads support and attention to growth, compared to
Leads who are yet to complete the training.
In FY2025, we expanded our leadership development initiatives
with the launch of the Leadership Strengths programme for our
Senior Leads at Wise. Leadership Strengths offers a personalised
development journey that highlights an individual’s unique
strengths and provides them with one-on-one leadership
coaching and tailored learning paths, as well asoffering
opportunities to build a leadership community. Sofar we
haveseen strong engagement with this initiative.
327
first-time and newly-hired
Leads completed training
The next generation
Diverse teams enable us to build an inclusive product for
theworld. We want to remove barriers for underrepresented
communities, so they can access the incredible and rewarding
careers that tech offers.
To do this, we need to:
• Bridge the gender gap in technology by providing support,
guidance and opportunities to women and non-binary
individuals who are eager to kickstart their careers in
thetech world
• Help those from underrepresented communities feel more
confident in their tech skills
• Build a supportive network around diverse career paths
available in the tech field
• De-mystify the world of technology and engineering for
underrepresented communities, so they feel more confident
to apply for roles in tech
By dismantling these barriers, we believe that Wise will be
better equipped to achieve its mission, and the wider tech
industry will benefit from a more diverse talent pool.
We invest in the following key programmes to help us
achievethis.
WiseWomenCode
In FY2025, we continued our WiseWomenCode programme,
helping more women and non-binary people enter the tech
industry. The programme’s aim is to strengthen the pipeline
ofwomen who have the skills to join our intern and
graduateprogrammes.
62 women and non-binary people
participated in 4 events across London,
Tallinn, Budapest and Singapore
3 individuals were offered a graduate
orinternship role as a result of the
FY2025 sessions
To offer even more women a glimpse into the fintech world,
we launched a competition in Austin for two participants to
joinour event in London.
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Inclusive scholarships and support
We continued to develop our scholarship strategy in FY2025 to
promote early-career roles to more underrepresented groups.
Through WiseStart, our early career and career switcher
programme, we’ve created more opportunities, including
4tech-focused scholarships in Estonia and 3 in the UK.
Eachscholarship recipient was given financial support
alongwith access to networking and mentoring opportunities
throughout the 2024/25 academic year. Our scholarship
winners were also matched with a dedicated mentor
fortheacademic year and those that were eligible
participatedinour WiseWomenCode sessions.
We also launched various mentoring programmes with
partners: Career Accelerator (25 mentorship opportunities);
Coding Black Females (15 opportunities); and She Can Code,
welcoming people from underrepresented communities,
including LGBTQIA+, low-income backgrounds or ethnic
minority backgrounds. We paired mentees with Wisers
fromacross the UK and Europe.
Optimising ways of working
Wise is forecast to continue growing, and to do so requires
afocus on efficiency as well as impact and speed, balanced
with effective risk management. The People team continues
tooptimise Wise’s ways of working for continued high
performance. We do this through:
• the way we develop, reward and recognise our people
• organisational design to enable productivity and collaboration
• our company and team rituals
In FY2025, we established a dedicated Employee Relations
function and invested in regional Employee Relations Leads
and Advisers to bring industry best practice and technical
skills to the function.
We also established a Risk and Compliance function in
thePeople team to improve the way we identify and manage
riskaround our activities and processes related to employees.
We assess and report on people risk on a quarterly basis in
linewith our Enterprise Risk Management Framework, and
willcontinue to build out our global people policies and
procedures in FY2026.
We launched three new benefits platform implementations
inour key locations, giving Wisers better oversight and
management of their benefits in one place.
Investing in our tech stack
We invested in our tech stack to drive efficiency and reduce
manual work.
We launched new tools in FY2025 including:
We developed
11
system interfaces to eliminate
manual data handling
To enhance the efficiency and scalability of the People team,
we are introducing a new ‘shared service’ operating model in
FY2026. This model integrates centralised processes, robust
knowledge management, and AI-driven tools to streamline
query resolution and improve employee experience globally.
In FY2025, we developed a Large Language Model to
analyseemployee queries in order to identify key pain points.
We then built, tested and ran a pilot of an AI-powered bot. This
service aims to resolve employee queries more efficiently and
effectively by automating responses to common queries and
continuously learning from interactions to enhance accuracy
and efficiency over time.
The full launch of the bot for all employees is planned
forFY2026, and we will continue to invest in improving its
capabilities over time, and building out our shared service
model further to continually improve employee experience.
Graduate rotational programme
In FY2025, we launched a rotational graduate
programme in our Servicing team to cultivate a diverse
talent pool of future leaders within Servicing Operations.
The aim is to equip participants with cross-functional
expertise through an 18-month growth programme of
targeted development, strategic training and mentorship.
In FY2025, Wise recruited:
43 interns, 73 graduates,
5 apprentices
“The Servicing Operations graduate
program offers invaluable learning,
along with a collaborative, diverse
culture. My experience has been
incredibly positive, and I’m excited
tocontribute to Wise’s mission
andgrow into a leadership role.”
Shaurya – Servicing Operations
graduate program participant
41Wise Annual Report and Accounts 2025
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Environmental, Social Impact and Governance (ESG)
Our ESG Framework
At Wise, weʼre building a forward-thinking
environmental and social impact strategy
thatis deeply aligned with our mission
andbusiness goals. We take a data-driven
approach to climate action and to investing
inglobal projects that reflect our values.
Weʼre strengthening governance frameworks,
championing financial inclusion in local
communities, and collaborating with global
partners to drive meaningful impact. Our
commitment is clear: to create a resilient ESG
framework that not only supports our mission
but helps shape a more sustainablefuture.
42Wise Annual Report and Accounts 2025
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How has ESG at Wise developed in the last year?
This year, after completing a thorough analysis of our carbon
footprint since we started tracking it, we made the difficult
decision to move away from our net zero 2030 target.
Ourreview showed that Scope 3 is 100% of our footprint,
with 3.1 Purchased Goods and Services accounting for
themajority of it. Given these significant supply chain
dependencies, we’ve had to acknowledge that our
2030netzero target isn’t achievable.
This is not a static decision and we will review it yearly by
conducting bi-annual data-driven carbon footprint analysis
and taking into account external market conditions and
global and domestic policy developments.
Most importantly, we are committed to effective investment
in climate projects. This year, we increased our ESG budget
from 0.1% to 0.16% of our underlying income – a portion of
thisis dedicated to climate. In FY2026, we have allocated
£1 million to building climate resilience in the areas most
affected by climate change, in Asia-Pacific and Latin America.
Can you tell me more about these partnerships?
During FY2025 we have formed meaningful partnerships
thatare driving both climate and social impact.
We joined forces with Opna, a high-impact carbon removal
company. Together, we invested £500,000 in nature-based
carbon removal credits across Latin America and Asia-Pacific,
both key regions in which Wise is expanding. What makes
these projects special is their focus on social benefits – they
help build local communities whilst strengthening climate
resilience. Looking ahead to FY2026, we plan to deliver
£1 million in critical finance through our partnership with
Opna to support these communities.
When it comes to social impact, we are growing our
humanitarian efforts both globally and locally. During
FY2025, we donated £500,000 to the International Rescue
Committee (IRC) Crisis Response Fund. We selected the IRC
as our main humanitarian partner because their values align
with Wise’s – particularly their funding transparency and
innovative, data-driven Emergency Classification System
forcrisis response.
Additionally, we’ve expanded our collaboration with
ItsRainingRaincoats (IRR) in Singapore, a key Wise hub.
Guided by our ESG Committee, IRR conducted research
onimproving financial stability for Singaporean migrant
workers. Their findings revealed that 30-90% of migrants
send wages home to support families, with education
emerging as the most effective way to enhance this support.
Using these insights, we’ve co-developed a targeted
education programme to help migrants increase their
remittance flow back home.
What are we looking forward to in FY2026?
In FY2025, we focused on building strong partnership
frameworks, for both our social impact and climate
programmes, to align ESG to our mission. This year, we’re
excited to deepen these partnerships while exploring how
we can leverage our own technical expertise to drive further
impact. With our increased ESG budget, we’ll be looking
forward to working with our partners to see how we can
grow this impact alongside our mission.
Q&A with Nadia Costanzo (Director of Banking and Expansion) and
Caroline Corbett-Thompson (ESG Manager), Chair and Vice Chair of the ESG Committee
43Wise Annual Report and Accounts 2025
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A look back at FY2025
Environmental:
• In 2019, Wise adopted a goal to reach net zero by 2030.
After a comprehensive review of our carbon footprint
composition, we no longer believe this is achievable
andhave decided to retire our commitment to achieve net
zero by 2030. In our review, we identified our Scope 3.1 –
Purchased goods and services – as the year-on-year key
contributor to our carbon footprint (for FY2025, making up
35% of our carbon footprint), making it increasingly clear
that we will not be able to achieve net zero by 2030 due
todependencies in our supply chain. We will endeavour to
reduce those emissions directly within our control, while
working with our vendors to identify opportunities for
furtherreduction of carbon emissions in the supply chain,
which we will continue to monitor and report on annually.
• We renewed our partnership with Watershed, a software
platform that helps us calculate our carbon impact across
allour operations, including Scope 1, 2 and 3 emissions, and
report accurately to third-party standards bodies, investors,
governments and other stakeholders.
• As part of our climate investment plan, we continue to partner
with Frontier, which is accelerating the development of
technology-based carbon removal technologies.
• We partnered with Opna to procure £500,000 in nature-
based carbon removal credits across our key markets in
Latin America and Asia-Pacific, supporting projects that
benefit communities, ecosystems and climate resilience.
• Working alongside numerous key business stakeholders
andby setting up governance structures to ensure ongoing
monitoring of climate risks, we analysed our Wise plc climate
risks. Please see more in our Task Force on Climate-Related
Financial Disclosures on pages 51-56.
• We improved climate resilience in our physical workplace
assets by conducting our first physical risk assessment
across all our offices, introducing sustainability design
guidelines for all office signs and including UN
sustainabilityratings in our localisation strategy.
• We continued purchasing Energy Attribute Certificates (EACs)
and prioritising renewable energy as much as possible.
Social impact:
• We donated £500,000 to the International Rescue
Committee (IRC) to support rapid humanitarian response
efforts and life-saving assistance in the critical first hours
ofa crisis – wherever it happens. IRCʼs transparency and
data-driven approach align with Wiseʼs ESG framework,
ensuring measurable impact and accountability.
• We partnered with Alaya by Benevity to bring volunteering
opportunities to all our Wisers across all our offices.
Governance:
• We created the Climate Risk Forum to identify, monitor
andreport climate risks. The Climate Risk Forum reports
upto the Emerging Risk Forum. Senior stakeholders and
subject matter experts evaluate and monitor climate risks
throughout the year, reporting back to the Emerging Risk
Forum on any findings bi-annually. Please see more in our
Task Force on Climate-Related Financial Disclosures report
on pages 51-56.
• We expanded the ESG Committeeʼs remit (formerly the Social
Impact Committee) to include climate. This Committee
oversees strategic development and implementation of
climate and social impact projects across the business,
suchas our partnerships with the IRC and Opna.
Extending our alignment with the Sustainable
Development Goals
The United Nations Sustainable Development Goals (SDGs)
resonate with Wise. In particular, the need for lower-cost,
more accessible international money transfers is growing and
SDG10.c speaks to the core of our strategy. We have already
exceeded the SDG targets on price reduction, and are involved
in global industry fora, such as the Financial Stability Board, to
help focus regulators and other industry participants on hitting
targets, through price transparency and direct access. We also
published our own G20 report on this, ranking G20 member
states on where they were at in delivering on their own
commitments on these issues.
FY2025 highlights
£500,000
invested with Opna in nature-based carbon
removal credits across key markets in Latin
America and Asia-Pacific, supporting projects
that benefit communities, ecosystems and
climate resilience.
£500,000
donated to the International Rescue
Committee (IRC) to support rapid
humanitarian response efforts worldwide.
Climate Risk Forum
created to identify, monitor
and report climate risks.
This year weʼve moved SDG4 (Education) and SDG5 (Gender
Equality) into the People section, where we report on how we
are spearheading Early Career programs (see page 40) and
Gender Equality (see page 37). We continue to focus on
thefollowing SDGs through projects championed by the
ESGCommittee:
• SDG13: Climate Action – see our climate partnerships
withFrontier and Opna on page 45.
• SDG17: Financial Inclusion – see our partnership with
ItsRainingRaincoats on page 49.
44Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Environmental, Social Impact and Governance
Environment
Our climate commitments
In 2019, Wise committed to achieve net zero by 2030.
InFY2024, we reviewed our approach in light of the
changingcomposition of our carbon footprint, the degree
ofdependency we have on the actions of others to support
areduction in our carbon footprint (which is largely comprised
ofScope 3.1 emissions) and the continually evolving regulatory
environment. Following this review, we have decided to
restructure our climate programme and focus our efforts on
increasing our investment in climate-vulnerable areas through
nature-based carbon removal projects, engaging with our
vendors to identify opportunities to reduce carbon emissions
and identifying measures we can take to minimise our carbon
footprint (such as requiring all Wisers to fly economy). In parallel,
we plan to continue to build out our climate risk framework and
improve our approach to carbon accounting, measurement
andreporting. To support our refreshed approach, the Board
approved a 60% increase in the ESG budget from 0.1% to
0.16% of underlying income. Given this shift in focus, we have
also decided to retire our commitment to achieve net zero by
2030, which our review concluded was no longer achievable.
Staying abreast of changing regulations
We continuously monitor global ESG regulations to keep Wise
at the forefront of industry practices. During FY2025, we
conducted stakeholder interviews for our double materiality
assessment to align our activities and entities in Europe with
our roadmap for Corporate Sustainability Reporting Directive
(CSRD) compliance. This assessment evaluates both impact
and financial materiality, meaning we examine how in Europe
Wise affects the environment and society (impact materiality)
and also how environmental and social factors affect Wise
(financial materiality). Our materiality assessments are
currently conducted at the European entity level given
theapplicable regulation there, and we will continue to
trackregulatory changes and adapt accordingly.
Our climate investments
We are deepening our commitment to climate resilience
byinvesting in high-impact carbon removal projects, which
wedefine as those designed to capture and permanently
sequester carbon dioxide from the atmosphere. We are
committed to supporting approaches that contribute to
timely,measurable and lasting climate benefits, including
bothemerging technologies such as direct air capture (DAC)
and established nature-based solutions such as forest carbon
initiatives, and hybrid approaches like biochar. We use these
investments to offset a part of our carbon footprint annually.
Diversifying our efforts ensures alignment with our mission
andour growth, while contributing to a more resilient planet.
Investing in cutting-edge
carbon removal technologies
In FY2025, Wise continued to purchase carbon removal credits
through Watershed’s partnership with Frontier, an advance
market commitment to buy an initial USD 1 billion or more of
permanent carbon removal between 2022 and 2030. Founded
by Stripe, Alphabet, Shopify, Meta and McKinsey, Frontierʼs
aim is to accelerate the development of carbon removal
technologies by guaranteeing future demand for them.
Investing in nature-based carbon
removal technologies
In FY2025, we also expanded our carbon removal portfolio
byfocusing on nature-based technologies. Driven by our ESG
Committee, we strengthened our carbon removal strategy to
drive social and economic impact in vulnerable regions and to
build climate resilience, with a key focus on Asia-Pacific and
Latin America – key markets for Wise.
This is why we partnered with Opna, a carbon removal company,
to procure £500,000 worth of nature-based removal credits,
from projects such as improved forest management and
biochar, across Wiseʼs key regions in Latin America and
Asia-Pacific. Founded in 2022, Opna facilitates high-impact
projects by directing financing to projects that benefit local
communities, build resilience and deliver measurable
climatebenefits.
One of the projects we are supporting is NetZero in Brazil, a
winner of the XPRIZE Carbon Removal competition. NetZero is
scaling biochar production in tropical regions to drive carbon
removal, support sustainable agriculture, and enable soil
regeneration. We are supporting NetZero’s Lajinha and
Brejetuba sites in Brazil, which collaborate with local coffee
farmers – primarily smallholders – to source biomass and
supply biochar. The initiative boosts crop yields, increases
farmers’ income, creates rural employment opportunities,
andfosters local career development through extensive
training programmes.
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Future-proofing our offices for a
greenerworkplace
We are looking to improve how we integrate sustainability
intoour workplace practices and future-proof our localisation
strategy against climate change. Weʼve created a Sustainability
Design Standard for all global office fit-outs, with guidance and
implementation guidelines for energy efficiency, sustainable
materials, waste efficiency and reduction, environmental
certifications and standards, all backed up by monitoring and
reporting practices. During FY2025, we completed our first
physical risk assessment across all our offices and added UN
sustainability ratings to our localisation strategy, improving
climate resilience in our physical workplace assets. Where
using renewable energy isnʼt possible, we will continue to
purchase Energy Attribute Certificates (EACs) and prioritise
renewable energy as much as possible.
Offering green options to our customers
Weʼre offering our customers a greener option for the delivery
of their Wise Card. In FY2025, we partnered with GoGreen Plus,
DHLʼs sustainability solution, to offer eco-friendly shipping.
Customers can choose GoGreen Plus, which uses sustainable
aviation fuel (SAF) instead of traditional aviation fuel.
Mission Days: making our cornerstone
event greener
We continued to measure and report the carbon footprint for
our cornerstone Company-wide event, Mission Days. Here are
some key initiatives that helped us save on our carbon emissions:
• We offered free public transport in Tallinn for Wisers during
Mission Days, and buses powered by green HVO100 fuel.
• 65% of our main venues in Tallinn were powered by
greenelectricity.
• We increased our plant-based food from 50% to 74%,
withleftovers donated to local food banks.
• We sorted waste by type and sent everything possible
torecycling, leading to 93% of waste being recycled.
We will continue to seek to reduce the environmental impact
ofthese events, which are so important to our culture. We
evaluate the overall CO₂ footprint of our Mission Days based
on the Life-Cycle Assessment (LCA) methodology – providing
insight that will help us drive continuous improvement from
event to event.
Restatement: FY2024 Scope 3 greenhouse
gas emissions (category 3.1 and 3.6)
Since 2023, we have been measuring our carbon footprint
withWatershed. We measure our carbon footprint bi-annually,
tracking both revenue intensity and headcount intensity.
Revenue intensity measures how much CO₂e Wise emits per
unit of revenue earned, helping to better distinguish between
business growth and emission growth. Headcount intensity
measures how much CO₂ Wise emits for each employee,
sinceas the business grows we expect our headcount to
alsoincrease.
In FY2025, we detected a duplication error in our FY2024
carbon footprint, meaning that there was overlap between
ouroperating expenses (travel and cloud) and our travel
activity and cloud usage data, impacting greenhouse gas
(GHG) categories 3.1 (purchased goods and services) and
3.6(business travel). This resulted in double counting within
our footprint, artificially inflating our carbon emissions.
With Watershed, we identified areas of duplication and
established bespoke rules to exclude emissions related
tocloud usage and travel from our operating expenses,
relyingsolely on activity data to calculate these emissions.
Additionally, we updated our carbon measurement methodology
for the restated FY2024 carbon footprint by adopting the
Comprehensive Environmental Data Archive (CEDA) to ensure
consistency with our FY2025 carbon footprint. For further
details on CEDA and our decision to transition from the
environmentally extended input-output (EEIO) model,
pleaserefer to the Methodology section on page 47.
The effect of this change in methodology to CEDA, in addition
to removing areas of duplication, was a 19.20% reduction in
our overall FY2024 carbon footprint, from 66,953 tCO₂e to
54,097 tCO₂e. In GHG category 3.1 (purchased goods and
services) we see a reduction from 38,734 tCO₂e to 30,546
tCO₂e, and for category 3.6 (business travel) a reduction
from20,360 to 15,014.
Emissions breakdown by category
112,279 tCO₂e
3.2 Capital goods emissions –
42%
3.1 Purchased goods and
services emissions – 35%
3.6 Business travel emissions –
17%
3.7 Employee commuting
emissions – 5.5%
3.5 Waste generated in
operations – 0.8%
Other emissions – <0.3%
46Wise Annual Report and Accounts 2025
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Measuring our FY2025 carbon footprint
Since FY2023, we have been tracking our carbon footprint by
examining gross emissions, revenue intensity, and headcount
intensity. Our primary metric is revenue intensity, which
measures CO₂e emissions per unit of revenue, allowing us to
distinguish between business growth and emissions growth
and hence provide a more accurate representation of our
impact. Alongside this, we also consider headcount intensity,
which measures CO₂e emissions per employee. Please note
that references to FY2024 pertain to restated figures, which
are explained and cited on page 46.
Between April 2024 and March 2025, Wise’s net corporate
emissions totalled 112,279 metric tonnes of CO₂e, a 108%
increase from the previous year, following the restatement of
our FY2024 carbon footprint, and after applying the bespoke
duplication rules in addition to the CEDA methodology.
Revenue intensity grew by 78%, from 41 tCO₂e per USD
1 million to 73 tCO₂e per USD 1 million. Headcount intensity
increased by 80%, from 10 tCO₂e per employee in FY2024
to18 tCO₂e per employee in FY2025.
The rise in emissions was mainly due to a 2098% increase in
3.2 Capital goods emissions, driven by major office relocations
in London and Tallinn during Q4 FY2025, which we do not
expect to recur annually. Additionally, 3.1 Purchased goods
and services emissions increased by 28% in gross emissions,
reflecting our growing need for professional services. 3.6
Business travel emissions rose by 28% in gross emissions,
butby headcount intensity increased by only 8%.
Scope 3 emissions constitute nearly 100% of our carbon
footprint, with our Scope 1 being 0.1% and our Scope 2 <0.1%,
and with 3.1 Purchased goods and services emissions being
the largest component. As the increase in 3.2 Capital goods
emissions is unlikely to recur, we remain focused on 3.1
Purchased goods and services emissions, as a major
driverofour carbon footprint.
Methodology
We calculated our FY2025 emissions using the Watershed
platform and in line with the GHG Reporting Protocol
(Corporate Standard) and have adopted the Comprehensive
Environmental Data Archive (CEDA) from FY2025. We shifted
from the US-only environmentally extended input-output (EEIO)
model to CEDA – a multi-region database – to better capture
our global supply chain footprint. The change provides a more
accurate and up-to-date view of our emissions, aligning with
Wise’s international growth.
Wiseʼs reported Scope 3 emissions include those from
purchased goods and services, capital goods, business travel,
employee commuting, fuel and energy-related activities, and
waste generated in operations. Scope 3 emissions are indirect
GHGs from our value chain, including upstream activities
(production and transportation) and downstream activities
(customer use and product end-of-life).
47Wise Annual Report and Accounts 2025
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SECR April 2024 – March 2025
Energy usage and greenhouse gas emissions
The table below details Wise’s greenhouse gas emissions and global energy use, in line with the United Kingdom’s Streamlined Energy and Carbon Reporting (SECR) framework.
Reporting period
April 2024 – March 2025
Reporting period
April 2023 – March 2024
Reporting period
April 2022 – March 2023
UK and
offshore
Global
(excluding UK
and offshore)
UK and
offshore
Global
(excluding UK
and offshore)
UK and
offshore
Global
(excluding UK
and offshore)
Emissions from sources which are owned or controlled by the company including combustion of fuel for
transport and operation of facilities (Scope 1, market-based) 18.9 tCO₂e 94 tCO₂e 47.6 tCO₂e 173.4 tCO₂e 42.4 tCO₂e 116 tCO₂e
Emissions from purchased electricity, heat, steam, and cooling (Scope 2, location-based) 103.6 tCO₂e 919.5 tCO₂e 94 tCO₂e 696.4 tCO₂e 90.7 tCO₂e 753.5 tCO₂e
Total gross tCO₂e based on above fields 122.5 tCO₂e 1,013.5 tCO₂e 141.6 tCO₂e 869.8 tCO₂e 133.2 tCO₂e 869.5 tCO₂e
Energy consumption used to calculate Scope 1 and 2 emissions above. 512,830 kWh 2,651,739 kWh 605,679 kWh 2,250,119 kWh 622,984 kWh 2,867,383 kWh
Intensity ratio: Worldwide gross tCO₂e per £ million of worldwide revenue (based on Scope 1 and 2 above) 0.94 – 0.96 – 1.19 –
Intensity ratio: Worldwide gross tCO₂e per employee (based on Scope 1 and 2 above) 0.19 – 0.2 – 0.23 –
Intensity ratio: Worldwide gross tCO₂e per £ million of worldwide revenue
(including market-based Scope3) (optional) 93.47 – 52.15 – 41.26 –
Intensity ratio: Worldwide gross tCO₂e per £ million of worldwide revenue
(including location-based Scope 3) (optional) 93.9 – 58.58 – 41.26 –
Intensity ratio: Worldwide gross tCO₂e per employee (including market-based Scope 3) (optional) 18.48 – 10.59 – 7.94 –
Intensity ratio: Worldwide gross tCO₂e per employee (including location-based Scope 3) (optional) 18.57 – 10.68 – 7.94 –
Methodology
Emissions were calculated following the GHG Reporting Protocol (Corporate Standard) using the Watershed platform. For April 2023 – March 2024’s data, the emissions were re-calculated using the
updated emissions from the restatement and using the CEDA methodology. Please read more regarding the restatement on page 46.
To read more regarding Wise’s energy efficiency measures, please see the sub-section ’Future-proofing our offices for a greener workplace’ on page 46.
Supporting information
Scope 1 emissions that could not be converted to energy usage
Description Unit UK and offshore
Global (excluding
UK and offshore)
R-134a fugitive emissions kg 0.04 0.07
R-410a fugitive emissions kg 7.2 13
See the UK Department for Environment, Food and Rural Affairs (DEFRA) conversion factors for assistance in converting these emissions sources to quantities of energy consumption.
Scope 1 emissions breakdown by activity
Activity Unit
Reporting year:
UK and offshore
Reporting year: Global
(excluding UK and offshore)
Emissions from combustion of gas tCO₂e (Scope 1) tCO
2
e 1.6 21
Emissions from combustion of fuel for transport purposes (Scope 1) tCO
2
e 0 32
Fugitive emissions (Scope 1) tCO
2
e 16 30
48Wise Annual Report and Accounts 2025
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Scaling humanitarian donations
As we expand globally, we aim to scale our humanitarian
response to match our reach. This is why in FY2025, Wise
launched a new partnership with the International Rescue
Committee (IRC), supporting emergency humanitarian response
efforts around the world. Wiseʼs support for humanitarian
causes like IRC reflects its approach to donating through
high-impact charities, scaling alongside its global expansion.
The £500,000 donation made to IRC reflects Wiseʼs
strongcommitment, and IRCʼs transparency and data-driven
approach aligns with Wiseʼs ESG framework. This donation
ishelping fund the IRCʼs Emergency and Humanitarian Action
Unit, which deploys rapid, life-saving assistance in the critical
first hours of a crisis – wherever it happens. The IRC operates
in over 40 countries, delivering rapid emergency aid and
long-term recovery support for communities devastated by
conflict and displacement. Through this partnership, Wise is
helping the IRC reach more people in need – faster and more
effectively when disasters strike.
Taking volunteering global
Wise offers a volunteering day for all Wisers. In FY2025, we
saw a 36% increase in Wisers taking their volunteering days,
outpacing headcount growth and thus reflecting increased
usage among Wisers. Leveraging this uptake, in FY2025 we
partnered with global partner Alaya by Benevity to bring
volunteering opportunities to all our offices. The Alaya platform
will enable Wisers to access volunteering opportunities more
easily, empowering them to give back to the communities in
which we operate. We anticipate that it will lead to more
Wisers using their Company-funded volunteering day.
Environmental, Social Impact and Governance
Social Impact
Building financial inclusion in communities
Wise is supporting migrant worker
welfarethrough its partnership with a
Singapore-based migrant rights NGO
calledItsRainingRaincoats (IRR). Wise is
also supporting vulnerable communities
byhelping them strengthen their financial
resilience through Wiseʼs remittance
corridors to create a sustainable,
impact-driven initiative.
Displaced populations use remittances to support
dependants back home who often live under the poverty
threshold. Alongside our work to solve the important
problem of excessive fees for global cross-currency
transfers, weʼre aiming to build financially empowered
populations by providing tools to increase their financial
literacy and enhance employability.
Wiseʼs partnership with IRR was initially a volunteer effort,
but our collaboration quickly evolved to focus on financial
resilience in vulnerable communities. Using a grassroots
approach, to understand the perspectives of migrant
workers in Singapore, we helped IRR design a survey to
assess how education unlocks earning potential. Many
migrants send 80% of their income home, supporting
families in countries such as India and Bangladesh. With
Wiseʼs donation, we aim to fund education for migrants
anddeepen our understanding of the role of remittances
inbuilding resilience.
Our social impact strategy recognises that our products
and services provide an important opportunity to improve
financial inclusion within vulnerable global communities.
Wehave been committed to helping to achieve the UNʼs
SDG 10.c, which aims to reduce remittance fees for migrant
workers. Our mission of delivering money without borders
by reducing our prices to be as close to zero as possible,
isstrongly aligned to this SDG. We move 5% of the worldʼs
personal money and we have made progress in dropping
our average customer price from 0.67% to 0.61% year on
year. These low costs play a substantial part in building
financial inclusion in communities such as those
supportedby IRR.
49Wise Annual Report and Accounts 2025
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Our corporate governance
emphasises ESG
Our governance structures are designed to provide oversight
across the business, ensuring we meet our obligations and
operate ethically. This includes ensuring the Board has
oversight on all ESG strategy and practices. During FY2025, the
Board received a detailed analysis on our net zero commitments.
In FY2025, a Non-Executive Director of Wise plc undertook an
advanced climate risk class. We look forward to delivering
comprehensive ESG progress throughout FY2026.
Strengthening the ESG Committee
In FY2025, the Social Impact Committee broadened its focus to
include environmental issues, renaming itself the ESG Committee.
It updated its governance charter to appoint aChair and
Vice-Chair responsible for strategy and agenda oversight. The
Committee expanded to 12 members, adding representation
from Asia-Pacific and North America, with plans to include
Latin America in FY2026. The ESG Committee is advised by
the Global Head of Government Relations (non-voting).
The ESG Committee expanded to
12 members
with representation including Asia-Pacific and
North America, and plans to include Latin America
in FY2026
Climate Risk Forum
As part of our ongoing efforts to understand and monitor
ourclimate risks, we established a Climate Risk Forum with
13 members from across key areas of the business. The forum
meets bi-annually, to monitor and examine the climate risks
identified. In FY2026, the first line of defence aims to:
• conduct a scenario analysis on key identified risks that will
help identify thresholds or timelines that might lead to an
assessment that a risk is material to Wise (‘tipping pointsʼ)
• to monitor the ‘tipping pointsʼ and report on a bi-annual
basis to the Emerging Risk Forum
• ensure all risks have adequate controls and mitigation plans
The second line of defence, composed of members of our
Compliance and Risk functions, reviews and challenges the
risks presented by the first line of defence. Please see the
Governance section of our TCFD report for more.
Environmental, Social Impact and Governance
Governance
50Wise Annual Report and Accounts 2025
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In this section we provide Wise’s FY2025
disclosures and reporting consistent with
theTask Force on Climate-Related Financial
Disclosures (TCFD) Recommendations and
Recommended Disclosures, in line with the
Financial Conduct Authorityʼs Listing Rule
UKLR 6.6.6R(8).
We are working towards full compliance with the TCFD
recommendations. Our disclosures currently do not yet
includethe identification and analysis of medium and long-
term climate-related opportunities, nor do they incorporate
climate-related scenario analysis for our transitional risks.
Ourclimate risk assessment has primarily focused on short-
term risks to determine if they pose a material threat to the
business, and it has concluded that climate-related risks do
not currently pose a material risk to Wise. When addressing
materiality, we consider the potential impact and probability of
events or circumstances and the timescale in which they may
occur, and then rate their materiality as high, medium, low or
insignificant. In our analysis, we identified that climate-related
risks were insignificant in the short term. However, we are
committed to addressing the missing elements concerning
climate-related opportunities and resilience, as well as
scenario analysis, to enhance our compliance and disclosure.
The Climate Risk Forum aims to complete this analysis by the
end of FY2026.
1. Governance
1a. Board oversight of climate-related risks
and opportunities.
The Board of Directors (Board) of Wise plc is responsible
forthe oversight of environmental, social and governance
(ESG) matters, including climate change mitigation. The Board
reviews progress in developing and implementing strategies
for managing relevant environmental topics, at least annually,
via an internal management report on these matters.
In FY2025, a Non-Executive Director of the Board undertook a
climate risk course to enhance Board-level climate competency
and oversight. Additionally, after extensive consideration, the
Board approved Wise’s move away from its net zero 2030
target, due to reliance on third-party suppliers and vendors,
which renders the Company unable to reach that goal.
1b. Managementʼs role in assessing
andmanaging climate-related risks
andopportunities.
Transforming the Social Impact Committee into
theESG Committee
In FY2025, we expanded the remit of the Social Impact
Committee to include climate and sustainability, strengthening
our carbon removal efforts as detailed on page 45. The
Committee was also renamed the ESG Committee, as its remit
now covers the discussion, oversight and approval of climate
and social impact projects at Group level. For example, to
reflect its expanded remit the Committee led the ‘request for
proposal’ process, interviews and approval of our new carbon
removal partner, Opna, alongside selection of a partner for
ourhumanitarian donations, reflecting the Committee’s
dualmandate. See further discussion on page 45.
Environmental, Social Impact and Governance
Task Force on Climate-Related Financial Disclosures
To strengthen governance, we conducted a third revision of the
ESG Committee Charter (formerly the Social Impact Charter)
and elected a Chair and Vice Chair. The Chair ensures the
Committee operates effectively, shaping strategic and budget
oversight, while the Vice Chair supports financial, strategic,
and operational matters. Both oversee voting and voting
thresholds, which require one representative from each team
to approve projects. The Committee is composed of members
from various teams across the organisation, ensuring a
comprehensive perspective on the Company’s operations
andstrategy. If the voting threshold cannot be achieved,
theCommittee shall continue discussion until the thresholds
have been met.
Creation of the Climate Risk Forum
In FY2025, the Climate Risk Forum was created, reporting to
the Emerging Risk Forum.
The Climate Risk Forum is composed of senior members of
cross-functional teams, including not only First Line teams,
butalso members from the Compliance and Risk teams, and
ischaired by the ESG Manager. The Climate Risk Forum meets
in line with the Emerging Risk Forum and reports up to the
Emerging Risk Forum, which reports up to the Group Risk
Committee (GRC).
The Chair of the Climate Risk Forum (ESG Manager) will
provide a quarterly updated assessment of emerging climate
risk topics and the extent to which they impact the business’
risk exposure.
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This information will then be collated into a view of potential
risks based on a Political, Economic, Social, Technological,
Legal and Environmental (PESTLE) categorisation. The Climate
Risk Forum will feed directly into the ‘Environmentalʼ aspect of
the PESTLE.
In FY2026, the focus of the Climate Risk Forum will be
tounderstand the ‘tipping pointsʼ of various climate risks
viascenario analysis. A ‘tipping point’ is defined as when a
riskrises above insignificant, meaning that it could become
material to the Group, and therefore will be reported to the
Emerging Risk Forum. In addition, the Climate Risk Forum will
also be looking into developing our medium and long term
opportunities and scenario analysis for our transitional risks
asindicated in the introduction of the TCFD on page 51.
Emerging Risk Forum
Provides an update on the status of emerging risk
to the Group Risk Committee
Read more on page 65
Climate Risk Forum
Chaired by the ESG Manager
Comprises First and Second
Lines of Defence
2. Strategy
2a. Our identified climate-related risks and
opportunities over the short, medium and
long term and their impact on our strategy
and financial planning
To help ensure our strategy adequately responds to
climate-related risks and opportunities, we have performed
anassessment of our exposure to a range of climate-related
risks and opportunities, including both physical and transitional
risks arising from climate change.
Transitional risks are associated with the adjustment to a
low- carbon economy, which will involve significant changes to
policy, technology, law, and investor and consumer attitudes.
Physical risks can be event-driven (acute) through the
increased frequency and severity of extreme weather events
such as hurricanes or floods, or can result from long-term
shifts in climate patterns (chronic) such as rising sea levels
orchronic heat waves.
We assessed Wise’s risks and opportunities over the short-term
(0-5 years), medium-term (5-10 years) and long-term (10+ years).
Each stakeholder was given training by the ESG Manager on
TCFD climate risks and opportunities.
Through this identification process, we sought to ensure
thatall parts of the business were captured in the risks and
opportunities analysis. We assigned each risk to the relevant
stakeholder/s and analysed them across our internal risk
impact and likelihood matrix. Before finalisation, the output
was reviewed and approved by all the relevant stakeholders.
It was also reviewed and approved by members of the
Leadership Team.
2b. Impact of climate-related risks and
opportunities on Wiseʼs business,
strategyand financial planning
Our analysis shows that climate is currently not a short-term
material risk for the Group. However, it may become significant
in the medium and long term, so weʼve included our analysis
below. Short-term risks remain insignificant but will be
monitored and reported through the Climate Risk Forum
totheEmerging RiskForum.
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Transitional risks
Risk Definition of risk Potential impact Time horizon Strategic response
Reputational
Climate reporting risk:
Reputational risk of
non-compliance with climate
reporting regulations.
Non-compliance with global climate
regulations risks reputational
damage, affecting our brand and
investor relations. As climate
impacts and reporting scrutiny
increase, investors’ focus on
climate performance will
likelyintensify.
We anticipate that climate reporting will increase in our
keymarkets, moving from a moderate to high risk over
themedium to the long-term. If we are non-compliant with
these regulations, we foresee an increase in reputational
risk that might impact our brand perception and our
investor relations.
• Continuously monitor our climate
reporting frameworks, and adapt them
to evolving regulatory requirements
• Be transparent in our climate initiatives
and commitments
• Engage with investors to effectively
communicate our climate obligations
and performance
Customer reputational risk:
Risk of onboarding
customers whose
environmental practices
diverge from emerging
sustainability expectations,
potentially leading to
reputational challenges.
As we only evaluate our customers
in line with applicable regulatory
requirements, sustainability or
climate policies are not currently
considered as part of our
onboarding process.
There is a risk that onboarding
customers with poor environmental
records could expose our brand to
reputational damage.
While the risk remains minor in the short term, it could
grow over time. Public expectations around climate
change are evolving, and as awareness increases, both
consumers and investors may scrutinise companies more
rigorously and expect companies to go above and beyond
minimum regulatory requirements.
Stricter regulatory standards and reporting requirements
are emerging, with the increased transparency potentially
creating pressure for organisations to take the
environmental impacts of their business partners into
account. Market dynamics are also shifting towards
sustainability, with investors and partners favouring
environmentally responsible organisations.
Consequently, as the impacts of climate change intensify,
driving up scrutiny of high emitting sectors and their
business partners, the reputational risk associated
withonboarding clients with high carbon emissions
maybecome more significant.
• Ensure we monitor adverse media
coverage and potential mentions of Wise
• Provide reactive communication to
media and other stakeholders if
riskmaterialises
Talent management
andretention:
Risk related to talent
attraction and retention due
to the Company not taking
adequate action against
climate change and/or
itsclimate policies.
Addressing climate change is key
to attracting and retaining talent,
especially with growing interest
from younger candidates. Failing to
improve our climate performance
could hurt our competitiveness
over time, as rivals take
swifteraction.
We anticipate this to be a minor risk in the short term but
weʼll need to monitor it closely in the medium to long-term
as climate change accelerates.
However, we arenʼt a high emissions company, so we donʼt
anticipate the risk to be material.
• Ensure we capture and build on our
climate initiatives and effectively
communicate them, as well as
incorporate them into our employer
branding strategy to ensure
talentattraction
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Transitional risks continued
Risk Definition of risk Potential impact Time horizon Strategic response
Policy and
Legal
Vendor climate due
diligence risk:
Potential rise in compliance
costs amid strengthening
climate regulations
Regulatory changes may
mandateenhanced due diligence
on vendors’ ESG performance,
leading to higher compliance costs.
We foresee this to be a minor risk in the short term, and
amoderate risk in the medium to long term.
Currently there are various compliance obligations to
review vendor’s ESG performance, and we anticipate
anincrease in these obligations over time.
• We are taking steps to integrate
ESGcriteria in vendor vetting
• We are currently integrating ESG
criteriain the supply chain life-cycle
Physical risks
Risk Definition of risk Potential impact Time horizon Strategic response
Workplace
Identified as both acute
andchronic risks that could
cause immediate damage
toour office buildings:
• Severe heatwaves
• Floods
• Heavy snow fall
• Strong winds
A physical climate-related event
would impact our offices, our
employees and our ability to
continue operating. We would
anticipate both a material financial
and operational impact.
We currently see these extreme physical events as a
minor risk but anticipate the risk will increase to high
inthe medium/long-term.
During FY2025 we undertook a physical risk
assessment with Ernst & Young (EY), who analysed
thephysical risks that would impact our assets. They
performed a scenario analysis (IPCC RCP8.5 and IPCC
RCP4.5) looking at the risk in 2030, 2040 and 2050.
Please see section 2c on page 55 to learn more
aboutthe scenarios.
The outcome of this analysis was that the majority
ofassets are under low impact from a physical risk
perspective. To read more, please see section 2c.
Business continuity (payroll, IT infrastructure)
and employee safety are key in our localisation
strategy. We’re developing ESG frameworks
for future physical assets, prioritising green
certifications and renewable energy, while
re-scoping current assets for sustainability.
During FY2025, we onboarded a specialist
ESG consultancy, Colliers, to build a climate-
resilient roadmap. We also implemented
Everbridge’s software for emergency alerts
and employee safety notifications. We plan
tocreate proactive and reactive plans to
ensure the safety of employees in the face
ofclimate emergencies.
Technology
Technology dependency:
Risk of disruption to our
servers due to climate-
related events.
Our digital infrastructure relies
onoutsourced servers. Due to this
dependency, if any climate-related
impact were to hit our servers, this
would critically affect our IT
infrastructure and products.
We consider this risk insignificant in the short term and
minor in the medium and long term.
Our vendors operate in less climate-vulnerable areas
(Central Europe), so we expect minimal physical impact.
However, we classify the risk as minor in the medium
and long term as a precaution, given the uncertainty
ofclimate change’s effects on the region.
We continuously monitor and engage with
vendors on their physical climate risk, and
weregularly assess substitutability.
Market
Card production:
Risk of climate impacting
card production.
Climate change may impact our
card production and our vendor
delivery and production centres.
We view this risk as insignificant in the short-term, minor
in the medium-term and moderate in the long-term.
Our card production vendors are mainly in less
climate-vulnerable areas (northern Europe and eastern
USA), with other sites in Asia-Pacific and Latin America.
We classify the risk as insignificant in the short term
butacknowledge potential increases over time due to
climate change uncertainty. This same rationale applies
to our vendor delivery, which may experience delays if
an area is affected by climate-related disruptions.
We aim to build operational resilience by
collaborating with our delivery vendors on
their green initiatives, assessing our card
production suppliers’ climate vulnerability,
and establishing a robust business continuity
plan to mitigate potential disruptions.
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2c. Resilience of Wiseʼs strategy, taking
into consideration different climate-related
scenarios, including a 2-degree or
lowerscenario
We partnered with Ernst & Young (EY) to assess Wise’s
resilience to physical risks by analysing 11 assets using IPCC
scenarios RCP 8.5 and RCP 4.5 for 2030, 2040, and 2050. RCP
8.5 represents a worst-case emissions scenario, while RCP 4.5
reflects stabilised emissions with mitigation efforts, allowing
usto evaluate the potential impacts of climate change on
ourbusiness.
The analysis concluded that the majority of Wise Group is under
low impact from a physical risk perspective. The rationale is
asfollows:
• Flood impact was originally assumed to cause the largest
damage. However, due to the large building heights, the
damage is likely to be minor as only a small portion of
thebuilding would be impacted.
• Because all assets of Wise are rented and not owned, actual
asset damage was not under consideration which resulted
inheatwave being the key impact factor affecting business.
• From a financial impact, it is observed that heatwave is
assumed to have the strongest impacts on the financial
status of the Company. The impacts are assumed to cause
medium impact by 2050, mainly due to business disruptions
and productivity loss.
As Wise doesnʼt own building assets and climate-related
exposure is low, we consider our resilience to physical risks
tobe high. In FY2026, we aim to integrate minor physical
riskmitigations into our workplace localisation strategy.
For the transitional risks identified, we plan to conduct a
qualitative scenario analysis in FY2026. This will be an iterative
process, refining our assessment over time to better inform
strategy and risk management.
Opportunities identified
In FY2025, we focused on identifying our risks and
through this analysis performed a preliminary analysis on
our opportunities, uncovering short-term opportunities.
We will aim to spend FY2026 identifying more medium
and long-term opportunities.
Short-term opportunities
Employer branding and recruitment:
Early career candidates increasingly prioritise a company’s
climate programme. Promoting our climate-friendly
initiatives could boost our employer branding and
attracttalent.
3. Risk management
3a. Wiseʼs processes for identifying
andassessing climate-related risks
As described above, during FY2025 we established a
ClimateRisk Forum for monitoring and reporting the businessʼ
climate-related risks. We do not view climate as a principal
risk, but we did conduct a Group analysis determining potential
impacts of climate risks, the findings of which will be reported
bi-annually to the Emerging Risk Forum.
3b. Wise’s processes for managing
climate-related risks
Throughout the FY2025 climate risk assessment, we mapped
each risk on to our internal risk impact and likelihood matrix.
Any movements on the matrix will be monitored and managed
by the Climate Risk Forum and reported bi-annually to the
Emerging Risk Forum.
3c. How processes for identifying,
assessing and managing climate-related
risks are integrated into Wiseʼs overall
riskmanagement
Wise continues to monitor climate-related risks as ‘emerging
risks’ given that they are not currently considered to pose a
material risk to Wise.
55Wise Annual Report and Accounts 2025
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Emissions (tCO₂e)
Scope FY2025 FY2024 FY2023
Scope 1 113 221 221
Scope 2 (location-based) 1,023 790 647
Scope 2 (market-based) 23 26 801
Scope 3 112,143 53,849 30,669
Scope 3 category 1: Purchased goods and services 38,966 30,546 16,358
Scope 3 category 2: Capital goods 46,621 2,121 1,066
Scope 3 category 3: Fuel-and-energy-related activities (not included in Scope 1 or 2) 296 242 351
Scope 3 category 5: Waste generated in operations 931 779 227
Scope 3 category 6: Business travel 19,184 15,014 9,775
Scope 3 category 7: Employee commuting 6,144 5,148 2,777
Scope 3 category 8: Upstream leased assets – – 135
Gross emissions (market-based) 112,279 54,097 31,692
Gross emissions (location-based) 113,800 55,319 31,568
Net emissions (market-based) 112,279 54,097 31,692
Net emissions (location-based) 113,800 55,319 31,568
4. Metrics and targets
4a. Metrics used by Wise to assess
climate-related risks and opportunities
inline with its strategy and risk
management process
Currently, Wise tracks climate-related metrics related to total
energy consumed, percentage of energy purchased from
renewable sources (please see the SECR table on page 48,
and Scope 1, 2 and 3 greenhouse gas (GHG) emissions.
Thisinforms our assessment of climate-related risks
andopportunities.
4b. Scope 1, Scope 2 and Scope 3
GHGemissions
The table on this page sets out further detail on our Scope 1, 2
and 3 carbon emissions. These have been measured by the
specialist consultancy Watershed using the World Resources
Institute GHG Protocol Corporate Accounting and Reporting
Standard, which provides a standardised approach for
presenting emissions. All relevant Scope 1, 2 and 3 activities are
analysed in our carbon footprint. For FY2024 emissions, we
have re-calculated them taking into account our restatement
and adopting the CEDA. Please see more on page46.
4c. Targets used by Wise to manage
climate-related risks and opportunities
andperformance against targets
In FY2025, we have decided to retire our net zero 2030 target
due to our reliance on third-party suppliers and vendors which
makes this goal unachievable. Please see more in the
Environment Section on page 45.
56Wise Annual Report and Accounts 2025
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Our stakeholders and Section 172 (1) Statement
The relationship between Wise and our
stakeholders remains fundamental to the
strategy, purpose and values of our business
and drives our decision-making.
The Board is required by Section 172(1) of the Companies Act
2006 to act in a way that is most likely to promote the long-term
success of the Company and take into account all of Wise’s
stakeholders in its decision-making. The Board directly and
indirectly (through the Leadership Team and others delegated
by the Board) seeks to understand the interests and priorities
of these stakeholders.
The following table comprises our Section 172(1) statement,
setting out how, in performing its duties over the course of
FY2025, the Board has had regard to the matters set out in
Section 172(1)(a) to (f) of the Companies Act 2006, alongside
examples of how each of our key stakeholders have been
considered and engaged with. Further information can also be
found throughout the Strategic Report and the Governance
Report on pages 77-88.
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Wisers
1
Communities
2
Suppliers
Why this
stakeholder
matters to us
Our people and teams sit at the centre of our ability to operate
and deliver on our mission. It is their commitment and passion
to build the products and services our customers love that
drive Wise.
Wise is committed to being an integral part of the wider
communities in which we operate. We recognise the
importance of contributing positively to society and
theenvironment.
Our suppliers support us in a wide range of activities
including recruitment, card production, marketing, facilities
management, compliance and banking. Our relationships
are built on trust and we place huge importance on
ensuring they are efficient, robust and rewarding for all.
What matters
to our
stakeholders
• The mission
• Ownership and voice
• Growth and development
• Benefits and reward
• Diversity, equity and inclusion (DEI)
• Social responsibility
• Environmental sustainability
• Health and safety
• Climate change initiatives
• High standards
• Transparency
• Business conduct
How has Wise
considered
our
stakeholders’
interests
• The Board and the Leadership Team received regular people
updates (including on DEI)
• The Board appointed Elizabeth Chambers as the Designated
Non-Executive Director for Workforce Engagement on
26 March 2025.
• The Board received an annual update on our
environmental, social Impact and governance (ESG)
strategy and initiatives
• Our ESG Committee continued to build Wise’s global
climate and social strategy
• Our Modern Slavery Statement, approved annually
bythe Audit and Risk Committee, underscores our
commitment to transparency and ethical practices
within our supplychain
How has
Wisedirectly
engaged
• As part of our global workforce engagement, a number
ofour Non-Executive Directors held roundtable sessions
with different cohorts of Wisers in five sessions across
twolocations
• The Board held quarterly meetings at the Wise offices in
Austin and in London during the year, providing a further
opportunity to engage with Wisers in these locations,
including two Senior Women Lunches with Board members
• Twice-yearly ‘WiserPulse’ employee engagement surveys
• Twice-yearly Mission Days – our global employee event
• 129 events were held across our 13 global Wise
Communities(Employee Resource Groups)
• A fortnightly team call to which all Wisers are invited
• Supported Wisers with volunteering and social impact
initiatives across the Group
• Initiatives included school outreach programmes focused
on next-generation technology skills, and donations
towards humanitarian assistance
• Building on our partnerships to create economic
opportunities and enable financial inclusion for
vulnerablecommunities
• Investing in carbon removal projects in
climate-vulnerable areas
• Continued partnership with Watershed, an industry
specialist in carbon footprint measurement, management
and reporting
• Career opportunities for under-represented
communitiesin our early careers programmes such
asWiseWomenCode, apprenticeships, mentoring and
scholarship offerings
• Wise has a dedicated team to support new suppliers
with onboarding
• Strategic business reviews with key suppliers are
conducted regularly to align on objectives and drive
mutual success
1.
Further details on how we engage with Wisers can be found in the Our People section on page 34.
2.
Further details on how we engage with our communities can be found under Social Impact within the ESG section on page 49.
58
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Customers Owners Governments and regulators
Why this
stakeholder
matters to us
We keep our customers at the heart of everything we do, as we
solve real-world problems for people and businesses around
the globe. We do this by building products and features that
they need.
The trust and support of Wise owners are key to advancing our
mission. We believe we have a rare alignment with our key
stakeholders, including Wise owners, as we share the same
vision for the future and seek to understand their questions
and concerns through ongoing and open engagement.
Wise engages in regular and open dialogue with our
governmental and regulatory partners around the world.
We also share our industry perspective with these
partners when relevant.
What matters
to our
stakeholders
• Convenience
• Price
• Speed
• Transparency
• Progress on the mission
• Sustainable growth
• Strong financial performance
• Strong corporate governance
• Customer protection
• Strength and resilience of financial markets and
payment infrastructures
• Honest competition
• Fair marketing
How has Wise
considered
our
stakeholders’
interests
• We continued building the products and features that
makemoving and managing money across borders easier,
faster, more transparent and more cost-effective for
everyone, everywhere
• The Board reviewed key customer and operational metrics
and held a deep-dive session focused on servicing and the
implementation of the Consumer Duty
• The Board held an interview with one of Wise’s business
customers during December 2024 and a Q&A session with
one of Wise’s personal customers during March 2025
Boardmeetings
• The Board, via the Audit and Risk Committee, reviewed
customer complaint data to identify and address any
ongoing issues
• The Board, via the Audit and Risk Committee, oversaw the
Group’s risk control environment to ensure that customers
are protected and that Wise maintains a strong capital and
liquidity position
• Our Board received regular updates from the Owner
Relations team, including on market trends and activity
• Our Board and Committee Chairs were available for
engagement with owners
• The Board approved the continued purchase of shares
through Wise’s Employee Share Trust, with the intention
of reducing the effect of future dilution on existing
shareholders arising from the stock-based
compensationoffered to employees
• The Board, alongside the CEO and Leadership
Team,engaged constructively with our regulators
andrelevant policymakers and will continue this
engagement in relation to upcoming changes to
theregulatory landscape
• The Board, via the Audit and Risk Committee, received
regular updates on key regulatory matters and the
global regulatory environment
• The Board, and the boards of our subsidiaries, received
regular updates on engagement with governments,
policymakers and regulators in the markets in which
weoperate
How has
Wisedirectly
engaged
• We increased investment in servicing and started to offer
24/7 phone support in the English language
• We held regular customer surveys, customer interviews
andsocial media updates
• We made Wise’s services available to more people
andbusinesses directly as well as through our Wise
Platformpartnerships
• We strengthened our infrastructure by adding one direct
connection to a domestic payment system (Philippines),
andsecuring approvals for two more in Japan and Brazil
• We provided comprehensive market updates at the
halfand full year, along with quarterly trading updates.
These results presentations and accompanying Q&A
opportunities with management provide our owners
withclear guidance on our capital planning priorities
alongside strategic updates and financial results
• We held our first Capital Markets Day
1
since we listed,
with the Leadership Team providing an update on our
strategy and outlook to over 100 analysts and current
andprospective owners
• Our Owner Relations team, alongside the Chair and
Leadership Team, maintained regular dialogue with
investors, both existing and prospective
• We attended investor roadshows and conferences
throughout the year
• We have a dedicated website and email address to facilitate
continuous engagement and access to material information
• Regular engagement with regulators, governments
andpolicymakers on key matters
• Consultation with regulators, governments and
policymakers on incoming laws and regulations
• A dedicated Government Relations team that
worksclosely with governments, regulators and
policymakers globally
• Wise is an active participant in government advisory
bodies, trade associations and other relevant forums
1.
Wise Capital Markets Day took place on 3 April 2025.
59
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Risk Management
How has risk management at Wise developed
over the last year?
At Wise we recognise that good risk management enables
the business to make better decisions, avoid pitfalls,
perform resiliently and delight our customers with
high-quality, reliable products.
Effective risk management is a key component in the
strategy to achieve our mission. In FY2025, we invested
considerably in further developing our risk management
infrastructure, and we will continue to invest in and enhance
our risk and control environment to ensure that it remains
aligned with Wise’s scale of operations, breadth of activities
and ongoing ambitions.
Over the past year, we have added significantly to our
capabilities in both the first and second lines of defence.
We have made significant new specialist hires within the
Risk and Product Compliance teams at both a Group and
regional level, to broaden and deepen Wise’s overall risk
management competencies and coverage.
The Wise Group Enterprise Risk Management Framework
(ERMF) was refreshed and re-approved during the year.
Itenables Wise to establish Group-wide consistency in how
we identify, assess, prioritise, manage and govern the risks
weface as part of achieving our mission. The people, systems
and processes outlined within the ERMF support the way we
manage risks across our risk taxonomy. They enable oversight
of risk through a clearly defined governance framework and
the three lines of defence model.
Wise has also been improving tooling, and driving consistency
as well as operational efficiency in the management of risks.
We have made enhancements to our in-house incident
management system. This has significantly improved feedback
loops between risk controls and risk assessments, and has
enabled better data analytics to extract deeper insights on
incident root causes and facilitate the monitoring of trends
andindicators across the Group.
We have been refining and embedding our Governance,
Riskand Compliance (GRC) system, which has been rolled-out
globally across Wise. The system enables us to ensure our risk
frameworks and processes are aligned across markets, and
supports better oversight, thematic analysis and control
assurance. A controls library is maintained in the GRC
system,and is being enhanced with information from all
testsconducted across the three lines of defence linked to
relevant controls. This will help us in several ways to measure
control effectiveness and reflect improved risk assessments;
to advance towards continuous monitoring; and enable
targeted assurance work to ensure key controls receive
comprehensive and regular testing.
What is Wise’s risk focus over the next year?
We are looking to bring Wise to more customers in more
places, solving more of their financial problems through
new features. We will continue to invest in the frameworks,
people, and systems that support and enable the business
to safely pursue that strategy.
As we scale the business, we are ensuring that we continue
to have the right people in key roles and that we remain
appropriately resourced to manage our risks across both
the first and second lines of defence.
We expect to focus on model risk and the governance of
artificial intelligence, as well as further strengthening our
defences in financial crime where we will uplift our data
governance and analysis.
We are implementing a comprehensive control testing
andassurance programme based on our most material
risks, including the introduction of continuous monitoring
ofautomated controls. This work will ensure that we are
well placed to deal with future corporate governance
reforms and new reporting requirements.
We will improve second-line effectiveness through
implementing automation and advanced capabilities
inGRCtooling, process mapping, risk analytics, report
automation, artificial intelligence and Large Language
Model integrations.
We will also enhance governance through further improving
the quality of risk reporting in order to facilitate more robust
discussions and challenges about risk in committee meetings,
leading to more informed decision-making.
Q&A with Chandni Bhan,
Global Head of Risk
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Our risk mission
Risk management plays an important role in the Group’s overall
strategy. It is one of the three priorities underpinning our
global strategy.
The focus of our risk strategy to date has been on uplifting
systems, people and processes, as well as improving our risk
management capabilities to enhance customer outcomes,
strengthen our resilience, and grow sustainably while
complying with regulatory expectations.
In order to ensure that risk management remains aligned
withWise’s overall mission and that we achieve our strategic
ambitions, we have our own Risk mission Statement. This clearly
sets out the role which risk management plays, together with
the principles that we apply to ensure that we are working
towards the right outcomes.
Building on our current risk culture at Wise
At Wise we recognise the value of a risk culture based on
shared values and beliefs, together with an understanding
ofrisk which promotes transparency, accountability and
proactive risk management.
Our risk culture is fuelled by the broader Wise culture and
values as well as our customer-focused mission. Wise has an
inherently strong risk and compliance culture, with employees
who are deeply committed to doing the right thing for customers.
This has enabled us to foster a culture where risk awareness is
embedded in decision-making and business operations, and
where there is a feedback loop from incidents, events and
issues, continually informing our risk position.
Knowledge, consideration and understanding of our risks
within the first line of defence continue to grow, while the
second line of defence is well-equipped to provide deeper
partnership, insights and appropriate challenge to the first line.
Risk mission statement
We make risk management simple,
measurable and visible to help Wise make
faster, bolder decisions that are critical
for our mission without compromising
safety, customer experience or scalability.
Streamline
and embed
Make it simple,
consistent, automated
and embedded, so
that it is understood
and adopted
Enable growth
Facilitate growth
through an informed
risk/reward balance
and effective, efficient
risk decisions
Forward-looking
Make it proactive –
helping Wise to
anticipate and
preparefor risks
before they occur
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Enterprise Risk Management Framework
The Wise Global ERMF defines how we identify, manage, report
and govern the risks the business faces. It enables oversight
of risk through a clearly defined governance framework and
aThree Lines of Defence model. It sets out the roles and
responsibilities we all have in the management of risks at Wise,
providing clear accountability across all areas of the business.
We updated our ERMF during the year to ensure that our risk
management framework remains appropriate for current and
future business needs.
Control assurance and control testing
Capital and liquidity management
Domain specialist operating model
Scenario analysis and stress testing
Policies and procedures
Risk strategy and appetite
Risk
identification
– Wise Group
risk
taxonomy
Control
framework
Risk
assessment
(RCSA)
Risk
monitoring
and
oversight
Risk
governance
and reporting
Risk culture
Governance
This isn’t just a job,
we’re a revolution
We get
it done
Customers >
team > ego
No drama.
Good karma
Wise values
Wise mission and strategy
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Operational
Risk
Committee
Wise regional boards
Regional risk committees
Regulatory
Risk
Committee
Financial
Crime Risk
Committee
Wise plc Board
Chair: David Wells
Chair’s Committee
Chair: David Wells
Remuneration Committee
Chair: Elizabeth Chambers
Disclosure Committee
Chair: Jessica Winter
Nomination Committee
Chair: David Wells
Chief Executive
Officer
Kristo Käärmann
Global
Safeguarding
Governance
Forum
UK Horizon
Scanning
Forum
Tier 1 markets:
• United Kingdom (Wise Payments Limited)
• Europe (Wise Europe SA)
• Australia (Wise Australia Limited)
• North America/United States (Wise US Inc.)
(Other Wise plc
Board sub-committees)
(delegated authority regarding all audit and risk obligations)
(financial risk profile and
awareness-sharing for information)
Wise Board + NEDs Group risk committees Sub-committees Regional boards (NEDs for Australia; EU)
Governance of risk
We have robust governance in place to oversee risk
management at Wise. The Wise Group Board is responsible for
monitoring the effectiveness of our risk management andinternal
control systems, and oversight of this has beenformally
delegated to the Wise plc Audit and Risk Committee (ARC).
The ARC reviews key trends and metrics relating to all principal
financial and non-financial risks, and also considers key emerging
risks that have the potential to impact our mission. This
oversight includes challenging management on key actions
tomanage and mitigate risk, and the embedding ofa positive
risk culture across Wise. For more information onthe role of
the ARC within our wider governance structure, see page 92.
In addition to the work of the ARC, the Chief Executive Officer
has an established Leadership Team and appropriate risk
governance structure, including a Group Risk Committee and an
Assets and Liabilities Committee. These executive committees,
established under the authority of the CEO, aresupported by a
number of sub-committees established tofocus on specific risks
across the Wise risk taxonomy. These risk committees support
the Chief Executive Officer andLeadership Team in monitoring
key risk indicators, and in developing incident management
responses and risk appetite measures to determine the
appropriate points of intervention or Board escalation.
As the material risk takers for Wise, all members of the
Leadership Team are part of the Group Risk Committee and
the Emerging Risk Forum. Leadership Team members alsotake
key membership and governance chair roles across the Group
Risk Committee, Assets and Liabilities Committee, and the
sub-committees. Our risk governance structure is also supported
by regional risk committees (and regional boards inour major
markets) that consider our risk position in each location and
support the overall Group risk governance framework in
managing risk across Wise through oversight andescalation.
We also have dedicated safeguarding and horizon scanning
forums that oversee and ensure we are protecting customers’
money appropriately and remain aware of upcoming
regulatorychanges.
If high risks need to be escalated, or there is a need for
management intervention, this takes place via the relevant
riskcommittee to ensure the Leadership Team and the
ARC(as appropriate) are informed of all key risks and
mitigation activities.
Liquidity
Committee
Credit
Risk
Committee
Prudential
Risk
Committee
Market
Risk
Committee
Assets and Liabilities Committee
(Financial Risk)
Group Risk Committee
(Non-Financial Risk)
Emerging Risk Forum
Climate Risk Forum
Wise plc Audit and Risk Committee
Chair: Ingo Uytdehaage
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Risk appetite
We take a structured approach to setting our risk appetite
against our principal risks, which helps Wisers understand
theboundaries of the risks we are willing to take in pursuing
our mission.
Our risk appetite defines the amount and types of risk
thebusiness is prepared to take in pursuit of its strategic
objectives. It therefore reflects the business strategy and
guides the business in its decision-making and day-to-day
activities. Within the boundaries set, colleagues are able to
make decisions with confidence, allowing us to be agile whilst
remaining safe.
Our risk appetite reinforces our strong risk culture by
facilitating informed risk decisions by the business, whilst
ensuring that material risks are managed down to levels
thatensure our operational and financial resilience, and that
maintain the confidence of our customers and stakeholders.
Risk appetite is expressed through qualitative statements that
provide direction to all areas of the business and promote a
clear understanding of activities and circumstances that are
within and outside risk appetite. It is monitored and reported
using Board-approved metrics to ensure that the business is
being managed within an appropriate limit structure for each
risk category. This facilitates the identification of any potential
breaches in appetite and ensures that they are promptly
escalated and managed appropriately.
Scenario analysis and stress testing
Detailed scenario analysis and stress testing are conducted to
support the assessment of our capital and liquidity adequacy.
Any potential harms identified are categorised according
topotential stakeholder impact and materiality and then
assessed to determine the residual exposure after controls
areimplemented. This work is supported by the efforts we
have undertaken to assess the material harms relevant to
ourbusiness and its operations.
During FY2025, we advanced our stress testing and scenario
analysis to further enhance analysis of the areas that could
cause harm to the business and used this insight to inform
ourprudential requirements as well as control enhancements.
Three lines of defence
Our three lines of defence model continues to serve us well in
managing risks by establishing clear accountability for risk owners.
The Business
The first line of defence consists of the operational management of Wise, including those individual
tribes and squads directly responsible for performing day-to-day business activities and delivering our
products or services to customers. The first line’s role is to identify, assess, and manage the risks that
may arise from the work they do. This line is also responsible for designing and implementing controls,
adhering to policies and procedures, and monitoring risks at the operational level. In the risk process the
first line also has to articulate the effectiveness of the control environment. These Wisers are our front
line and have the most detailed knowledge of the risks and controls specific to their day-to-day work,
and the most effective actions to manage them.
Global Risk Management and Compliance Oversight teams
This function enables the identification of emerging risks in daily operation of the business by providing
frameworks, policies, tools, and techniques to support risk and compliance management. These teams
have the ability to view risks at aggregate as well as granular level to help improve the visibility of
interconnected risks as well as advise proactively on patterns and themes requiring attention. They
areindependent of the First Line, with the ability to provide adequate challenge, oversight and support
to ensure risks are well understood, assessed and managed in line with the risk appetites set by the
Board. They are responsible for establishing and maintaining a risk management framework, developing
policies and advising on procedures, supporting risk assessments, and advising on and monitoring
compliance with applicable laws, regulations, and internal policies. The second line also monitors
andreports on risk exposures and the effectiveness of our controls.
Internal Audit
This team operates independently of the Second Line risk and compliance teams, and our First Line
teams. Our internal auditors objectively evaluate the effectiveness of our risk management processes
and provide feedback to leaders and the Wise Group Board (through the Audit & Risk Committee) as
towhether these are operating as they should. They assess the overall control environment, identify
control gaps or weaknesses, scrutinise areas of non-compliance and issue findings for required
improvements. Internal audit also reviews the implementation of risk management practices and
compliance with policies and regulations.
First
lineof
defence
Second
line of
defence
Third
lineof
defence
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Emerging risks
Our vigilance around our risk environment includes monitoring potential risks that could emerge and cause harm or present challenges to our business, our employees and our customers. Emerging
risks are defined as material, highly uncertain risks that do not meaningfully impact Wise today but are unpredictable in nature and could evolve rapidly and unexpectedly. Emerging risks are
managed through the Emerging Risk Forum. This dedicated forum, composed of senior leadership team members, meets bi-annually to review the emerging risks facing Wise. The forum is
responsible for reporting to the ARC on the foremost emerging risks to Wise. The following table summarises discussions at the Emerging Risk Forum under a Political, Economic, Social,
Technological, Legal and Environmental (PESTLE) categorisation, highlighting some of the potential emerging threats to Wise’s business interests.
Risks Taxonomy linkage Mitigation
Political – Geopolitical risks are elevated due to
escalating military conflicts/tensions, ongoing
tariff discussions and global trade wars.
Resilience; Third-Party;
Security; Liquidity; Market;
Regulatory; Financial Crime
• Business plan sensitivities reviewed and stress tested
• Operational resilience programme delivered, alongside tested and proven business continuity/people
strategies from previous conflicts/tensions
• Cyber security strategy and testing programme in place
• Ongoing uplift in prudential processes and playbooks
Economic – Increased levels of concern around
rising global debt, potential trade/tariff wars and
uncertainties surrounding monetary policy and
productivity growth.
Credit; Market; Liquidity • Wise maintains strong capital and liquidity levels, and undertakes stress tests to ensure financial resources
are sufficient under a range of severe but plausible scenarios
• Interest rates are not a key driver of customer volumes and earnings compression impact is known
anddisclosed
Social – Wise may need to respond/adapt to
agrowing number of social issues, including
financial exclusion and vulnerable customers.
Conduct • Continuous review and adaptation of product design to meet the needs of customers and the requirements
of regulators constitutes business as usual for Wise, and there are no specific additional risks or actions
proposed. Customer experience and feedback are critical inputs into our design and planning
Technological – Emergence of new technology,
like generative artificial intelligence (AI), creates
new risks through both industry and threat
actoradoption.
Resilience; Cyber; Data
Privacy; Financial Crime;
Operations
• Oversight through AI Forum and AI governance action plan
• Additional vendor technology usage controls introduced in due diligence and ongoing monitoring
• Operational resilience programme delivered, alongside business continuity plans
• Cyber security strategy and testing programme in place
Legal – Pace of regulatory change seems likely to
continue unabated, and international disparities
increase complexity and cost.
Legal/regulatory changes may facilitate new
solutions to currency and payments which
couldthreaten the business model.
Regulatory • Horizon scanning procedures to ensure awareness of and preparedness for upcoming changes
• Should there be a relaxation in regulatory requirements around digital currencies, Wise has the
capabilitytomove rapidly. US regulatory developments in this area will be closely monitored
Environmental – Physical and transitional risks
continue to evolve as climate events intensify
andgovernment policies develop.
Regulatory; Resilience;
Partner; Third-Party
• Whilst not currently categorised as a principal risk, further analysis of climate risks, opportunities and
scenarios are ongoing
• Climate risks and opportunities identified in line with Task Force on Climate-related Financial Disclosures
(TCFD) recommendations are monitored in the Climate Risk Forum
• For more details see the TCFD section on page 51
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Principal risks
At Wise, we use the Group risk taxonomy as a structured
framework to categorise and analyse the relevant risks that
weface across three specific domains: operational, financial
and compliance.
The risks in our taxonomy are split over four levels, with each
downward level providing more granular subsets of the risks.
This provides a consistent framework to comprehensively
analyse risks based on a logical hierarchy, and enables
scalability as we grow.
Principal risks represent events or circumstances that have
been identified as having the greatest potential to threaten
Wise’s business model, future performance, solvency or
liquidity, and reputation. In deciding which risks are principal
risks, Wise considers the potential impact and probability of
the related events or circumstances, and the timescale over
which they may occur.
Therefore, while the risk taxonomy contains a comprehensive
and logically structured list of risks that may affect the business,
the five principal risks below provide an overview of those
risks or combinations of risks which the Board considers the
most important.
Risk Description Mitigation Strategic Considerations
Financial crime and fraud
Financial crime risk covers any failure on
the part of the business to detect and
prevent customers using our services
forfinancial crimes, such as money
laundering, bribery and corruption
andother fraudulent activity. When
considering the risks associated with
financial crime, we must comply with
anti-money laundering (AML) and
counter-terrorism financing
regulationsand sanctions.
Fraud risk is the possibility of the
organisation, its customers, or both,
beingsubject to fraudulent activity. This
can come either from within (by Wisers)
or externally (by individuals abusing our
services and/or our customers while they
use our services).
We deploy a multifaceted approach to identify and mitigate
financial crime risk:
• Customer due diligence helps us to know who our customers
are and how they utilise our services
• Sanctions screening ensures that prospective and existing
users of Wise’s products and services are not subject to a
government sanction
• Transaction monitoring monitors the transactions entering
andexiting the Wise platform
• Additional risk-based controls and heightened measures
maybe automatically applied based on a customer’s
uniquerisk profile
• Training programmes are in place for all Wise employees
We actively engage with multiple national financial crime
intelligence units and regulatory partners to make sure our
overallcontrol environment is in line with best practices and
emerging trends.
Our approach to fraud risk is to detect and prevent. We recognise
the risk fraud presents, and while we might not be able to stop
itcompletely, we want to take steps to lessen its impact,
whileworking to prevent bad actors from using Wise for
fraudulent activities.
Over the next five years, we expect this risk area to rapidly evolve due
to a combination of internal and external factors.
AI’s growing role will both empower criminals and enhance our
defences, particularly against identity theft, account takeovers, and
scams. Socially engineered fraud is also expected to rise, especially in
the UK where mandatory reimbursement for Authorised Push Payment
(APP) fraud may possibly incentivise more first-party fraud.
Our strategy will therefore focus on our ability to rapidly respond to
changing threats. Notably, we’ll be focusing on uplifting our onboarding
and transaction monitoring controls whilst streamlining and scaling
operations teams to improve the speed and quality of reviews. For
fraud in particular, we’ll continue to explore collaborative data sharing
opportunities with partners and integrate where possible with external
intelligence databases.
Additionally, with growing geopolitical risks and their impact on
sanctions and AML/terrorism financing (TF) risks, our controls need
tobe as adaptive and automated as possible. Therefore our focus for
the near term is to strategically strengthen our sanctions and AML/TF
controls, remediate all known control gaps, and implement a control
assurance programme for all of our key controls. We are hiring
relevantspecialised expertise across all three lines of defence
toexecute on this.
At the same time, Wise will continue to focus on shipping features
anduse cases our customers need. We expect our inherent risks and
sources of vulnerabilities may grow as a consequence. Therefore one
key area of strategic improvement will be to further strengthen product
change management, oversight and governance.
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Risk Description Mitigation Strategic Considerations
Cyber security and data privacy
Cyber security risks are threats to
theeffectiveness, availability, integrity
and security of IT systems due to either
external or internal security compromise.
Data privacy risk involves failure to
safeguard the rights and freedoms
ofusers through the improper use or
disclosure of their personal information.
Wise maintains a robust security maturity assessment and
implements continuous improvements. We carry out regular
penetration tests and simulated attacks to ensure our controls
can identify weaknesses, and we are continually evaluating and
mitigating external threats.
Our detection capabilities monitor and inform when there are
system attacks. If this happens, our comprehensive incident
response procedures help us respond at speed. We have a robust
training programme that ensures our employees can recognise and
report evolving threats. We also communicate the evolving security
risk landscape – and our mitigation efforts – to our customers.
Employees are trained to identify privacy risks and take
appropriate action. Wise has adopted ‘privacy by design’
principles and our product teams are trained on how to embed
transparency and user choice in our products. Our Privacy
teamprovides advice and challenge to teams across Wise.
The almost exclusively digital nature of our business means that cyber
security risks are particularly acute. They are central to our operational
considerations – even where risk appears minimal.
We expect to see continuing evolution in the sophistication and
intensity of cyber attacks across the financial industry over the next
five years. With our balances growing, Wise is likely to become a more
attractive target for cyber attackers. Increasing use of AI to develop
highly targeted phishing attacks, bypass detection, and develop
automated large-scale intrusions, poses threats to both user accounts
and sensitive financial data. The increasing trend of ransomware
attacks is expected to continue, which also means that Wise could
seea heightened risk of disruptions and potential data breaches.
The data privacy regulatory landscape is also constantly evolving,
withnew and updated regulations being enacted across many of our
key markets. It is essential that we continuously monitor regulatory
developments, and that we evolve our approach accordingly.
Operational resilience
This is the risk that Wise is vulnerable to
an internal or external incident which has
the capacity to adversely affect our ability
to deliver important business services to
customers or wider market participants.
Achieving operational resilience means embedding capabilities,
processes, behaviours and systems which allow Wise to continue
to deliver its services to customers in the face of a significant
disruptive event, regardless of its source. Wise’s customer-
focused mission means that the business has been designed to
be resilient, and therefore from a customer perspective reliable,
from the outset. The strong foundations for this lie in its cloud-
based infrastructure, scalable software architecture, robust
software delivery methodology and vendor management.
Wise has invested considerable time and effort in ensuring
compliance with the Financial Conduct Authority’s operational
resilience (OpRes) requirements and the European Union’s Digital
Operational Resilience Act (DORA) requirements, most notably by
the mapping of important business services and the resources
required to deliver them, and then stress testing any potential
vulnerabilities. We have aligned our methodology across these
regulations to ensure we can analyse and report on both in an
efficient manner, given the constant evolution of Wise products.
Embedding operational resilience will ensure that we’re
consistently able to execute our mission despite operational
stresses and disruption, through a tested ability to manage and
effectively respond to both internal and external factors that
might interrupt the normal functioning of business processes.
This is a critical focus for Wise over the next five years to ensure
security, stability and continuity of services. There are rapidly evolving
external and internal factors that increase the potential for operational
disruption. With more customers, businesses and platform partners
relying on our products and services, operational resilience is critical
tosafeguarding their experience and trust.
At Wise our key technology infrastructure is global in nature i.e.: all
keysystems powering our network as well as all of the key controls
arebuilt and managed at a Group level. Therefore an additional key
consideration in our resilience approach is intra-group outsourcing.
An added layer of complexity is introduced by the varied regulatory
expectations and requirements with regards to resilience. For example
DORA in the EEA, Operational Resilience in the UK and CPS230 in
Australia, all have slightly different requirements, but all applicable to
the same core infrastructure. The focus over the next few years will
therefore be on streamlining and enhancing our operational resilience
framework and building appropriate monitoring and tooling to maintain
this effectively and scalably. This will require additional resourcing
anddevelopment work which would be iterated through our typical
quarterly planning cycles.
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Risk Description Mitigation Strategic Considerations
Liquidity management
This is the risk that Wise does not have
the right type and quantity of funds, in
theright place, at the right time, and in
the right currency to meet liabilities as
they falldue.
Liquidity risk can arise if we’re unable
tomeet our short-term funding needs
orcash obligations due to:
• A lack of available cash reserves
• Limited access to external
fundingsources
• An unexpected large outflow of cash
We operate in numerous countries and jurisdictions, each with
their own regulatory liquidity requirements. To ensure universal
compliance, we monitor all regulatory liquidity requirements
globally on an ongoing basis.
We also continue to utilise an Internal Liquidity Adequacy
Assessment Process (ILAAP) to define our risk appetite.
Thisprocess includes an assessment of liquidity outflows over
anumber of severe, yet plausible, stress scenarios. This ensures
the business always maintains prudent levels of liquid resources.
For Wise, liquidity risk is different from that at traditional banks,
presenting more as a strategic and reputational risk.
Market liquidity risk is limited, as safeguarded balances are largely held
in high-quality liquid assets (HQLA) that can be almost fully liquidated
within 48 hours. Funding risk is similarly low, with safeguarded funds
readily available for customer withdrawals. However, operational
challenges such as varying payment processing speeds across
multi-currency accounts and the settlement cycles for our Assets
product (ranging from T0 to T+2) can affect the speed of delivery and
customer experience. Instant (or near instant) payments is one of the
key attractions for customers using our multi-currency account and, to
enable this experience of ‘instant’, Wise has to rely on corporate cash to
pay out customers before safeguarded funds can be released or Assets
cash settlement is received.
Ensuring instant access, particularly as personal and business balances
grow, is crucial, as seen with previous social-media-driven ‘run on the
bank’ events. To address these risks, Wise is focused on strengthening
liquidity resilience through targeted control enhancements, real-time
monitoring, alerting, and robust liquidity management protocols. We’ll
also continue to expand our liquidity sources to support scalable growth.
Regulatory risk
This is the risk that Wise fails to
complywith applicable requirements
asagroup of regulated entities with
licences to provide our products and
services globally.
With over 70 licences across the world,
we are required to comply with laws,
regulations, licence conditions, regulatory
guidelines and statements of policy
applicable to our business activities
across several functional areas and
multiple jurisdictions.
We continue to invest substantially in our Risk Management
Framework to ensure that we manage our regulatory compliance
risk effectively, including:
• Fostering greater ownership by management and mitigation
ofregulatory risks within the first line of defence
• Investing in regulatory change initiatives and enhancing our
horizon scanning processes
• Increasing assurance and oversight at both the global and
locallevel. We have expanded our first and second line teams
to ensure that we have strong local regulatory knowledge
across all markets in which we operate, as well as robust
control assurance across our regulatory compliance risks
• Strengthening relationships with our regulators and governing
bodies, in line with our regulatory engagement strategy.
Weregularly engage with regulators on proposed market
offerings and will continue to focus on streamlining new
licenceand product launches at the Group level
Globally, the range of regulatory requirements Wise must meet is
dynamic, with regulators and policymakers in different jurisdictions
introducing new or modified requirements over time. We need to
pro-actively identify those changes and ensure timely implementation.
Should regulatory risks materialise, they could result in regulatory
penalties and impede our ability to grow operations, maintain licences
and/or expand market offerings. We strive to abide by all regulatory
obligations at all times. In the event that gaps are identified, we aim
toremediate these promptly and (where appropriate) inform key
regulators. We have a global view towards compliance, and continue
toinvest in global and regional teams, processes and infrastructure
tomeet these demands.
68Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

As required by provision 31 of the 2018 UK Corporate
Governance Code, the Directors have assessed the future
prospects and the viability of the Group for a period significantly
longer than twelve months from the date of approving these
Group Consolidated Financial Statements.
The assessment period
The Directors have determined that a period of three years
until 31 March 2028 is an appropriate period over which to
provide the Board’s Viability Statement. This period is a longer
period than the period used to assess going concern but is
considered an appropriate time frame by the Directors because:
• it is within the period covered by the Board’s strategic
planning process; and
• forecasts beyond three years could reasonably be expected
to be less accurate and therefore of less value in assessing
prospects and viability.
The assessment of prospects
The Directors have assessed the Group’s prospects through
areview of its recent financial performance on pages 31-33,
the Group’s product offering on pages 22-27 and mission
pillars on pages 14-17 and the principal risks the Group
faceson pages 66-68.
The prospects of the Group are considered as part of its
financial planning process, led by the Chief Financial Officer
inconjunction with the Leadership Team and other relevant
functions. This process occurs annually and consists of a
detailed review of forecasted financial performance, cash
flows, liquidity and capital position against base, low and
highcase projections.
The Group’s prospects are also reviewed against regulatory
capital and liquidity requirements. The most recent financial
plan was approved by the Board in March 2025.
As set out in the Audit and Risk Committee Report on page 92,
the Audit and Risk Committee reviews and discusses with the
Leadership Team matters that support the assessment of the
Group’s going-concern and viability.
Viability Statement
The assessment of viability
Wise’s base forecast is its best assessment of the future
performance of the business. The Board recognises that stress
testing of the Group’s business plan is a key risk management
tool. Stress testing is used by senior management and the Risk
Management function to ensure the robustness of the base
plan, highlight key risks to its execution, and identify clear
mitigation plans if the risks were to crystallise.
The assessment of viability has been based on modelling
theimpact of severe but plausible scenarios for the principal
risks described on pages 66-68. Two distinct scenarios were
modelled, assuming one or more of these principal risks
materialised within the assessment period. Growth drivers
were adjusted in line with the below scenarios whilst operating
costs were either increased in line with the scenarios or kept
inline with the base forecast assuming no mitigating actions.
The impact was quantified and tested against the Group’s
capital and liquidity requirements.
69Wise Annual Report and Accounts 2025
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The tablebelow summarises the scenarios modelled by theGroup:
Scenario Description Principal risks addressed in the scenario
Market-wide
stress – severe
recession/
economic
slowdown
• Assumes that weak global growth leads to volatility in the major currency markets
• This is followed by poor economic conditions during FY2026 which leads major central banks, including the Federal Reserve,
theEuropean Central Bank and the Bank of England to cut interest rates in an attempt to revive growth
• Uncertainty in financial markets and potential failures of competitors results in reduced customer confidence in Wise
• Low economic growth, as well as high global unemployment rates, also lead to weakened demand for Wise’s product offering
• Operational resilience
Idiosyncratic
– cyber attack
• Wise is subject to a cyber attack which impacts customers’ data
• This leads to significant customer withdrawals from Wise accounts as well as a significant increase in customer contacts
• Reputational damage and loss of market’s confidence in Wise results in lower customer activity and volume throughout FY2026
• Additionally, Wise faces increased scrutiny from its regulators and has to pay significant fines from the above incident
• Cyber security risk
• Liquidity management
Under these scenarios, the Group is able to meet its capital
and liquidity obligations before considering any mitigating
actions and continue operating within its financial covenants
throughout the assessment period, despite a reduction in
operating profits. This reflects the resilience of the Group
andits robust financial model of profitable and sustainable
growth, alongside the existing headroom to both the capital
and liquidity requirements.
Should the ultimate impact of the scenarios on growth and
profitability be more significant than envisaged, management
has several actions which could be taken to ensure capital,
liquidity and debt covenant requirements are met. These
include, but are not limited to:
• operating cost reductions to align the cost base with
anysuppressed volumes, for example limiting hiring
orsalary increases
• reduced customer-acquisition marketing spend
• reduced benefits paid to customers
• raising fees charged to customers
Viability Statement
Based on the assessment above, the Directors confirm that
they have a reasonable expectation that the Group will be able
to continue operating and meet its liabilities as they fall due
over the three-year period until April 2028.
Going concern
Furthermore, following the review of the stress testing results,
the Directors also considered it appropriate to prepare the
financial statements on the going concern basis, as explained
in the Basis of preparation paragraph in Note 1 to the Group
Consolidated Financial Statements.
70Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Non-Financial and Sustainability Information Statement
The non-financial and sustainability information statement provides an overview of topics and related reporting references as required by Sections 414CA and 414CB of the Companies Act 2006.
The below table and information it refers to is intended to help Wise shareholders understand our position on key non-financial information matters.
Reporting
requirement Policies and standards which govern our approach
Where to find more
information in this report Page(s)
Environmental
matters
Environmental & social impact strategy – is a strategy covering our climate and our social impact initiatives in what we call
environmental, social and governance (ESG).
ESG at Wise
s172 Statement
42 to 56
57 to 59
Climate-related financial disclosures – The ESG section sets out further detail on this progression, including Wise’s Task Force
onClimate-Related Financial Disclosures (TCFD) reporting, namely:
a) a description of the Company’s governance arrangements in relation to assessing and managing climate-related risks
andopportunities;
b) a description of how the Company identifies, assesses, and manages climate-related risks and opportunities;
c) a description of how processes for identifying, assessing, and managing climate-related risks are integrated into the Company’s
overall risk management process;
d) a description of
(i) the principal climate-related risks and opportunities arising in connection with the Company’s operations, and
(ii) the time periods by reference to which those risks and opportunities are assessed;
e) a description of the actual and potential impacts of the principal climate-related risks and opportunities on the Company’s
business model and strategy;
f) an analysis of the resilience of the Company’s business model and strategy, taking into consideration different
climate-related scenarios;
g) a description of the targets used by the Company to manage climate-related risks and to realise climate-related opportunities,
and of performance against those targets; and
1
h) a description of the key performance indicators used to assess progress against targets used to manage climate-related risks
and realise climate-related opportunities, and of the calculations on which those key performance indicators are based.
2
1.
Wise’s Directors believe that, having regard to the nature of the company’s business, the manner in which it is carried on, the financial disclosures required by section (2A)(g) and(h) of the Companies Act 2006 in relation to
climate targets and related KPIs are not necessary for an understanding of the company’s business (as Wise does not have climate targets). For further information on Wise’s climate programme, please refer to page 45 in the
Environment section.
2.
As above.
71
Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Reporting
requirement Policies and standards which govern our approach
Where to find more
information in this report Page(s)
Human rights
Modern slavery statement – is our commitment to ensuring that slavery and human trafficking are not taking place in any part of
our business or supply chain.
Privacy and data protection policy – sets out Wise’s approach to protecting the personal data and privacy rights of our customers,
employees and other stakeholders.
ESG at Wise
s172 Statement
42 to 56
57 to 59
Our people
Code of Conduct – sets high standards and principles for how Wisers should behave and treat each other.
Health and safety policy – clarifies Wise’s approach to health and safety management.
Diversity, equity and inclusion policy – outlines Wise’s commitment to a working environment that is diverse, equitable
andinclusive.
Anti-bribery and corruption policy – sets out Wise’s responsibilities, and those of all representatives of the Wise group of
companies, in observing and upholding our position on bribery and corruption; and provides practical guidance to Wisers on
howto recognise and deal with bribery and corruption red flags.
Whistleblowing policy – clarifies how Wisers should report any suspected instances of wrongdoing.
Delegation of authority policy – defines the process for assigning authority to employees.
Conflicts of interest policy – ensures that all Directors adhere to the highest standards of behaviour with regard to conflicts
ofinterest.
Global conflicts of interest policy – sets out principles and standards in identifying, preventing and managing any actual or
potential conflict of interest which may arise from external interests held by Wisers.
Wiser complaint/grievance process – sets out the formal process for filing a complaint regarding another Wiser.
Conflict resolution process – sets out the informal process for resolving conflict between Wisers.
Our People
s172 Statement
34 to 41
57 to 59
Social matters
Group third-party management policy – a global internal policy for all Wise Group entities, adapted to local regulations. It aims to
provide strong guidelines and practices for governance and regulatory compliance regarding the risks in onboarding, managing,
reviewing, and offboarding third-party arrangements.
Complaints policy – describes the process for resolving customer complaints efficiently.
Customer care policy – a policy implementing the UK’s statutory Consumer Duty and setting out expectations as to how
customers should betreated.
ESG at Wise
s172 Statement
42 to 56
57 to 59
72Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Reporting
requirement Policies and standards which govern our approach
Where to find more
information in this report Page(s)
Anti-corruption
and anti-
bribery
Anti-bribery and corruption policy – sets out Wise’s responsibilities, and those of all representatives of the Wise group of
companies, in observing and upholding our position on bribery and corruption; and provides practical guidance to Wisers on
howto recognise and deal with bribery and corruption red flags.
Regional anti-money laundering policy – a policy to establish measures and procedures within Wise to detect and prevent,
andreport activities that may involve money laundering, terrorist financing or other financial crimes. Thepolicy helps to ensure
compliance with regulations, mitigates risks, and outlines responsibilities and accountability for Wiseemployees.
Sanctions policy – defines the controls to protect the Wise Group by ensuring compliance with all applicable sanctions laws,
orders and regulations, as well as deter, detect and prevent attempts to use Wise to circumvent sanctions.
Enhanced customer due diligence manual – establishes enhanced due diligence procedures which strengthen Wise’s Know Your
Customer framework and look to ensure compliance with relevant regulatory requirements for customers who require a higher
level of due diligence.
Financial crime oversight escalation and approval policy – this policy outlines the framework for handling escalated issues related
to financial crime risks at Wise. It defines the roles, responsibilities, and procedures for oversight and first-line, ensuring escalation
of significant financial crime issues or control failures, appropriate approvals, and effective oversight to maintain compliance with
regulations and mitigate financial crime risks.
Politically exposed persons (PEP) manual – summarises the regulatory requirements and best practices applicable to PEPs and
describes in detail the compliance programme for how PEPs are identified, onboarded and monitored.
ESG at Wise
Risk Management
42 to 56
60 to 68
Non-financial information
Where to find the information
within our Strategic Report
Our business model
28
Principal risks and impact on business policy
66 to 68
Non-financial key performance indicators
29 to 30
73Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

75 Governance at a Glance
77 Chair’s Introduction to Governance
78 Corporate Governance Compliance Statement
79 Board of Directors
82 Leadership Team
84 Role of the Board, its Activities and Decisions
89 Nomination Committee Report
92 Audit and Risk Committee Report
97 Remuneration Committee Report
115 Directors’ Report
118 Statement of Directors’ Responsibilities
Governance
74Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information
74Wise Annual Report and Accounts 2025

Governance at a Glance
Governance highlights
Board appointments
• Emmanuel Thomassin joined the Board and was
appointed as Chief Financial Officer on
1 October2024.
• Elizabeth Chambers was appointed as Designated
Non-Executive Director for Workforce Engagement
on26 March 2025.
Workforce
engagement sessions
5
Average tenure
of Board members
3.4
years
Meeting attendance for FY2025
During the financial year, we held a number of scheduled meetings of the Board and each of its Committees, shown in the table below. A number of ad-hoc meetings of the Board and its Committees
were also held as and when required.
David Wells Kristo Käärmann Clare Gilmartin Terri Duhon Alastair Rampell Hooi Ling Tan Ingo Uytdehaage Elizabeth Chambers
Emmanuel
Thomassin
1
Board (4 meetings) 4/4 4/4 4/4 4/4 4/4 4/4 4/4 4/4 2/2
Nomination Committee (4 meetings) 4/4 4/4 4/4 n/a n/a 4/4 n/a n/a n/a
Remuneration Committee (4 meetings) 4/4 n/a n/a n/a n/a n/a 4/4 4/4 n/a
Audit and Risk Committee (7 meetings) n/a n/a 7/7 7/7 n/a n/a 7/7 n/a n/a
1.
Emmanuel Thomassin was appointed to the Board of Wise plc on 1 October 2024.
The Group Company Secretary and General Counsel are regular attendees at Board meetings and members of the Leadership Team attend at the invitation of the Chair. Other Directors and members of the Leadership Team
attend committee meetings at the invitation of the relevant Committee Chair. More information is available in the individual committee reports on pages 89 to 106.
Women on the Board
Women on the Leadership Team
Women in senior leader positions
44%
30%
32%
75Wise Annual Report and Accounts 2025
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Board composition, skills and experienceBoard and Leadership Team diversity
Skills and experience
Board skills are regularly reviewed by the Nomination Committee
and the findings used for succession planning.
Executive Directors Non-Independent Non-Executive Directors
Chair Independent Non-Executive Directors
0-1 years 1-2 years 2-3 years 3-4 years 4-5 years
Men
Women
Prefer not to say
Gender representation
Board Leadership Team
White British or other White
(incl minority-White groups)
Asian/Asian British
Mixed/multiple ethnic groups
Prefer not to say
Board Leadership Team
Ethnic diversity
30-39 years
40-49 years
50-59 years
over 60
Board Leadership Team
Age
Composition
Tenure
2 1 1 5
1 1 16
7/9CEO/Business leadership
9/9Strategy
6/9Financial services/Fintech
4/9Finance/Accounting
6/9Tech
5/9Regulatory
4/9People and culture
5/9Risk
6/9
Global operations
7/9Customers
4
4
1
7
1
1
4
4
1
3
7
4
3
3
6
22
76Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Dear Wise owner,
On behalf of the Board, I am pleased to present the
CorporateGovernance Report for FY2025, which focuses
onour governance arrangements, compliance with the UK
Corporate Governance Code and Board activities. The Board
has worked collaboratively with the Leadership Team over the
last year to drive forward Wise’s mission, delivering significant
growth and expansion of its products and geographical
footprint whilst maintaining effective risk oversight.
Board composition
As noted in my Chair’s statement (pages 6-7) we welcomed
Emmanuel Thomassin to our Board and as Chief Financial
Officer in October 2024, replacing Matthew Briers. Emmanuel
has deep experience in leading teams while scaling a fast-
growth company globally and is a valuable addition to our
Board and the Leadership Team. We continue to focus on
succession planning for our Board and Leadership Team,
through the work of our Nomination Committee. As Chair of
the Board, I am proud of our diversely skilled Board that we
believe is world-class and committed to driving Wise forward.
Further information on succession management can be found
in the Nomination Committee Report on page 89.
Board effectiveness and
subsidiarygovernance
The Board is committed to maintaining high standards of
corporate governance and regularly reviews its own performance.
An internal evaluation in May 2024 concluded that the Board
and its Committees continue to operate effectively. Focus
areas include continuing to proactively manage agendas with
the Leadership Team to ensure sufficient time for discussion
and an ongoing rolling list of strategic topics, whilst remaining
cognisant of the risk and control environment.
We further matured the governance of our subsidiaries during
the year by appointing independent directors to several of
oursubsidiary boards, ensuring that these entities continue
tobe well governed as our geographic presence expands.
TheBoard oversees the operations of Wise’s subsidiaries
through regular reporting as well as informal engagement
withsubsidiary board directors and local management.
Forexample, a Board visit to our Austin office in FY2025,
towhich local subsidiary directors were invited – similar to
thesession held a year ago in Singapore for our Asia region.
Risk
As we continue to scale and expand, having robust
foundations and effective governance and controls is essential.
The Board, via the Audit and Risk Committee, maintained
oversight of Wise’s risk and control environment. During the
year we refreshed our risk management framework and risk
appetite to align with the evolving needs of the Group and
arefocused on hiring in these areas. More information can be
found in the Risk Management Report section on pages 60-68.
Looking forward
Our focus for the next financial year is to continue supporting
the Leadership Team in delivering long-term, sustainable value
for the benefit of all stakeholders, staying competitive with the
rise of maturing fintechs that may look to directly compete
with us, while also navigating macroeconomic and geopolitical
challenges. In the following pages, you will find information on
our Board, details of our corporate governance arrangements
and activities across the year, together with reports from our
Board Committees and their Chairs.
I look forward to welcoming you at the Annual General Meeting.
David Wells
Chair
5 June 2025
Chair’s Introduction to Governance
Guided by our mission
77Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Corporate Governance Compliance Statement
Areas where we do not yet fully comply with the provisions of the UK Corporate Governance Code
Principle or provision Status of compliance
Provision 17
A majority of members
oftheNomination Committee
should be Independent
Non-Executive Directors.
The Nomination Committee comprises 50% Independent Non-Executive Directors and therefore does
notmeet the requirement of provision 17 as David Wells, as Chair, is excluded from the independence
calculation. The Nomination Committee will continue to review its composition and that of the other
Boardcommittees to ensure an appropriate balance of skills, experience and independence.
Provision 36
Remuneration schemes with
share-based awards should
be subject to a total vesting
and holding period of five
years or more.
While the Remuneration Committee is mindful that the vesting schedule for restricted shares is not fully
inline with the UK CGC, we consider it appropriate, after taking into account: pay practices in many of
ourglobal peers with whom Wise competes for talent; the approach to reward for other Wisers; the fact
that the performance shares remain aligned to a five-year time horizon; and the significant shareholding
requirements in place for our Executive Directors (300% of salary), which supports long-term
shareholderalignment.
Provision 41
Engagement with the
workforce to explain how
executive remuneration
aligns with wider
Companypay policy.
During the financial year, the Remuneration Committee did not formally engage with employees
onExecutive Director remuneration. In line with our previous Annual Report and Accounts, we are
activelydeveloping our employee engagement plan to ensure that the perspectives of Wisers are
takeninto account with regards to the Remuneration Policy and its implementation, and have appointed
aDesignated Non-executive Director for Workforce Engagement. The Board conducted five general
workforce engagement sessions with Wisers during the financial year. For more information, please
referto the Remuneration Committee Report on pages 97 to 114.
UK Corporate Governance Code
1. Board leadership and company purpose
An effective Board
84
Purpose, values and culture
84
Governance framework and Board resources
84-88
Stakeholder engagement
57-59
Workforce policies and practices
35-41, 58
2. Division of responsibilities
Board roles
84
Independence
85
External appointments and conflicts of interest
85
Key activities of the Board in FY2025
84
3. Composition, succession and evaluation
Appointments to the Board
79-81
Board skills, experience and knowledge
76, 79-81
Annual Board and Committee evaluation
86
4. Audit, risk and internal control
Financial reporting, external auditor and internalaudit
93-94
Review of the FY2025 Annual Report andAccounts
93
Internal financial controls and risk management
66-68, 93
5. Remuneration
Linking remuneration with purpose and strategy
100
Remuneration policy review
101, 107-114
Performance outcomes and strategic targets
108, 110
We recognise that the highest standards of corporate governance
are required to support a successful business and will help us
achieve our strategic objectives.
As a company with a listing in the equity shares (transition
companies) category on the London Stock Exchange, we are
notrequired to comply, or otherwise explain non-compliance,
with the requirements of the 2018 UK Corporate Governance
Code (UK CGC). However, we have chosen to voluntarily adopt
the UK CGC, demonstrating the Board’s commitment to ensuring
the highest standards of governance. The Board is responsible
formonitoring compliance with the UK CGC and received updates
throughout the year on the status of our compliance.
Details of how the principles of the UK CGC have been applied
can be found on the pages referenced below, throughout this
Corporate Governance Report, the Strategic Report and the
Committee reports.
With the exception of the areas listed below, we comply fully with
the principles and provisions of the UK CGC. We will continue to
review our compliance going forward, in line with the revised UK
CGC published in January 2024 which applies to financial years
starting from 1 January 2025.
The key requirements under DTR 7.2 are covered in greater
detail throughout the Annual Report and Accounts as follows:
• The Group’s risk management and internal control
systems are described on pages 60-68
• Information about share capital is presented in the
Directors’ Report on pages 115-117
• Information on Board and Committee composition
canbefound on pages 79-88 and information on
theCommittees’ operation is included across
theGovernance Report and in the individual
committeereports
• Information on Wise’s diversity policy can be found
onpage 37
78Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Board of Directors
David Wells
Chair
53, American
Date of appointment as Chair
8 December 2021
Skills and experience
David joined Wise as an Independent
Non-Executive Director in July 2019. Before
joining Wise, David served as Chief Financial
Officer at Netflix for eight years, retiring in
2019 after nearly fifteen years with Netflix.
From 1998 to 2004, David held various
positions at Deloitte Consulting and in the
non-profit sector. David holds a joint MBA/
MPP Magna Cum Laude from the University
of Chicago and a Bachelor’s degree in
Commerce from the University of Virginia.
External current appointments
Board Member and Chair of the Finance
Committee of Innovations for Poverty Action,
Independent Non-Executive Director and
Chair of the Audit Committee of Hims/Hers,
and Independent Non-Executive Director,
Chair of the Audit Committee and Member
ofthe Compensation Committee of The
TradeDesk (until 28 May 2025).
Kristo Käärmann
Chief Executive Officer
44, Estonian
Date of appointment
28 April 2021
Skills and experience
Kristo co-founded Wise in 2010 and holds
theposition of Chief Executive Officer. Prior to
that, he was a consultant at Deloitte and PwC.
Kristo holds an MSc in Mathematics and
Technology from the University of Tartu.
External current appointments
Non-Executive Director of
TulevaTulundusühistu.
Member of Nomination Committee
Member of Audit and Risk Committee
Member of Remuneration Committee
Chair
Our Board is an experienced entrepreneurial team
that considers all our stakeholders while fostering
the long-term sustainable success of Wise.
The Board is collectively responsible for the overall
leadership of Wise, including setting its values and
ensuring that these align with Wise’s mission and
culture. The Chair leads the Board, and the Chief
Executive Officer sets the strategy for Wise and
leads its implementation with the Leadership Team.
All of our Directors have access to the advice and
support of the Group Company Secretary.
At the time of approval of this Annual Report
andAccounts, the Board comprised the Chair, two
Executive Directors, a Senior Independent Director,
four Independent Non‐Executive Directors and
oneNon-Independent Non-Executive Director.
79Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Clare Gilmartin
Senior Independent Director
49, Irish
Date of appointment
18 June 2021
Skills and experience
Clare has been a high-growth technology
leader for over twenty years. Before joining
Wise, she was Chief Executive Officer at
Trainline from 2014 to 2021, during which time
she expanded the business internationally
and led the business through a private equity
sale and an IPO. Prior to Trainline, Clare spent
ten years growing eBay in Europe, after a
stint consulting at BCG.
Clare holds a Bachelor of Commerce
International degree from University
CollegeDublin.
External current appointments
Board Member and Chair of the
Compensation Committee at GetYourGuide
GmbH, Trustee at Teach First, Adviser to
Active Partners LLP and Senior Adviser
atKKR.
Terri Duhon
Independent Non-Executive Director
53, American
Date of appointment
1 January 2022
Skills and experience
Terri is an Associate Fellow at the Saïd
Business School at Oxford University, a
motivational speaker for Speakers for Schools
and a frequent keynote speaker on culture,
diversity and corporate purpose. She started her
career at JPMorgan working as a derivatives
trader. Later, Terri became an entrepreneur
and started a consulting business.
Terri holds a degree in Mathematics from
theMassachusetts Institute of Technology.
External current appointments
Non-Executive Director, Chair of Risk
Committee and Member of Audit, Remuneration
and Nomination Committees of Morgan Stanley
International; Non-Executive Director and
Chair of the Risk Committee of Rathbones
Group plc; and Ambassador for Women
onBoards.
Alastair Rampell
Non-Executive Director
44, American
Date of appointment
18 June 2021
Skills and experience
Alastair joined Wise as a Non-Executive
Director in January 2018. He is a General
Partner at Andreessen Horowitz, where he
focuses on financial services. Before joining
Andreessen Horowitz, Alastair co-founded
multiple companies, including Affirm,
FraudEliminator, Point and TrialPay.
Alastair holds a BA in Applied Mathematics and
Computer Science from Harvard University.
External current appointments
Co-founder and Board Observer of Affirm,
Inc., General Partner and Board Member for
multiple portfolio companies at Andreessen
Horowitz, and Board Member of Steadman
Philippon Research Institute.
Emmanuel Thomassin
Chief Financial Officer
56, French
Date of appointment
1 October 2024
Skills and experience
Before joining Wise in October 2024, Emmanuel
was the Chief Financial Officer atDelivery
Hero SE, where he oversaw the company’s
financial operations and managed several key
departments for over ten years, bringing the
company public in 2017. Prior tohis role at
Delivery Hero, Emmanuel was the Chief
Financial Officer and remains a Managing
Director at Team Global, a Berlin-based
incubator. He also spent six years as Chief
Financial Officer and executive board member
at MetaDesign, an international corporate
branding agency headquartered inBerlin.
Emmanuel holds Master’s degrees in
Economics from both a French university
anda German Fachhochschule.
External current appointments
Managing Director of Steelhorse Capital
GmbH, Managing Director of FinGO
Beteiligung UG, Managing Director of
TeamEurope Verwaltungs GmbH, Managing
Director of GROPYUS AG, Member of
Supervisory Board of Respondere GmbH.
80Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Ingo Uytdehaage
Independent Non-Executive Director
52, Dutch
Date of appointment
18 June 2021
Skills and experience
Ingo has been the Co-Chief Executive
Officerof fintech Adyen since February 2023,
having previously been Chief Financial Officer
from 2011. Before joining Adyen, he held
theposition of Finance Director at KPN in
theHague, Netherlands. He has also held
various roles in the telecommunications
andretail industries.
Ingo has earned MBAs from Maastricht
University and Aarhus Business School,
andisa Certified Public Accountant.
As Co-Chief Executive Officer of Adyen, one
of Wise’s suppliers, Ingo will excuse himself
from any relevant commercial negotiations.
External current appointments
Co-Chief Executive Officer of Adyen.
Hooi Ling Tan
Independent Non-Executive Director
41, Singaporean
Date of appointment
19 June 2021
Skills and experience
Hooi Ling is the Co-Founder and former COO
of Grab, Southeast Asia’s leading superapp
serving millions with mobility, delivery, and
digital financial solutions. Prior to Grab, Hooi
Ling led strategic and operational projects
atSalesforce and was a consultant at
McKinsey & Company.
Hooi Ling has a Bachelor of Engineering
(Mechanical) from the University of Bath
anda Master’s in Business Administration
from Harvard Business School.
External current appointments
Global Board Member at Endeavor.
Elizabeth Chambers
Independent Non-Executive Director
62, American
Date of appointment
19 April 2023
Skills and experience
Elizabeth is a board director and advisor to
private equity firms, supporting their investments
in fintech. She is a former McKinsey Partner,
and later in her career heldC-level marketing,
strategy and product roles at Barclays,
Barclaycard, Western Union, Freshfields
andReader’s Digest. Elizabeth has a BA in
Economics and Political Science from Stanford
University and a Master’s in Business
Administration from Harvard Business School.
External current appointments
Director, Consumer Duty Champion and Member
of Audit and Risk Committee at 7IM, the wealth
management platform; Director and Member
of Audit Committee at Kape Technologies, a
leading provider of secure data management
and VPN services; Director and Chair of
Remuneration, and Member of Audit and
Technology Committees of TSB Banking
Group, plc; and Director and Member of the
Patient Safety and Quality Committee of the
University of Colorado Anschutz Medical
Campus. Board adviser to the Currensea,
Coadjute and Merge, startup fintechs.
81Wise Annual Report and Accounts 2025
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Leadership Team
The CEO is supported in his role by the CFO and the rest of the Leadership Team, who come from a range of backgrounds in financial
services and technology. Their role is to advise, challenge and support decisions made by the business, based on their expertise.
Diana Avila
Chief Banking and Expansion Officer
Experience and contributions: Diana was
appointed as Global Head of Banking and
Expansion in February 2019, having held
theposition of Head of Banking (West)
andBanking Lead for the Latin American
region since joining Wise in July 2015. Before
moving to Wise, Diana was a Latin America
Operations Manager at the International
Project Finance Association (IPFA). Prior
tothis she was practising as a finance
andbanking lawyer inColombia.
Diana holds an MSc in Law and Finance from
Queen Mary University of London and a Law
degree from Universidad de Los Andes
(Bogotá, Colombia).
Isabel Naidoo
Chief People Officer
Experience and contributions: Isabel joined
Wise as Chief People Officer in June 2022.
Prior to joining Wise, Isabel led the Talent
function at FIS, where she developed their
overall people strategy, and ran teams
acrosstalent acquisition and management,
workforce planning and analytics, global
learning, inclusion and diversity, and
employee experience.
Her earlier experience includes leading
humanresources at Capco globally, as well
ascreating and delivering human capital
anddiversity strategy at Accenture.
Nilan Peiris
Chief Product Officer
Experience and contributions: Nilan Peiris
joined Wise in 2014 as Vice President of
Growth, following his time as an adviser
tothe Company since 2012. Before Wise,
hespent six years expanding and scaling
startups in the UK.
As Chief Product Officer, Nilan is responsible
for driving growth across Wise’s products and
platform. He played a pivotal role in launching
the Wise account, the world’s leading
international account with over £17 billion in
deposits today, as well as the Wise Platform,
an enterprise solution utilised by leading
financial institutions such as Morgan Stanley,
Nubank, and Monzo. Today, Wise moves
more than £30 billion across borders
eachquarter.
Beyond his work at Wise, Nilan serves as a
board member at OakNorth and invests in
social impact projects through Daring Capital.
Harsh Sinha
Chief Technology Officer
Experience and contributions: Harsh joined
Wise as Chief Technology Officer in May 2015
leading the technology teams building the
Wise infrastructure and products across the
world. He acted as Interim Chief Executive
Officer from September to December 2023.
Before Wise, Harsh was the director of
product at PayPal where he led the product
strategy and development of PayPal’s mobile
apps and software, designed to enable third
parties to build mobile wallet experiences.
Previously, he was also director of
engineering at eBay where he built
globalproducts and teams.
He holds a Master’s in Business Administration
from the Haas School of Business, University
of California, Berkeley, and a Bachelor’s
Degree in Computer Engineering from
SikkimManipal University, India.
82Wise Annual Report and Accounts 2025
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Jessica Winter
General Counsel
Experience and contributions: Jessica has
been General Counsel of Wise since January
2022, having previously held the position of
Head of Corporate since joining Wise in 2019.
Before joining Wise, Jessica was a senior
lawyer at Herbert Smith Freehills LLP and
Prudential UK.
Jessica holds a BA in Ethics, Politics &
Economics and International Studies from
Yale University, an MSt from the University
ofOxford and a Juris Doctorate from Stanford
Law School.
Cian Weeresinghe
Chief Marketing Officer
Experience and contributions: Cian was
appointed as Chief Marketing Officer in March
2021. Before joining Wise, he held the position
of Chief Customer Officer at Secret Escapes
from 2018 to 2021. Cian has held several
other senior roles, including Head of Growth
at Guardian News, Head of Performance
Marketing at ASOS, Director of Insight and
Analytics at Essence, and Marketing Director
at TotallyMoney.
Cian holds a BA in Economics and
Management Studies from the University
ofCambridge.
Rohan Basu
Head of Global Operations
Experience and contributions: Rohan was
appointed Global Head of Operations on
1 March 2024, having held the position of
Global Head of Financial Crime Operations
since joining Wise in August 2021. Before
joining Wise, Rohan was leading the Financial
Crime Products, Analytics and Intelligence
functions at TSB Bank. Prior to this he was a
management consultant at EY and Sanctions
Advisory Manager at NatWest.
He holds a BBA in Economics from Schulich
School of Business (York University) and an
MSc in Economic History from the London
School of Economics and Political Science (LSE).
SerJin Lee
Chief Compliance Officer (Interim)
Experience and contributions: SerJin was
appointed as Interim Chief Compliance Officer
on 1 December 2024 having held the position
of Asia-Pacific Compliance Director since
joining Wise in January 2024. Before
joiningWise, SerJin held senior compliance
leadership roles at Nium and at Grab, where
he was the Group Chief Compliance Officer.
Prior to joining the private sector, SerJin
spent 13 years at the Monetary Authority
ofSingapore where he served in various
capacities spanning banking supervision,
monetary policy implementation and
international affairs. He was also head
oftheMonetary Authority of Singapore’s
NewYork Office from 2011 to 2014.
He holds a BA in Economics from the
University of Chicago and an MSc in
Management and Regulation of Risk from
theLondon School of Economics and
PoliticalScience (LSE).
83Wise Annual Report and Accounts 2025
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Operation of the Board
Role of the Board
The Board’s role is to promote the sustainable long-term
success of the Company, generating value for all stakeholders.
The Board oversees governance, ensures smooth operation,
and provides oversight of the strategic direction of the
business. It is committed to high standards of corporate
governance and complies with the UK Corporate Governance
Code (UK CGC). The Board, led by the Chair, is responsible
among other matters for:
• Promoting Wise’s long-term success and delivering
sustainable value to shareholders
• Reviewing and overseeing Wise’s mission and objectives
• Monitoring the alignment of the mission with the
desiredculture
• Establishing Wise’s risk appetite and monitoring its riskprofile
• Reviewing Wise’s overall corporate governance arrangements
The Board’s full responsibilities are set out in its Terms of
Reference and Matters Reserved, which are available on
ourwebsite, wise.com/owners/corporate-governance.
Board activities and principal decisions
During FY2025 the Board met four times, excluding Committee
and ad-hoc meetings. These meetings were held at the
Company’s offices in London, UK and Austin, Texas.
When making decisions, the Board must balance sometimes
conflicting stakeholder concerns. The Board acknowledges
that every decision it made during FY2025 did not necessarily
result in a positive outcome for all stakeholders. However, by
considering Wise’s mission together with its strategic priorities
and decision-making process, the Board aimed to ensure that
its decisions were in the best interests of Wise.
The Board’s focus can be categorised under the
followingthemes:
• Strategy and performance
• People and culture
• Finance and risk
• Governance
A summary of major discussions held in FY2025 and decisions
taken on each of the Board’s focus areas is set out below.
Role of the Board, its Activities and Decisions
Strategy and performance
Wise’s strategy remained focused on the mission, and the
Board supported this by:
• Receiving deep-dives on key areas of strategy for Wise in
terms of both product and market, and discussing strategic
wins and opportunities
• Evaluating the performance of the Wise against key
customer, growth and financial metrics. The Board tracks
and measures success throughout the course of the year
against these metrics, and Wise’s financial performance
against its forecast
• Reviewing Wise’s customer servicing strategy and progress
against its goals
• Reviewing an Owner Relations update, which gathers
Wiseowners’ views on our strategy, to ensure the strategy
is right and teams are making the expected level of progress
• Undertaking a Board visit to Austin, Texas to obtain a deeper
understanding of the US business
People and culture
The Board dedicated time to discussing people and culture-
related matters, with a focus on:
• Reflecting on themes arising from workforce
engagementactivities
• Reviewing workforce survey results and proposed actions
• Reviewing workforce salary benchmarking and hiring trends
• Reviewing progress against diversity, equity and inclusion
(DEI) strategic goals
84Wise Annual Report and Accounts 2025
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Directors’ oversight of
governance
Conflicts of interest
All of our Non-Executive Directors (NEDs) have significant
experience in their fields and hold roles outside Wise. Controls
are in place to ensure that suitable arrangements are made
ifaDirector’s external position or personal financial interests
could come into conflict with their duties as a Director of Wise.
Each Director is required to notify the Board of any actual or
potential situational or transactional conflict of interest and
toupdate the Board with any changes to the facts and
circumstances surrounding such conflicts.
In accordance with the Companies Act 2006, the UK CGC and
the Company’s Articles of Association (‘Articles’), we have a
conflicts of interest policy in place to ensure that all Directors
adhere to the highest standards.
External appointments
All Directors are expected to dedicate sufficient time to
discharge their responsibilities to Wise and this is a condition
of accepting the role of Director. The Board takes into
consideration any external commitments that arise during
theyear. Any new appointments are notified to the Chair in
advance of accepting the appointment and in each case a
determination is made as to whether it will impact the Board
orgive rise to a potential conflict of interest.
Related party transactions
In line with the principles of good corporate governance, Wise
has a related party transactions policy and relevant controls in
place to ensure all transactions and arrangements undertaken
are and continue to be in the best interests of the Company.
Further information on related party transactions throughout
the financial year can be found in Note 26 to the Wise Group’s
Consolidated Financial Statements on page 154.
Directors’ indemnities and insurance
In accordance with our Articles and to the extent permitted
bylaw, Directors are granted an indemnity by the Company in
respect of liability incurred in their capacity as Directors, which
remains in force at the date of this report. We also maintain
aDirectors’ and Officers’ liability insurance policy. Neither
ourindemnity nor the insurance provided cover for liability
incurred where a Director has acted negligently, in default,
inbreach of duty or in breach of trust in relation to Wise.
Election of Directors
In accordance with our Articles and the UK CGC, all Directors
are required to retire at the forthcoming AGM and may stand
for re-election, in line with the provisions of the UK CGC and
Wise’s Articles of Association.
Along with the summary of experience and skills of our Directors
shown on pages 79 to 81, the Notice of AGM will also set out
why the Board believes the Directors should be re-elected.
Director interests
For details on Directors’ interests in share awards, including
the shareholdings of their connected persons, refer to page
107 within the Directors’ Remuneration Report.
Finance and risk
The Board and its committees reviewed and approved key
financial decisions throughout the year, including:
• Reviewing reports from the Chief Financial Officer (CFO)
onfinancial performance
• Reviewing and approving capital allocation matters
• Approving the FY2024 Annual Report and Accounts
andFY2025 Half-Year Report
• Reviewing and approving Wise’s liquidity adequacy
assessment process, individual capital adequacy,
andwind-down plan
• Reviewing and approving the Going Concern and
ViabilityStatement, including stress-testing scenarios
• Reviewing and approving risk appetite statements for
several of the Company’s material risks
Governance
The Board continued to oversee the governance, smooth
operation and oversight of Wise, with particular focus on:
• Considering the outcome of the effectiveness review for the
Board and Committees
• Reviewing the Board’s Terms of Reference to ensure it had
delegated the right matters to the appropriate committees
and executive management
• Receiving regular reports from the Chairs of the Audit and
Risk, Remuneration and Nomination Committees
• Reviewing regular reports from the Company Secretary
andGeneral Counsel on legal and governance matters
85Wise Annual Report and Accounts 2025
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Composition, succession
andevaluation
Changes to theBoard
Emmanuel Thomassin joined Wise as Chief Financial Officer
and Director of the Company on 1 October 2024.
The Chair
The Chair, David Wells, was considered by the Board to be
independent on appointment. Wise is therefore compliant
withprovision 9 of the UK CGC.
Senior Independent Director
Clare Gilmartin has been the appointed Senior Independent
Director (SID) since April 2023 and has been supporting the
Chair in his role; she also leads the NEDs in the oversight of
the Chair. Clare has been available throughout the year to
meet with other NEDs, act as a sounding board and raise
anymatters discussed.
Independence
As of 31 March 2025, 62.5% of our Board, not including the Chair,
comprised Independent NEDs, and we are therefore compliant
with provision 11 of the UK CGC. The Board considers these
Directors to be independent in character andjudgement and
free from relationships or circumstances which may affect, or
could appear to affect, their independent judgement.
One of our NEDs, Alastair Rampell, is not considered
independent under the UK CGC. However, given his prior
experience with Wise and knowledge of the wider market,
itwas believed to be in the best interests of the Company
forAlastair to remain on the Board.
Board training
We understand the importance of keeping our Board
membersup to date with their legal, regulatory and
governance responsibilities and ensuring they are aware of
thelatest internal and external developments. We also expect
our Directors to keep their knowledge and skills up to date.
The Group Company Secretary works with the Chair to
ensurethat the Board, both individually and as a group,
receives appropriatetraining.
During FY2025, the Board received training and updates on
the following:
• deep-dives on: marketing, growth and, servicing
• ESG strategy
• subsidiary governance
• diversity, equity and inclusion
• UK Listing Regime reform
• the UK’s Consumer Duty regulatory obligations
The Board received a regular Board coverage report, which
included updates on:
• media coverage
• competitors
• regulatory news
• upcoming trends
• fintech sector trends
• horizon scanning
The Board, through the Audit and Risk Committee also had
regular briefings with our auditors, PricewaterhouseCoopers
(PwC), and access to members of the Leadership Team.
Induction
The Company Secretariat oversees a comprehensive induction
programme for our new Directors. Our induction programmes
are tailored to the individual Director and include a suite of
reference documents, online learning, and briefings with
theLeadership Team. Each Director has received a detailed
introduction to our business, how we work and the market in
which we operate.
The Company Secretariat also provides key corporate
governance training for Directors on topics such as Directors’
duties, the UK CGC and important internal policies such as our
conflicts of interest, related parties, share dealing and insider
trading policies.
Board evaluation
To ensure our governance practices work effectively
andinline with the UK CGC, as well as in accordance with
theBoard’s Matters Reserved and Terms of Reference, we
conducted an internal Board evaluation throughout May and
June 2024 via questionnaire. The evaluation concluded that
the Board, its Committees and each of the Directors were
effective and fulfilled their remit. The NEDs noted the
increased trust and collaboration between the Board and
theLeadership Team, with the Board welcoming the various
strategic deep-dives received and requesting that these
continue. The Board also commented on the higher quality
Board papers presented, which enabled thorough, in-depth
and strategic discussions. Both the NEDs and Leadership
Team had positive remarks on the current Board composition.
Various actions were noted as part of the evaluation, including
(i) ensuring that Board discussion focused on growth is fully
aligned to discussion on risk at the Audit and Risk Committee;
(ii) continuing the sustained focus on the risk and control
environment in light of the pace of change within the
Company; and (iii) the continued inclusion of key strategy
items on the Board agenda. These actions have been
monitored and progress reports on these areas will
beincluded in our next Annual Report.
86Wise Annual Report and Accounts 2025
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Division of responsibilities and governance structure
There is a clear division between executive and non-executive responsibilities. The roles of the Chair and Chief Executive Officer are not held by the same person and their responsibilities are well
defined and set out in writing in the Division of Responsibility Statement, which is available on our website at wise.com/owners/corporate-governance. Day-to-day management of the business and
implementation of the mission is delegated to the Chief Executive Officer, who is supported by the Leadership Team.
A summary of the roles and responsibilities of each of our Board members is set out below:
Director Responsibility
David Wells (Chair)
• Provide effective leadership of the Board and promote a high standard
ofgovernance
• Set a Board agenda that is forward-looking and reflects the important issues
facing Wise
• Lead the Board in overseeing management and provide support for the
ChiefExecutive Officer and Leadership Team
• Lead the evaluation process for the Board and its Committees
• Report to the Board on the views of shareholders
• Represent Wise to its key stakeholders
Kristo Käärmann
(CEO)
• Manage Wise on a day-to-day basis within the authority delegated by the Board
• Develop strategy, plans and objectives for review by the Board
• Lead the Leadership Team in ensuring that Board decisions are implemented
and significant decisions made by the Leadership Team are communicated to
the Board
• Promote a Company culture that fosters a prudent, safe and sound business
• Engage in discussion with investors alongside the Chief Financial Officer
• Represent Wise externally
Clare Gilmartin (SID)
• Act as a sounding board for the Chair
• Provide the Chair with support in the delivery of his objectives
• Serve as an intermediary for the other Directors and shareholders
• Lead the evaluation of the Chair on behalf of the other Directors
• Be available to shareholders if they have concerns that contact through
thenormal channels has failed to address
• In times of stress, work with the Chair and other Directors and/or
shareholders to resolve significant issues
• Chair the Nomination Committee when Chair succession is considered
• Preside at Board meetings in the absence of the Chair
Emmanuel
Thomassin (CFO)
• Support the Chief Executive Officer in establishing strategy
• Establish the annual operating plan
• Lead the Finance, Treasury and Internal Audit
1
function
• Lead on financial reporting and ensuring effective process and controls
• Lead for investor engagement
NEDs
Elizabeth Chambers
Terri Duhon
Alastair Rampell
Hooi Ling Tan
Ingo Uytdehaage
• Oversee, assess and challenge the delivery of strategy
• Review and oversee the performance of management
• Approve Wise’s performance, risk profile and risk appetite
• Promote the interests of the Company’s stakeholders
1.
The Group Head of Internal Audit reports functionally to the Chair of the Audit and Risk Committee and administratively to the Chief Financial Officer so that Internal Audit is independent of line management and can operate
effectively without management influence.
87
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The Board delegates certain matters to the Audit and
RiskCommittee, Remuneration Committee and Nomination
Committee. Details of the work of these Committees can be
found on pages to 89 to 114.
The Board also has use of a Chair’s Committee, which
considers routine matters on an ad-hoc basis.
The Board delegates the day-to-day responsibility of
runningWise to the Chief Executive Officer, who has
severalcommittees to enable him to discharge his obligations.
The Leadership Team is responsible for setting Wise’s vision,
overseeing key metrics, creating and sustaining the culture
and environment needed for Wise and Wisers to thrive, and
allocating resources and accountability at a high level.
The Chief Executive Officer has also established the
followingcommittees, some of which have in turn established
supporting committees, to provide oversight and advice on
risk matters:
• Group Risk Committee (Non-Financial Risk)
• Financial Crime Risk Committee
• Operational Risk Committee
• Regulatory Risk Committee
• Emerging Risk Forum
• Assets and Liabilities Committee (Financial Risk)
• Credit Risk Committee
• Liquidity Committee
• Market Risk Committee
• Prudential Risk Committee
Wise plc Board
Nomination
Committee
Financial
Crime Risk
Committee
Credit Risk
Committee
Market Risk
Committee
Prudential Risk
Committee
Liquidity Risk
Committee
Emerging Risk
Forum
Remuneration
Committee
Operational
Risk
Committee
Group Risk
Committee
(Non-Financial
Risk)
Chief
Executive
Officer
Regulatory
Risk
Committee
Disclosure
Committee
Audit
and Risk
Committee
Assets and
Liabilities
Committee
(Financial Risk)
88Wise Annual Report and Accounts 2025
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Role and responsibilities
As detailed in its Terms of Reference, the Nomination
Committee has Board-delegated authority to:
• regularly review the structure, size and composition
(including the balance of skills, knowledge, experience
and diversity) of the Board
• ensure that appointments and succession plans are
based on merit and objective criteria and, within that
context, promote diversity of gender, social and ethnic
backgrounds, and cognitive and personal strengths
• ensure that plans are in place for orderly succession
to Board and senior management positions
• oversee the development of a diverse pipeline
forsuccession, considering the challenges and
opportunities facing the Company and the skills
andexpertise needed on the Board in the future.
Nomination Committee Report
Dear Wise owner,
I am pleased to present our first Nomination Committee
Report, covering the year to 31 March 2025, FY2025.
Wise has had an independent-majority Board since January
2022, in line with the UK Corporate Governance Code
(UKCGC). As detailed in our last Annual Report, the Board
appointed Elizabeth Chambers as an additional Independent
Non-Executive Director in April 2023. In addition, the Committee
reviewed and recommended the appointment of Clare
Gilmartin as Senior Independent Director on 19 April 2023.
In FY2024, the Committee focused on finding a successor to
Matthew Briers, who stepped down as Chief Financial Officer
on 25 March 2024. Following an extensive international search
Emmanuel Thomassin joined Wise on 1 October 2024. In FY2025
the Committee’s focus was on ensuring that Emmanuel
received a full and formal induction to Wise, putting plans
inplace for orderly succession to both Board and senior
management positions, and overseeing the development
ofadiverse pipeline for succession.
Membership
The Committee is chaired by David Wells and its other
members are Independent Non-Executive Director Hooi Ling
Tan, Senior Independent Director (SID) Clare Gilmartin, and
ourChief Executive Officer, Kristo Käärmann.
The Chief People Officer attends meetings. Other members
ofthe People team also attend by invitation and support the
Committee as needed. The Group Company Secretary acts as
Secretary to the Committee. Following each meeting, the Chair
provides an update to the Board.
Member
Number of scheduled
meetings attended
David Wells (Chair) 4/4
Hooi Ling Tan (Independent NED) 4/4
Kristo Käärmann (CEO) 4/4
Clare Gilmartin (SID) 4/4
FY2025 key activities
• The Committee oversaw the induction of Emmanuel
Thomassin as Chief Financial Officer and Director
• The Committee reviewed the needs of the Board in terms
ofkey skills and competencies, and further developed
succession plans for key roles
• The Committee reviewed the Company’s progress on
diversity, equity and inclusion initiatives
89Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Board diversity and progress
On 31 March 2025, our Board comprised 44% women, and
among NEDs 57% were women.
2025 2024
Board size 9 8
Average age: Executive Directors 50 43
Average age: Non-Executive Directors 51 49
% of women Directors: all 44 50
% of women Directors:
Non-Executive Directors 57 57
% BAME Board Directors: all 11 12.5
% BAME: Non-Executive Directors 14 14.3
% BAME Board Directors:
ExecutiveDirectors 0 0
% of women Executive Directors 0 0
% of women: senior management
1
and
their direct reports 42 50
Board and Leadership Team diversity
Wise serves a global community of millions. To do this effectively, our team needs to reflect and understand all the diversity the
world has to offer.
To demonstrate our commitment to diversity and compliance with a new UK Listing Rule applicable from 1 April 2022 in line with
the UK CGC, the tables below shows the diversity metrics for our Board and Leadership Team as of the date of signing the 2025
Annual Report and Accounts. The information has been presented in accordance with UKLR 6.6.6 R(10) and was collected on a
self-reporting basis via a questionnaire completed by our Board and Leadership Team, who were asked to select an option under
both gender and ethnicity.
Gender representation
Number of
Board members %
Number of senior
positions on the Board
(Chair, CEO, CFO, SID)
Number in
Leadership Team
1
%
Men 4 44 3 7 70
Women 4 44 1 3 30
Not specified/prefer not to say 1 12 – – –
Ethnic diversity
Number of
Board members %
Number of senior
positions on the Board
(Chair, CEO, CFO, SID)
Number in
Leadership Team
1
%
White British or other White
(including minority White groups) 7 78 4 3 30
Mixed/Multiple Ethnic Groups – – – 3 30
Asian/Asian British 1 11 – 4 40
Black/African/Caribbean/Black British – – – – –
Other ethnic group, including Arab – – – – –
Not specified/Prefer not to say 1 11 – – –
1.
The Leadership Team comprises the Chief Executive Officer, Chief Financial Officer, Global Head of Operations, Chief Banking and Expansion
Officer, General Counsel, Chief People Officer, Chief Technology Officer, Chief Marketing Officer, Chief Product Officer, and Interim Chief
Compliance Officer.
90
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Director induction
Each Director receives a comprehensive and tailored induction
on appointment. The induction is designed to enable the
newDirector to get up to speed on Wise and to familiarise
themselves with our products and teams, as well as the
industry and regulatory environment that we operate in.
NewExecutive Directors attend Company onboarding
alongside other new employees. In addition, meetings are
heldwith key Wisers across all relevant areas of the business.
These are supplemented by induction materials such as recent
Board papers and minutes, organisational structure charts, and
relevant policies. New Directors also meet our external auditor,
and our brokers and advisers. During FY2025, we welcomed
Emmanuel Thomassin to the Board as Chief Financial Officer.
His induction was based on Wise’s induction plan and tailored
to his experience and role.
Director election at AGM
In line with the provisions of the UK CGC and Wise’s Articles of
Association, all Directors will stand for re-election at the
forthcoming AGM.
David Wells
Chair
5 June 2025
Snapshot of the induction programme for Emmanuel Thomassin
(alongside review of all induction materials):
Meetings with:
• Chief Executive Officer
• Outgoing interim Chief Financial Officer
• Members of the Leadership Team
• Group Company Secretary
• Head of Investor Relations
• Global Head of Communications
• Other key members of the Finance team
Attended the weekly Leadership Team meeting plus the monthly finance review meeting
Week 1
(London)
Company onboarding at the Tallinn office:
• Day 1: learn more about our industry, the history of Wise, and our mission and culture
• Day 2: learn about our products, customer-centricity at Wise, our structure, and how we stay
connected globally
Meetings with the following Wisers based in Tallinn:
• Senior Product, Engineering and Servicing team members
• Members of the Finance team
Week 2
(Tallinn)
Interview with the Chief People Officer for a team call: the company’s global fortnightly call that all
Wisers are invited to. Team calls are open for all Wisers to attend to stay connected to our progress
on our mission.
• Media training
• Half-year results presentation, media and Investor Relations calls, investor conferences
• Introductory calls or meetings with:
– Analysts
– Brokers and advisers
– PwC audit partner
– Regulators
– Top five investors
Week 3
and
beyond
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Dear Wise owner,
I am pleased to introduce the Audit and Risk Committee
Reportfor the year ended 31 March 2025, which details
howwe have provided independent challenge and oversight
on risk management, financial reporting and audit matters.
Through its oversight the Committee supported and protected
Wise’s stakeholders, ensuring effective risk management
foundations and effective controls are established as the
Company continues to scale and expand.
The Audit and Risk Committee monitored and sought
assurance on the management of the Group’s current and
emerging risk profile. In particular, it provided an independent
challenge on the evolution of these risks in light of Wise’s
substantial growth against a backdrop of macroeconomic
volatility and geo-political uncertainty.
During the year the Leadership Team, working with the Global
Head of Risk and the Audit and Risk Committee, progressed
the transformation and strengthening of our risk management
capabilities and control environment. This included a refresh of
our Enterprise Risk Management Framework and risk appetite
to ensure they align with the evolving needs of the Company.
The Committee monitored the Global Head of Risk’s build of
the Risk Management function in her second year. In addition,
the Committee oversaw the development of an extensive
internal controls mapping and assurance exercise, the
outcomes of which will be key to implementing the changes
required under the 2024 UK Corporate Governance Code.
Please see the Risk Management section on pages 60 to 68 for
more information on the evolution of risk management atWise.
The Audit and Risk Committee also reviewed financial
information and regulatory documents such as the internal
capital adequacy and risk assessment (ICARA), internal liquidity
adequacy assessment process (ILAAP), Pillar 3 disclosures
and Wise’s tax strategy, and oversaw the relationship with
ourexternal auditor, PricewaterhouseCoopers LLP (PwC).
At the Annual General Meeting, I recommend our Wise owners
vote to reappoint PwC as the Group’s external auditor and to
adopt our FY2025 Annual Report and Accounts.
In FY2026 the Audit and Risk Committee will continue
tooversee ongoing investment in Wise’s risk frameworks,
systems and resources to support and enable the business
tofulfil its mission.
Ingo Uytdehaage
Chair of the Audit and Risk Committee
5 June 2025
Role and responsibilities
The Audit and Risk Committee has key responsibilities
relating to audit and risk matters for Wise as a
whole,including:
• Monitoring and assessing the integrity and accuracy
of the financial statements, formal announcements
and regulatory information concerning the Group’s
financial performance and tax strategy, as well as
itssignificant accounting judgements
• Reviewing the effectiveness of, and ensuring that
management has appropriate internal controls over
financial reporting
• Engaging with the external auditor, reviewing and
monitoring its relationship with Wise and overseeing
its appointment, remuneration, independence and
engagement for non-audit services
• Overseeing the work of Internal Audit and monitoring
and assessing its effectiveness, performance,
resourcing, independence and standing
• Advising the Board on Wise’s overall risk appetite,
tolerance and strategy, and the principal and emerging
risks Wise is willing to accept to achieve its long-term
strategic objectives
• Reviewing the adequacy and effectiveness of the
Company’s processes and procedures to manage
risk,and the internal control framework, including the
design, implementation and effectiveness of systems.
• Overseeing regulatory compliance globally focusing
on financial crime particularly
Audit and Risk Committee Report
92Wise Annual Report and Accounts 2025
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Membership
Members
Attendance at
scheduled Audit and Risk
Committee meetings
Ingo Uytdehaage, Chair and Independent
Non-Executive Director 7/7
Terri Duhon, Independent
Non-Executive Director 7/7
Clare Gilmartin, Senior Independent Director 7/7
Key activities of the Committee in FY2025
The Committee met seven times during the year. Four of these
occasions were our regular quarterly meetings and two were
convened to approve our full-year and half-year financial
statements. The remaining meeting was convened to review,
challenge our ICARA, ILAAP, and wind-down plan submissions
to the Financial Conduct Authority. Our regular quarterly
meetings continued to feature presentations from our Risk,
Compliance, Finance and Internal Audit teams as well as
updates from the first line of defence on matters including
product compliance, cyber risk and data privacy. All seven
meetings were attended by PwC.
Financial information and reporting
The Audit and Risk Committee is responsible for reviewing and
ensuring the quality of financial reporting and other specific
financial information. During the year, it reviewed the following:
• The Annual Report and Accounts, all interim reports,
performance updates and Pillar 3 disclosures
• Management’s application of critical accounting policies
andmaterial areas in which significant accounting
judgements were applied
• Key risks in relation to the preparation of financial
statements and oversight of the effectiveness of
internalfinancial controls
• The Viability Statement
• The results of PwC’s work on the Group’s annual and
half-yearly financial reporting, including its views
onsignificant judgements, disclosures and the
controlenvironment
• The planning and communication of the Group’s interim
results announcement
• Reports monitoring the Company’s capital and liquidity
positions and the Company’s tax strategy, tax policies,
disclosures and reporting
Fair, balanced and understandable
Following review and challenge, the Audit and Risk Committee
recommended to the Board that the financial statements, taken
as a whole, were fair, balanced and understandable. The financial
statements provide Wise owners with the necessary information
to assess the Group’s strategy, position and performance, as
well as its business model, strategy, and the risks facing
thebusiness.
Risk management and internal controls
The Board holds ultimate responsibility for risk management
for the Group, and has delegated the oversight of risk
management to the Audit and Risk Committee. In doing so,
theCommittee relies on reports from the first line of defence,
second-line Risk and Compliance teams and Internal Audit.
Also, the Committee members attend deep-dive sessions
andmeet key internal stakeholders on a range of audit and
risk-related matters to gain additional insight. The Committee
considered the following:
• Reviewing and advising the Board on Wise’s risk
management framework
• Reviewing Wise’s risk profile
• Challenging management on the identification of risks
andissues
• Reviewing the status of strategic risks and
correspondingcontrols
• Overseeing and advising on operational risk and resilience,
conduct, regulatory, financial crime and cyber security risk
• Overseeing the principal and emerging risks of the business
• Reviewing necessary actions to remediate any failings or
weaknesses identified in the Wise’s internal control framework
• Oversight of the financial control environment, focusing
particularly on IT general controls as well as controls around
cash management, safeguarding and interest income
• Reviewing the regulatory landscape and regulator engagement
• Reviewing compliance and monitoring testing information
• Reviewing the capability and adequacy of risk resourcing in
the First and Second Lines of Defence teams
• Overseeing the development and embedding of a risk
management tool
• Challenging Wise’s regulatory submissions
Internal Audit
The Internal Audit function’s primary role is to provide
independent and objective assurance on the effectiveness of
risk management, control and governance processes at Wise.
A new Head of Internal Audit was appointed during the year
who continued to build out the function’s resource capabilities
and capacity to align with the evolving demands of Wise.
Hehas also focused on enhancing the quality of audit-related
information provided to the Committee, facilitating its oversight
and challenge of key themes across the audits conducted.
Internal audit plan
Internal Audit works closely with the first line of Defence
todevelop an effective internal audit plan that takes an
independent view of what it considers to be the most
significant risks facing the business. In FY2025, the audit plan
covered areas including financial crime (anti-money laundering
and sanctions), IT and security risks (operational resilience
anddisaster recovery), treasury, regulatory compliance, and
operations. The objective of the plan is to review the adequacy
and effectiveness of the risk management and internal control
environment, identifying weaknesses and ensuring that these
are addressed by management.
Audit and Risk Committee and Internal Audit
The Audit and Risk Committee continued to support Internal
Audit through frequent meetings between the Head of Internal
Audit and Audit and Risk Committee members. The Head of
Internal Audit was also an attendee at Audit and Risk Committee
meetings, providing regular updates and reports on the progress
of the internal audit plans, including on internal control issues
raised and management’s actions to remedy any deficiencies.
The Audit and Risk Committee monitored and reviewed the
effectiveness and independence of Wise’s Internal Audit
function through the following activities:
• Approval of the internal audit plan for FY2025 and any
amendments thereto, including coverage of key risks
andbusiness activities
• Reviewing the results of internal audit reviews, including
assessments of risk management, the control framework
and processes in the area being audited, rationales for
ratings, actions to be taken by management, and the
specified timetables to complete remediation activities
• Monitoring and ensuring that management appropriately
addresses issues raised by Internal Audit within an
agreedtimetable
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• Overseeing and ensuring that the Internal Audit function
isadequately resourced
• Approval of the Internal Audit Charter
• Monitoring the engagement of Internal Audit with the
Leadership Team, PwC and key business stakeholders
Internal Audit independent assurance
The Audit and Risk Committee assessed the coverage of
independent assurance by reviewing the annual internal
auditplan, and was satisfied that the quality, experience
andexpertise of the Internal Audit function is appropriate
forthe business.
Internal Audit effectiveness
The Audit and Risk Committee considered that the Internal
Audit function remained effective and provided a comprehensive
level of assurance through its programme of work.
External auditor
The Audit and Risk Committee oversees Wise’s relationship with
its external auditor, PwC, ensuring objectivity, independence
and effectiveness are monitored regularly. This was PwC’s
fourth audit of the Company since its admission to the London
Stock Exchange in 2021, but it has been engaged by the wider
Group since 2016. The senior audit partner, Mark Jordan, has
been in the role since July 2021, and as at 31 March 2025
remains as senior audit partner with the FY2026 audit being
his last before rotation of the audit engagement partner
isrequired.
External auditor effectiveness
The Audit and Risk Committee satisfied itself as to the
effectiveness of the external auditor and the external
auditprocess in the following ways:
• Reviewing PwC’s external audit approach, including
themateriality, risk assessment and scope of the audit
• Agreeing to changes being made to PwC’s approach to
theaudit
• Management regularly attended Audit and Risk Committee
meetings, during which the Committee obtained feedback
from management on the effectiveness of the external auditor
• The Audit and Risk Committee discussed and considered
PwC’s findings when challenging management on financial
reporting and risk management
• Reviewing regular updates from PwC and management
onthe progress of the external audit
• PwC’s audit partner attended all Audit and
RiskCommitteemeetings and the Audit and Risk
CommitteeChair maintained regular contact with him
External auditor independence
The Audit and Risk Committee maintained oversight of policies
relating to safeguards and measures in place to protect the
independence and objectivity of the external auditor. These
included the following:
• A review of the external auditor’s independence and its
arrangements to restrict, identify, report and manage
conflicts of interest
• A review of the changes in key external audit staff for
FY2025 and the arrangements for the day-to-day
management of the audit relationship
• Consideration of the overall extent of non-audit services
provided by the external auditor, in addition to case-by-case
approval of the provision of non-audit services
• The Audit and Risk Committee satisfied itself that the
external audit engagement partner has a thorough
understanding of the business
• The external audit engagement partner attended all
Auditand Risk Committee meetings with management
andconstructively challenged management on technical,
governance and risk issues. In line with the FRC Ethical
Standard, the external audit engagement partner is rotated
every five years. After five years, the external audit
engagement partner shall not subsequently participate
inthe engagement until a further period of five years has
elapsed. The Audit and Risk Committee, together with Wise,
may decide under certain circumstances to extend the
appointment to seven years if it is needed to safeguard
thequality of the external audit in times of change to the
structure of the business
• During independent meetings held with PwC, the Audit and
Risk Committee reviewed the audit findings with the external
auditor and discussed areas identified as being at higher risk
of causing material misstatements in the financial statements
Provision of non-audit services by the externalauditor
The Audit and Risk Committee is responsible for setting,
reviewing and monitoring the appropriateness of the provision
of non-audit services by the external auditor. Our Group policy
permits the provision of permitted audit-related services and
permitted non-audit services, as specified in the FRC Revised
Ethical Standard 2019, with the prior approval of the Audit
andRisk Committee or Group Finance when acting within
delegated limits.
The main aims of this policy are to:
• Ensure the independence of the auditor in performing the
statutory audit
• Avoid any conflict of interest by clearly detailing the types of
work that the auditor can and cannot undertake
See Note 8 to the Group Consolidated Financial Statements
fordetail on the non-audit services carried out by PwC during
the year.
External auditor reappointment
The Audit and Risk Committee has recommended to the
Boardthat PwC should be reappointed as auditor. Resolutions
concerning the reappointment of PwC and its audit fee for
FY2026 will be proposed to shareholders at the 2025 Annual
General Meeting. The Audit and Risk Committee is responsible
for negotiating and agreeing the statutory audit fee and scope
of the statutory audit. The criteria used by the Audit and Risk
Committee in auditor selection, evaluation and re-appointment
include the experience and skill of the auditor, the geographical
locations of its network of offices, past performance and
feescharged.
The Audit and Risk Committee, following a recommendation from
management, agreed that Wise would not embark upon a tender
process for the FY2026 audit. The Audit and Risk Committee
remains satisfied with the services provided by PwC and will
reassess the need and appropriate timing for a tender based
on the FRC regulation and requirements of thebusiness.
Whistleblowing
There are various channels for Wisers to raise concerns,
including a whistleblowing portal and an independent external
whistleblowing hotline. The Audit and Risk Committee is
responsible for ensuring that whistleblowing arrangements are
effective and the General Counsel provides periodic reporting
on matters arising from whistleblowing and subsequent actions.
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Principal activities and significant issues relating to the annual report
The Audit and Risk Committee exercises its judgement in deciding the areas of accounting that are significant to the Group’s accounts. The external auditor’s reports detailed the results of its
procedures concerning these areas to the Audit and Risk Committee. The Committee assessed the quality and appropriateness of, and adherence to, the Group’s accounting policies and principles.
The significant matters relating to financial judgement are set out below:
Matter Actions and conclusion
Long-term viability and going
concernstatement
Directors are required to satisfy themselves as to the
Group’s viability and confirm they have a reasonable
expectation that it will continue to operate and meet
itsliabilities as they fall due.
The Audit and Risk Committee considered the following:
• Information relating to present and future planning relating to the Group’s business model, considering forecasts on profitability,
cash flows, capital requirements and capital resources
• Internal stress-testing scenarios
• Review of Wise’s principal risks
The Audit and Risk Committee decided to recommend the Viability Statement to the Board for approval and considers that related
disclosures are sufficiently clear and transparent.
Alternative performance measures (APMs)
The Audit and Risk Committee reviews management’s
non-IFRS measures, which constitute alternative
performance measures under European Securities
andMarkets Authority guidance and are non-GAAP.
APMs included in the Annual Report and Accounts have been reviewed by the Audit and Risk Committee and discussed with
management and the external auditor to ensure that:
• The APMs disclosed are in line with the business model and are presenting a fair and balanced view of the business
• APMs disclosed are appropriate and reconciled to the IFRS reporting measures where required
• Any APMs referenced in the Annual Report and Accounts do not have greater prominence than IFRS results
Taxation
The Audit and Risk Committee reviews Wise’s general
approach to tax across the Group.
The Audit and Risk Committee reviewed Wise’s global tax positions and inherent risk assessment. Through this it challenged
thecompleteness of the tax balance sheet provisions, and was comfortable that the Group’s effective tax rate is calculated
appropriately. It approved Wise’s tax strategy and reviewed the Group’s approach to preparation of the first country-by-country
report submission.
Principal activities and significant issues
Listed below are the key risk matters considered in the past financial year:
Matter Actions and conclusion
Group risk profile
The Audit and Risk Committee reviews the risk
environment and challenges to revenue, operational
resilience and stakeholders.
The Audit and Risk Committee reviewed the principal risks facing the business, as determined by management and regular
stresstesting.
The Audit and Risk Committee also reviewed management’s action plans to address the main risks and continued to challenge
resourcing and timelines.
The Audit and Risk Committee monitored the risk taxonomy and definition of the Group’s principal risks as the business continued
toevolve and grow its geographical footprint. The Audit and Risk Committee also reviewed progress of any strategic remediation
programmes, targeted towards financial crime risk controls and operational resilience.
The Committee also reviewed and approved relevant policies relating to risk and compliance.
95Wise Annual Report and Accounts 2025
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Matter Actions and conclusion
Risk management strategy
The Audit and Risk Committee continued
tomonitor progress on the risk
managementstrategy.
The Audit and Risk Committee continued to oversee the evolution of the Global Risk function under the strategic direction of the Global
Head of Risk.
The Committee further reviewed and approved changes to the Group Enterprise Risk Management Framework to ensure it is aligned with
the evolving approach to risk management.
Control environment
A key role of the Audit and Risk Committee is
toensure the effectiveness of internal controls
required to manage risk.
The Audit and Risk Committee focused on the risk taxonomy and the identification of principal risks and associated controls. It challenged
management on progress with execution of the risk prioritisation strategy and methodology, including control assurance mapping across
theprincipal risk domains. During the year a new risk and control tool was rolled out to integrate and embed the new methodology.
The Audit and Risk Committee also considered how it would discharge its obligations in relation to internal controls required by the 2024
UKCGC.
Whistleblowing
The role of the Audit and Risk Committee is
toreview Wise’s approach to whistleblowing.
The Audit and Risk Committee reviewed and approved refinements to the whistleblowing policy. It also considered key metrics related
towhistleblowing.
Financial crime compliance
The Audit and Risk Committee provides oversight
of the management of financial crime risk to
ensure that our business will not be exploited
forcriminal activity including money laundering,
terrorist financing and proliferation financing.
The Audit and Risk Committee reviewed its risk appetite with respect to financial crime and fraud. It received regular reports from the three
lines of defence on the management of financial crime risk. There was particular focus on enhancing sanctions compliance controls following
a Group-wide audit, including reports from governance bodies established to oversee this programme.
The Committee also received a report on the Company’s readiness to meet the requirements of the UK Payment Systems Regulator’s
Authorised Push Payment Reimbursement Scheme.
Regulatory compliance risk
The Audit and Risk Committee oversees the
risksrelating to operating in multiple jurisdictions
and meeting diverse regulatory standards
orexpectations.
The Audit and Risk Committee reviewed and challenged the risk appetite relating to regulatory compliance.
The Committee received updates on ongoing regulatory investigations and strategic programmes to support compliance with new regulation.
The Committee also considered the current and future areas of regulatory focus and the nature of the relationships with Wise’s
primaryregulators.
Financial risk
The Audit and Risk Committee monitors
financialrisk and how it relates to the delivery
ofthe mission and regulatory requirements.
The Audit and Risk Committee received reports on Wise’s liquidity, credit and market risk profiles. There was a focus on liquidity risk
management in particular, on both a current and forward-looking basis, and associated stress testing. The Committee also reviewed and
challenged the ICARA and ILAAP, which incorporated outcomes from a stress-test scenario review, and Wise’s wind-down plan.
Operational risk
The Audit and Risk Committee monitors
Wise’soperational risk profile and risk appetite
toensure the business is operationally resilient.
The Audit and Risk Committee reviewed the risk appetite regarding operational risk and operational losses. It received regular reports on the
operational risk profile, which included operational incidents and the corrective actions taken to remediate these.
The Committee received deep-dive presentations on security risk and data privacy, including management’s plan to enhance risk
management in these domains.
96Wise Annual Report and Accounts 2025
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Remuneration Committee Report
Remuneration Committee Chair’s Statement
Dear Wise owner,
I am pleased to present the Directors’ Remuneration Report
(DRR) for FY2025.
Over the past year, the Committee has focused on several
keyareas, including a detailed review of our current Directors’
Remuneration Policy (Remuneration Policy) to ensure it
remains fit for purpose.
This report describes our activities, including how the
Remuneration Policy was put into practice during FY2025.
Thisreport will be put to an advisory vote at the Annual
General Meeting (AGM).
Business context
FY2025 was another year of growth and innovation at Wise,
and one in which the business made further progress in its
mission. This past year saw strong business performance, with
increases in active customers, volume and underlying income.
Overall, the focus at Wise remains on our long-term mission;
ensuring continued and sustainable investment in people,
products, marketing and infrastructure will be critical as
wecontinue to expand and build depth across different
geographies and serve a widening range of customer
segments and needs. It is in this context that we present
theFY2025 Directors’ Remuneration Report, following the
introduction of the new Remuneration Policy at the end of 2024.
This Policy is designed to support the achievement of long-term
goals and sustainable value creation for all stakeholders.
Our Remuneration Policy
Our first Directors’ Remuneration Policy as a publicly listed
company was in place for two years before we took the
opportunity to review the Policy a year earlier than required,
in2024. The recent recruitment process for our new Chief
Financial Officer highlighted some opportunities to update
ourexecutive remuneration approach to ensure the
competitiveness of our remuneration structure relative to our
international talent markets, and to better align our approach
for our most senior executives to the approach for our wider
workforce. A revised Remuneration Policy was approved by
Wise owners at the AGM on 18 September 2024 with 91.64%
voting in favour. I would like to take this opportunity to thank
Wise shareholders for their continued support.
The new Remuneration Policy builds on the four reward
principles set out below, and more closely aligns the approach
for Executive Directors to that which we have in place for
other Wisers, through the introduction of our new Hybrid Long
Term Incentive Plan (LTIP). It also provides greater flexibility in
a recruitment scenario, by introducing the ability to award an
enhanced long-term incentive in the first year of appointment.
1. Wise’s mission and growth strategy are inherently long
term in nature, and investments we make (including in
compensation) are designed to be sustainable over
thelong-term.
With this in mind, the Committee wanted to create an
incentive structure which supports the achievement of
long-term goals, and which ultimately rewards long-term
sustainable value creation for all stakeholders. Our incentive
structure is therefore weighted towards the long-term and
has a high equity component.
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2. Share ownership is important at Wise and we are proud
that all permanent employees have the opportunity to
become a shareholder within a short time of joining us.
TheCommittee wanted to ensure Executive Directors can
similarly build vested equity rapidly from their appointment,
providing stronger alignment with shareholder interests.
Through the introduction of Hybrid LTIP awards for
Executive Directors, the new Policy brings closer alignment
to the reward approach for other Wisers. The current LTIP
award maximum opportunity within the Policy is now equally
split between:
– Performance shares with a maximum opportunity of up
to325% of salary. These will continue to be subject to
performance over a three-year period, with a two-year
post-vesting holding period.
– Restricted shares with a maximum opportunity of up to
325% of salary. These shares will vest in equal annual
tranches over three years, with each tranche subject
toatwo-year post-vesting holding period.
3. Wise is a fast-growth technology company operating in
aglobal talent market.
The new Policy allows us to offer remuneration packages
which are internationally competitive to enable the attraction
of high-calibre future talent, including additional flexibility
toaward an enhanced long-term incentive award of up to
650% of salary in the first year of appointment (in addition
tothe normal annual LTIP grant).
As with the normal ongoing LTIP awards, the enhanced
LTIPaward is split equally between performance shares
andrestricted shares. Performance shares are subject to
performance over a three-year period, with a two-year
post-vesting holding period. The key difference however
isthat the restricted shares vest in equal tranches over two
years, with each tranche subject to a two-year post-vesting
holding period. This vesting profile enables the more rapid
accumulation of a material equity interest when joining Wise,
enhancing alignment to shareholder interests, while also
helping to bridge any gap in annual earnings between
appointment and the vesting of the first grant of
performance shares.
4. Regulatory requirements continue to shape our remuneration
strategy and we remain focused on ensuring our Policy
aligns as far as possible with our understanding of current
and future regulatory expectations.
In line with regulatory expectations, a pre-grant performance
assessment based on individual and business performance
applies to both the performance and restricted shares in the
Hybrid LTIP.
Vesting of performance shares is subject to the satisfaction
of a range of appropriate performance measures. In light of
shareholder feedback received last year, this mix includes,
from FY2026, a profitability measure (Underlying Profit
Before Tax Margin (underlying PBT margin)).
In line with our business strategy, Wise continues to focus
on investing in our products and infrastructure to help
evenmore people and businesses. In setting the long-term
performance targets, the Committee considers a range of
factors including internal forecasts and related external
guidance. With regard to the underlying PBT margin
measure, the Committee has determined that maximum
vesting should result for performance achieved in line with
guidance of 13%–16% over the medium term. This guidance
range has been set recognising the plans for continued
investment in the medium-term to unlock the full potential
ofthe business and our growth opportunities, and our
approach to sustainably reducing prices for our customers,
both of which are core to Wise’s mission. This guidance is
also considered to be stretching, taking into account the
wider macro environment in which Wise operates, and
achieving it would reflect the success of our investment
programme. If the underlying PBT margin at the end of
theperformance period falls below the lower end of the
guidance range of 13%, there is no automatic vesting, but
the Committee retains discretion to allow for some level
ofvesting if this is deemed to be warranted, subject to
underlying PBT margin performance being above 10%.
Ifunderlying PBT margin performance is above 16%, the
Committee has discretion to consider adjusting the overall
vesting level downward taking into account any factors
considered relevant at the time. In the event of any exercise
of discretion, the Committee would provide full disclosure at
the time of vesting. This is the first year we have introduced
such a measure, and we will continue to review and evolve
our approach, as appropriate, in future years. Also, when
viewed against the backdrop of the other metrics in the
LTIP(i.e., volume growth, NPS and TSR) the inclusion
ofunderlying PBT margin adds balance and furthers
shareholder alignment.
Restricted share awards are subject to performance
underpins and our risk adjustment process, which applies
tothese awards, continues to evolve consistent with our
regulatory obligations.
Stakeholder feedback
During the development of the new Policy in 2024, the
Committee engaged with many of Wise’s largest shareholders
and the key UK proxy agencies. We received valuable and
clear feedback during the development of the new Policy, and
I would like to thank all those who took part in the consultation.
The Committee was very pleased that, on the whole, our
shareholders are supportive of the proposed Policy.
More broadly, the Committee seeks to take a measured and
responsible approach to executive pay, considering decisions
from the perspective of all our stakeholders as well as the
external environment. This includes consideration of the
approach to reward for other Wisers. The Committee receives
regular updates from the Chief People Officer and Global Head
of Reward on recruitment and reward matters and how these
align with the wider organisation, and is mindful of these
whenmaking decisions on executive pay.
Whilst the Committee did not specifically engage with Wisers
on Executive Director remuneration during FY2025, we are
actively developing our employee engagement plan to ensure
that the perspectives of Wisers are taken into account with
regards to the Remuneration Policy and its implementation.
Insupport of this aim (and other objectives), I have been
appointed as the Designated Non-executive Director for
Workforce Engagement. The Board conducted five general
engagement sessions during the financial year, as detailed
onpage 36 of this report.
Executive remuneration
Chief Executive Officer – Kristo Käärmann
Kristo Käärmann has elected to abstain from both the annual
bonus and the LTIP for the duration of the new Policy. It is the
Remuneration Committee’s view that given the Chief Executive
Officer is a significant shareholder in the Company, holding
18.23% of the Class A Shares, he is sufficiently aligned to other
Wise owners and the long-term success of the Company. For
FY2026, Kristo will continue to receive a salary of £197,000
unchanged from the prior year.
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Chief Financial Officer – Emmanuel Thomassin
We were delighted to welcome Emmanuel Thomassin to
theBoard as our new Chief Financial Officer in October 2024.
Emmanuel’s remuneration arrangements have been set
inlinewith the new Remuneration Policy. On appointment,
Emmanuel’s salary was set at £500,000. There will be no
change in salary for FY2026.
Emmanuel receives an employer pension contribution of
5%ofsalary, in line with the UK workforce, and is eligible to
receive benefits in line with our current Remuneration Policy.
Additionally, he will be reimbursed during FY2025 and FY2026
for the initial expenses that arose in relation to his relocation to
the UK for this role.
Emmanuel participated in the new Hybrid LTIP with a maximum
LTIP opportunity set at 400% of salary, split equally between
performance shares and restricted shares. Additionally,
Emmanuel participates in the new enhanced LTIP, with
amaximum opportunity of 200% of salary.
Wise does not currently operate an annual bonus and
therefore his package is weighted towards achievement
oflong-term performance.
Chair of the board
The Chair fee has not been increased since Wise’s Admission
in July 2021, and Wise has continued to grow in scale and
complexity since then. In May 2025, the Committee approved
an increase to the Chair’s fee to £380,000 taking into account
the specifics of the Chair’s role at Wise, including time and fee
levels in companies of a similar size and complexity.
Leadership Team
Remuneration for our Leadership Team is reviewed annually,
using benchmark data from market-appropriate peer groups.
We consider both base salary and stock grants as we continue
the transition to annual grants for all Wisers.
All-employee remuneration
Wisers form the vital connection between our customers
andour products. We are committed to creating an inclusive
working environment and rewarding Wisers fairly and
competitively, with transparency at the heart of our
rewardphilosophy and approach.
Our commitment to attracting and retaining top talent across
Wise to fulfil our mission is unwavering. Throughout the past
year, we have continued to navigate workforce challenges
effectively, dealing with changing labour markets.
We work to ensure that our remuneration bench-marking
aligns our internal pay ranges with competitive standards
inthe external market, both globally and in the specific
geographies where we operate. We have also continued to
enhance and review our benefits and the overall employee
value proposition, so that it is compelling to current and
prospectiveWisers.
In the UK, we have continued to adhere to the Living Wage set
by the Living Wage Foundation for relevant entry-level positions.
Equity ownership in the business is considered extremely
important from a cultural perspective – it ensures every
permanent Wiser has a personal stake in the business
whichdrives their motivation to deliver in line with our
missionand business strategy. We are proud that 100%
ofWisers (excluding those on fixed term contracts) hold
equityin the business.
Annual General Meeting
On behalf of the Remuneration Committee, I would like to
thank Wise owners for their input and engagement in the year.
We remain dedicated to continuous and open dialogue with
our shareholders and proxy advisers, and would welcome
anycomments you may have on this report.
I hope that having read the information in this report, and
considering Wise’s performance during FY2025, you will
votein favour of this Remuneration Report at the 2025 AGM.
If you would like to discuss any aspect of this Remuneration
Report, I would be happy to hear from you. You can contact
me through the Company Secretary, at cosec@wise.com, and
Iwill also be available at the 2025 AGM to answer any questions.
On behalf of the Remuneration Committee and the Board,
Elizabeth G Chambers
Chair of the Remuneration Committee
5 June 2025
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Remuneration Committee Report
Remuneration at a Glance
Consideration of the UK Corporate
Governance Code principles
Our Policy has been designed taking into account
the following principles:
Clarity
The Policy is designed to be simple and support long-term,
sustainable performance. It clearly sets out each element
ofremuneration, the limits in terms of quantum, and the
discretion the Committee has.
Simplicity
Remuneration structures are simple and aligned to UK and
global norms. They also incorporate structural features to
ensure strong alignment to performance and strategy and
minimise the risk of rewarding failure.
Risk
The Policy discourages inappropriate risk-taking through a
focus on long-term incentives, the use of post-vesting holding
periods, and malus and clawback provisions. When considering
performance measures/target ranges, the Remuneration
Committee takes account of associated risks following
theintroduction of a Risk Adjustment Committee which
collaborates with the Audit and Risk Committee as necessary.
Predictability
The potential reward outcomes are easily quantifiable and
setout in the illustrations provided in the Policy.
Proportionality
Incentive outcomes are contingent on successfully meeting
stretching performance targets and underpins aligned to the
delivery of the Company’s strategy, and the Committee retains
discretion to override formulaic outturns.
Alignment to culture
The Policy encourages long-term shareholding, which is
aligned with the Company culture and mission. Performance
measures reflect our KPIs.
Remuneration elements Year 1
2
Year 2 Year 3 Year 4 Year 5
Structure of Executive Directors’ pay
1.
Malus and clawback provisions apply.
2.
In the first year of appointment only, the Remuneration Policy also includes the flexibility to award an enhanced Long-term Incentive up to 650% of
salary split equally between performance shares and restricted shares.
Base salary
Benefits and
pension
Maximum opportunity: Up to 325% of base salary
3-year performance period
Maximum opportunity: Up to 325% of base salary
vesting in 3 equal annual tranches subject to
performance underpins
Executive Directors are required to build and maintain a 300% of base salary minimum shareholding
whilst in employment and retain it for 2 years post employment
2-year holding period
2-year holding period
Fixed pay
Base salary
Fixed pay
Benefits and pension
Long-term Incentive Plan
Performance shares
1
Long-term Incentive Plan
Restricted shares
1
Shareholding requirements
100
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Remuneration Committee
Membership and composition
The Remuneration Committee comprises three Independent
Non-Executive Directors (NEDs). During FY2025, there were no
changes in the composition of the Remuneration Committee.
Member
Number of scheduled
meetings attended
Elizabeth Chambers (Chair and Independent
Non-Executive Director) 4/4
David Wells (Independent
Non-Executive Director) 4/4
Ingo Uytdehaage (Independent
Non-Executive Director) 4/4
Role and responsibilities
The Remuneration Committee has key responsibilities relating
to remuneration matters for Wise as a whole, including
thefollowing:
• Overseeing the design of remuneration policies and
practices which support Wise’s strategy, aligning with all
relevant regulatory requirements and promoting long-term
sustainable success
• Determining the Group’s approach to Executive Director
remuneration in the context of Company culture and its
wider approach to employee remuneration
• Approving appropriate levels of remuneration for Executive
Directors and the members of the Company’s Leadership
Team within the terms of the agreed Remuneration Policy
• Overseeing the Group’s employee share schemes
The Remuneration Committee’s Terms of Reference are reviewed
annually and are available at wise.com/owners/
Remuneration Committee Report
Directors’ Remuneration Report
Committee focus during FY2025
• Introducing our new Remuneration Policy (subsequently
approved at the 2024 Annual General Meeting), with a focus
on ensuring our Executive Director remuneration packages
are competitive in our global talent market and support
thedelivery of the Company’s strategy and long-term
valuecreation
• Reviewing the appropriateness of remuneration across
Wise’s Executive Director and Leadership Team populations,
taking into account market benchmarks and performance,
and role scope and performance for each incumbent
Priorities for FY2026
• Considering the specific measures and targets for incentive
awards to ensure they are appropriately aligned to strategy
as well as shareholder and regulatory expectations.
• Reviewing our wider remuneration principles and philosophy
to ensure they remain appropriate for our growing and
evolving workforce.
• Continuing to monitor any changes in UK corporate
governance and applicable regulatory requirements
andreflecting these in our approach to remuneration.
Governance
In order to support the Remuneration Committee, the following
are regular attendees at Remuneration Committee meetings:
• Chief Executive Officer
• Chief People Officer
• Global Head of Reward
• Group Company Secretary
• Remuneration Committee advisers
No member of the Remuneration Committee or regular
attendee takes part in any decision in relation to his or her own
remuneration, and no member of the Remuneration Committee
has any personal financial interest (other than as a Wise
owner) in the decisions made by the Remuneration Committee.
How this Directors’ Remuneration
Report is structured
Section Page
Remuneration Committee Chair’s Statement
97 to 99
Remuneration at a glance
100
Summary of the Policy approved at the 2024 AGM
102 to 106
Annual Report on Remuneration
107 to 114
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Remuneration Committee Report
Remuneration Policy
Remuneration Policy as approved at the 2024 AGM
The Remuneration Policy was approved by Wise owners at the 18 September 2024 AGM. For ease of reference, the Remuneration Policy table has been reproduced in the summary below.
The full Remuneration Policy can be found in the FY2024 Notice of Annual General Meeting, which is available on Wise’s website at wise.com/owners/
Remuneration Policy summary table
Pay element and purpose Operation Opportunity Performance metrics, weighting and assessment
Base salary
To provide a base level of
remuneration to attract,
retain and motivate
Executive Directors with
the necessary experience
and expertise to deliver
theCompany’s strategy.
Normally reviewed annually, with increases at the discretion
ofthe Company and the Remuneration Committee.
When setting base salaries, the Remuneration Committee takes
into account a number of factors including (but not limited to):
• skills and experience of the individual;
• the size, scope and complexity of the role;
• salary increases across the wider workforce; and
• salary levels for comparable roles in other similarly sized
companies globally.
An out-of-cycle review may be conducted if the Remuneration
Committee determines it is appropriate.
Whilst there is no maximum salary level, salary
increases are normally considered in relation
to wider salary increases across the workforce.
However, salary increases at a level higher
than the average workforce increase may
benecessary in certain circumstances, such
as where an Executive Director has been
appointed to the Board on an initial salary
which is lower than the desired market
positioning or where there has been a
changein role or responsibility.
None.
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Pay element and purpose Operation Opportunity Performance metrics, weighting and assessment
Benefits
To provide competitive,
cost-effective benefits
based on the market in
which the Executive
Director is employed.
The Executive Directors’ benefits are currently aligned to those
available to the wider workforce.
Executive Directors receive benefits which include (but are not
limited to) medical insurance and other benefits provided more
widely across the Company from time to time.
Other benefits, including, but not limited to, car allowance,
relocation expenses, dental insurance, life assurance and tax
equalisation may be provided, as deemed appropriate by the
Committee. Benefits may vary by country.
In the event that the Company were to introduce HMRC-
qualifying all-employee share plans (or similar outside the UK),
the Executive Directors may be eligible to participate on the
same basis as other eligible employees.
The maximum cost is based on the cost to the
Company of providing the benefits described.
If Wise were to introduce HMRC-qualifying
all-employee share plans, participation would
be capped by any HMRC or other limits
applying to the respective plan.
None.
Pension
To provide competitive,
cost-effective retirement
benefits based on the
market in which the
Executive Director
isemployed.
Contribution to the Company pension plan and/or a cash
allowance in lieu of pension.
Pension contributions for Executive Directors are aligned with
those provided to employees in the country where the individual
is based.
UK-based Executive Directors’ employer
contributions will be in line with the wider UK
workforce, which is currently 5% of salary.
None.
Annual Bonus
To attract, motivate
andretain high-calibre
Executive Directors
todeliver our mission
andlong-term
sustainablesuccess.
The Committee has not historically awarded annual bonuses, nor
does it plan to in FY2026. However, in the event that an annual
bonus is considered relevant, the Committee would determine
the amount payable after the year end, based on performance
against appropriate measures.
Two-thirds of the annual bonus would normally be paid out in
cash after the end of the financial year. The remaining amount
would be deferred into share-based awards which would
normally vest after 3 years, subject to continued employment.
Participants may receive an additional payment equivalent to
theamount of any dividends which would have been paid on the
participant’s deferred shares between the date of grant of the
relevant award, and the date shares are acquired. Any dividend
equivalents would normally be paid in shares.
Any annual bonus, including any deferred bonus, would
besubject to malus and clawback provisions as set out on
page106.
Bonus awards would be non-pensionable.
The annual bonus policy maximum is 150% of
base salary.
Up to 25% of maximum is achievable for
‘threshold’ performance and 50% of maximum
is achievable for ‘target’ performance.
In the event that an annual bonus is operated,
it will be based on stretching financial,
strategic and/or operational measures
relevant to the particular performance year,
with at least 50% of the bonus being linked
tofinancial measures. The Committee would
determine the specific performance measures
and targets for the bonus each year.
Following the end of the performance
periodthe Committee would review the
appropriateness of the formulaic outcome
andretain discretion to adjust the outcome
ifconsidered appropriate in exceptional
circumstances, taking into account factors
including, but not limited to, the underlying
performance of the business and/or
participant, including risk management
considerations; the Committee’s assessment
of the appropriateness of the outcome; and
any exceptional event.
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Pay element and purpose Operation Opportunity Performance metrics, weighting and assessment
Long-term incentives
To encourage our Executive
Directors to deliver
long-term sustainable
growth, provide alignment
with shareholders’ interests
and reward exceptional
performance.
Long-term incentive awards are made under the Long-term
Incentive Plan (LTIP).
Awards can be made in the form of conditional awards, nil-cost
options, or forfeitable shares.
Performance share awards will normally vest to the extent the
performance conditions are met, and subject to continued
employment. The performance conditions are normally
measured over three years.
Restricted share awards will normally vest, subject to
performance underpins and continued employment, in
threeequal annual tranches.
The net-of-tax number of performance shares and restricted
shares that vest will normally be subject to a two-year holding
period post-vesting. The Committee may decide to operate the
holding period on a gross-of-tax basis, if appropriate.
Participants may receive an additional payment equivalent to
theamount of any dividends which would have been paid on
theparticipant’s vested shares between the date of grant of the
relevant award, and the date shares are acquired. Any dividend
equivalents would normally be paid in shares.
Awards will be subject to malus and clawback provisions as
setout on page 106.
The maximum award level will be capped at
650% of base salary per annum, based on the
market value (determined by the Committee)
of shares at the date of grant.
The award would normally be split equally
between performance shares and restricted
shares such that:
• Performance shares will normally have
amaximum annual opportunity of 325%
ofsalary
• Restricted shares will normally have a
maximum annual opportunity of 325%
ofsalary
In any year where an Executive Director
receives an annual bonus award, the
maximum LTIP award will be reduced
accordingly to ensure that the overall
variableincentive opportunity is limited
to650% of salary.
In line with regulatory expectations, a
pre-grant performance assessment will apply.
This would typically be based on Company
and individual performance.
Performance shares
Performance will normally be measured over
aperiod of no less than three years.
The Committee will review the performance
measures and weightings for each award to
ensure alignment with Wise’s long-term strategy.
At least 80% of the performance share award
would normally be measured on relative TSR
and/or other financial metrics, with the balance
comprising non-financial metrics, which may
include risk, strategic and/or ESG measures.
No more than 25% of an award may vest for
threshold performance.
Restricted shares
Restricted shares will be subject to
performance underpins. These may include
key financial and/or non-financial metrics as
well as individual performance. The Committee
may use different underpins for different
awards if deemed appropriate.
At the time of vesting, the Committee will
consider the performance underpins and
determine the appropriate level of vesting.
On vesting of both the performance shares
and restricted shares, the Committee will
review the formulaic outcome and retain the
discretion, in exceptional circumstances, to
adjust the outcome if considered appropriate
taking into account factors including, but not
limited to: the performance of the business
and/or the participant, including in respect
ofrisk management considerations; the
Committee’s assessment of the appropriateness
of the outcome; and any exceptional event.
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Pay element and purpose Operation Opportunity Performance metrics, weighting and assessment
Shareholding
requirement
To align Executive
Directors’ interests
withshareholders’
interestsandto foster
along-term mindset.
In-employment requirement
Executive Directors are required to accrue and then maintain
aholding of Class A Shares with a value of 300% of salary
withinfive years of appointment to the Board, as assessed
bythe Committee on an annual basis and subject to the
Remuneration Committee in exceptional circumstances
amending the requirement.
Post-employment requirement
Any Executive Director leaving the Company will be expected to
retain the lower of the shares held at cessation of employment
and shares to the value of 300% of salary for a period of two
years, subject to the Remuneration Committee in exceptional
circumstances amending the requirement. This will normally
bemanaged via the individual’s nominee accounts and is a
contractual condition in their employment contract.
Shares purchased by the Executive Directors are not included in
the post-employment shareholding requirement. The
shareholding requirement ceases to apply on death.
Remuneration Committee discretion can be applied in
implementing the shareholding requirement.
Not applicable. Not applicable.
Non-Executive
Directors (NEDs)
To provide an appropriate
fee level to attract and
retain NEDs and to
appropriately recognise
their responsibilities and
time commitments.
NEDs are paid an annual base fee and may be paid additional
fees for serving on Board Committees, acting as Senior
Independent Director and as Chair of Board Committees
(or to reflect other additional responsibilities and/or additional/
unforeseen time commitments).
Additional fees may be paid to a NED should they be required to
assume executive duties on a temporary basis.
There is no performance-based variable pay or pension provided
to the Chair or the other NEDs.
Business expenses incurred in respect of their duties (including
any tax thereon) are reimbursed.
Fees for the Chair are set by the Remuneration
Committee. Fees for the other NEDs are set
by the Board, excluding the NEDs.
Fees are reviewed, but not necessarily
increased, annually.
Fee levels are determined based on an
estimate of the expected time commitments
of each role and by reference to comparable
fee levels in companies of a similar size and
complexity to Wise, and the prevailing rates
ofother non-executives at the time.
None.
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Discretions retained by the Committee in
operating the incentive plans
Any share-based awards granted under the Policy will be
granted under the appropriate share plan operated by Wise.
Inadministering these plans, the Remuneration Committee
retains flexibility to apply the relevant discretions provided
under the rules of the plans. These include (but are not
limitedto) discretions relating to the grant of awards; the
determination of performance measures, weightings and
targets; the treatment of awards in the event of cessation
ofemployment, including the determination of good leaver
status, or any corporate event affecting Wise; discretion to
vary performance conditions in accordance with their terms or
if any event happens which causes the Committee reasonably
to consider it appropriate to do so; and the discretion to settle
awards in cash, although the intention is currently to settle
inshares.
The Remuneration Committee also retains discretion to
makecertain amendments to the Remuneration Policy
withoutobtaining shareholder approval for regulatory, tax,
oradministrative purposes or to take account of a change
inlegislation.
Any use of the above discretions would, where relevant,
beexplained in the Annual Report on Remuneration.
Malus and clawback
Any variable remuneration awards made to Executive Directors
under the Policy, including annual bonus, deferred bonus shares
and share awards, will be subject to malus and clawback
provisions. Malus refers to the reduction, including to nil, of
unvested or unpaid awards. Clawback refers to the recovery
of any value delivered in connection with the award.
Malus can be applied at the discretion of the Committee, and
clawback provisions can be triggered in cases defined in the
applicable contractual terms, including:
• misconduct or failure to meet appropriate standards of
fitness and propriety;
• errors or material misstatements resulting in overpayment
orover-allocation of awards;
• material failures of risk management;
• responsibility for conduct that resulted in significant losses;
• an instance of corporate failure affecting the Company or
entities representing a material proportion of the Company;
• behaviour resulting in material reputational damage;
• misbehaviour or material error; or
• a material downturn in financial performance.
Clawback may be effected in the clawback period defined by
the Committee in respect of the relevant award, which would
not usually be less than two years following the determination
of a bonus or five years from the grant of an LTIP award.
The Committee will ensure that robust mechanisms are in
operation to ensure that these provisions are enforceable.
Selection of performance measures
and targets
The measures selected will be aligned with Wise’s strategy
and key performance indicators, and will align with shareholder
interests. The Remuneration Committee will set demanding
targets for variable pay in the context of Wise’s strategic
objectives, annual budgets and long-term financial forecasts.
Statement of consideration of
shareholderviews
In devising the Policy, the Remuneration Committee
consultedWise’s largest shareholders and the key UK proxy
agencies, and was encouraged by the support received for
theproposals. The finalised Policy takes into account market
practice across various comparator groups recognising both
Wise’s primary talent market (e.g. global payment companies,
fintech businesses and other fast-growth technology
companies) and the UK market where Wise is listed, all
relevant regulation, proxy agency guidelines and shareholder
feedback. In considering the operation of the Remuneration
Policy, the Remuneration Committee will take into account the
published remuneration guidelines and the specific views of
our shareholders and UK proxy voting agencies. Furthermore,
the Remuneration Committee will consider specific concerns
or matters raised at any time by shareholders on remuneration.
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Remuneration Committee Report
Annual Report on Remuneration
The Remuneration Committee believes that the existing Remuneration Policy operated
asintended during FY2025. This section provides details of remuneration outcomes for the
financial year ended 31 March 2025 as well as how the Remuneration Policy will be implemented
in FY2026.
Single total figure of remuneration – Executive Directors (audited)
The table below sets out the single figures of total remuneration earned by each Executive
Director of the Company during the year ended 31 March 2025 and the prior year.
Kristo Käärmann
GBP’000
Emmanuel
Thomassin
GBP’000
FY2025 FY2024 FY2025
1
Salary 197 186 250
Sabbatical allowance
2
– 1.9 –
Taxable benefits
3
1.3 1.0 28.0
Pension-related benefits
4
9.8 9.8 6.0
Total fixed pay 208 199 284.0
Annual bonus
5
– – –
Restricted shares
6
– – 387.5
Total variable pay – – 387.5
Total 208 199 671.5
1.
Emmanuel Thomassin joined Wise on 1 October 2024. The amounts shown relate to his remuneration from
that date.
2.
Sabbatical allowance to which all Wisers are entitled and paid in line with policy.
3.
The benefits total represents the taxable value of benefits paid. Benefits provided to Executive Directors
include private health insurance. Expenses for Emmanuel Thomassin include reimbursement of relocation
expenses as agreed on his appointment.
4.
Executive Directors are entitled to opt in to pension contribution benefits, equivalent to 5% of salary.
5.
No bonus was paid to the Chief Executive Officer or Chief Financial Officer during the reporting period.
6.
The first tranche of restricted shares granted to Emmanuel Thomassin’s as part of his normal FY2025 LTIP
award vested following an assessment of the performance underpins on 31 March 2025. The value included
in the above table is based on a share price of £9.45 being the share price on the date of vesting. Of this
amount, £54,121/16.2% relates to share price appreciation.
Awards granted in FY2025
The Remuneration Policy approved at the 2024 AGM introduced a hybrid long-term incentive
structure, consisting of both performance shares and restricted shares.
The Committee considers the use of performance shares to be important to incentivise
thedelivery of Wise’s long-term objectives and growth strategy, and to provide a financially
meaningful upside for participants where there is significant out-performance against targets.
Their use is complemented by the component of restricted shares, more closely aligning to the
reward approach in the US, where many of our technology peers and competitors are based,
aswell as the reward approach for other Wisers.
The Chief Executive Officer, Kristo Käärmann, does not participate in variable pay arrangements
under the current Remuneration Policy.
Normal LTIP award granted in FY2025 (audited)
In FY2025, Emmanuel Thomsassin was granted performance shares and restricted shares under
the Hybrid LTIP scheme, as shown in the table below.
Executive Director Type of award
Shares
granted
(conditional
awards)
% of base
salary
awarded
Value at
award date
1
Vesting at
threshold
End of
performance
period
2,3,4
Emmanuel Thomassin
Performance
shares 123,002 200% £1,000,000
25% of
maximum
31 March
2027
Emmanuel Thomassin
Restricted
shares 123,001 200% £1,000,000 N/A N/A
1.
The value has been calculated using the prior 3-day average closing market price to the date of grant
(November 14, 2024) of 813p.
2.
Performance shares have a three-year performance period which will end on 31 March 2027.
3.
Restricted shares vest in equal annual tranches over three years in March 2025, March 2026 and March 2027.
4.
The vested shares, net of any tax liabilities, will be subject to a post-vesting holding period of two years.
107
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The performance measures and targets for the performance share portion of the FY2025 normal
LTIP award are set out below. The performance metrics typically have straight-line vesting
between the threshold and maximum.
Weighting
Threshold
1
(25% payout)
Maximum
1
(100% payout)
Relative TSR vs FTSE 100
2
40% Median Upper quartile
Volume growth
3
40% 13% 25%
Customer NPS
4
20% 63 70
1.
Vesting will be on a straight-line basis between the threshold and maximum.
2.
Measure against the constituents of the FTSE 100 index (excluding investment trusts).
3.
CAGR over the three-year performance period.
4.
Performance measured as the average Customer NPS over the three-year performance period.
The performance underpins for the restricted share portion of the FY2025 normal LTIP award are:
• Satisfactory financial performance over the relevant vesting period, as determined by the
Committee, taking into account volume growth, profit, and/or revenue performance
• Maintaining the risk and compliance environment
• Satisfactory individual performance.
Enhanced LTIP award granted in FY2025
In line with the Remuneration Policy approved by shareholders at the 2024 AGM, in FY2025
Emmanuel Thomassin was also granted an enhanced LTIP award with a maximum opportunity
of200% of salary, split equally between performance shares and restricted shares.
The performance shares are subject to the same performance conditions and time horizons as
those granted as part of the normal annual LTIP grant, detailed above.
The restricted shares will vest in equal tranches over two years, subject to the same
performance underpins as the normal annual LTIP grant, detailed above. Any shares vesting
willbe subject to a two-year post-vesting holding period.
Executive Director Type of award
Shares
granted
(conditional
awards)
% of base
salary
awarded
Value at
award date
1
Vesting at
threshold
End of
performance
period
2,3,4
Emmanuel Thomassin
Performance
share award
2
61,501 100% £500,000
25% of
maximum
31 March
2027
Emmanuel Thomassin
Restricted
share award
3
61,501 100% £500,000 N/A N/A
1.
The value has been calculated using the 3-day average closing market price prior to the date of grant
of813p.
2.
The award has a three-year performance period which will end on 31 March 2027.
3.
Restricted shares vest in equal tranches over two years in October 2025 and October 2026.
4.
The vested shares, net of any tax liabilities, will be subject to a post-vesting holding period of 2 years.
Awards vesting in respect of FY2025 performance
In FY2025, as detailed above, a restricted share award of 200% of salary was granted to
Emmanuel Thomassin as part of his normal annual LTIP grant. The first tranche of this award
hasvested following an assessment of the performance underpins.
The underpins and an assessment of performance against each is set out below:
• Satisfactory financial performance over the relevant vesting period, as determined by
theCommittee, taking into account volume growth, profit, and/or revenue performance
– Financial performance for the period has been strong. Cross-border volume has
increasedby 23%, which has contributed to increased revenue and profit for the period
of£564.8 million. We have also seen 16% growth in underlying income, which is within
medium term guidance and demonstrates that Wise has met market expectations
• Maintaining the risk and compliance environment
– The risk and compliance environment has been maintained satisfactorily, with no observed
material issues or deviations noted through the risk adjustment policy
• Satisfactory individual performance
– The individual’s conduct, behaviour and performance have been satisfactory throughout the
period, aligning with the expected standards and with no concerns raised
Overall, based on the above assessment, the Remuneration Committee determined that the
firsttranche of the restricted share element of the normal annual LTIP award would vest in full.
The value of this award is included in the single figure table on page 107.
Note: the first tranche of the restricted share portion of Emmanuel Thomassin’s FY2025
Enhanced LTIP award is due to vest on 1 October 2025, as this award follows a slightly
differenttimeline to typical awards under the Policy. Full details, including the assessment
oftheperformance underpins, will be disclosed in next year’s DRR.
108Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Directors’ share interests (audited)
The table below sets out the Directors’ interests in share awards, including the shareholdings of their connected persons. Any changes in the shareholdings of the Directors from 31 March 2025 to
the date of this report have been highlighted in the footnotes below.
Class A Shares Class B Shares
Vested but
unexercised LTIP
awards subject to a
holding period
Vested but
unexercised
share options
Unvested LTIP
awards subject to
performance
Vested but not
exercised legacy
share options Persons connected
Shareholding
requirement as a
percentage of salary
Shareholding
requirement met
Executive Directors
1
Kristo Käärmann 186,078,489 186,022,590 – – – N/A 1,559,532
2
300% Yes
Emmanuel Thomassin – – 41,001 – 328,004
3
– – 300% No
Non-Executive Directors
1
Alastair Rampell 514,536 – – – – 38,035,107
4
N/A N/A
Clare Gilmartin
5
96,720 – – – – N/A N/A
David Wells
6
– – – – 600,000
7
–
8
N/A N/A
Hooi Ling Tan
9
96,720 – – – – N/A N/A
Ingo Uytdehaage
6
– – – – 572,000 N/A N/A
Terri Duhon – – – – – 9,213
10
N/A N/A
Elizabeth Chambers – – – – – – – N/A N/A
1.
The Remuneration Committee did not determine or approve the grants made to Executive and Non-Executive Directors under the Legacy Incentive Plans as these awards were determined by the Wise Payments Limited
Board pre admission.
2.
Kristo Käärmann holds 779,766 Class A Shares and 779,766 Class B Shares via persons connected.
3.
Unvested LTIP awards subject to performance include awards which remain subject to performance conditions and/or performance underpins. LTIP awards granted to Emmanuel Thomassin under the LTIP are in the form of
nil-cost options. No share options were exercised in the year.
4.
Alastair Rampell holds 38,035,107 Class A Shares via persons connected. On 4 April 2025, 135,013 Class A Shares were distributed from Andreessen Horowitz LSV Fund I, L.P. to himself; 44,008Class A Shares were
distributed from Andreessen Horowitz Fund IV, L.P. to himself; and 78,819 Class A Shares were distributed from AH Parallel Fund IV, L.P. to himself.
5.
As set out in the Prospectus, prior to Admission and in the context of the Group operating as a private company, Clare Gilmartin held options over WPL A Shares under the Legacy Incentive Plans. An option was granted on
21 June 2021 over 3,720 WPL A Shares. Clare Gilmartin exercised 3,720 options prior to Admission.
6.
As set out in the Prospectus, prior to Admission and in the context of the Group operating as a private company, David Wells and Ingo Uytdehaage held options under the Legacy Incentive Plans which were originally granted
as options over A Shares in Wise Payments Limited (‘WPL A Shares’). In preparation for Admission, these were exchanged for options over Class A Shares in Wise. The options resulting from the exchange, effected on
22 June 2021, comprised an option over 923,000 Class A Shares and an option over 572,000 Class A Shares for David Wells and Ingo Uytdehaage respectively.
7.
David Wells exercised and sold 223,000 of his legacy share options on 19 July 2024 (exercise price £0.61926 and share price at sale £7.870777). At the date of this report, he holds 600,000 remaining legacy share options.
8.
David Wells sold 100,000 Class A Shares on 18 July 2024.
9.
As set out in the Prospectus, prior to Admission and in the context of the Group operating as a private company, Hooi Ling Tan held options over WPL A Shares under the Legacy Incentive Plans. An option was granted on
21 June 2021 over 3,720 WPL A Shares. Hooi Ling Tan exercised 3,720 options prior to Admission.
10.
At the date of this report, Terri Duhon holds 9,213 Class A Shares via persons connected.
109
Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Single total figure of remuneration – NEDs (audited)
The following table sets out the single total figure of remuneration for Non-Executive Directors in
respect of qualifying services with the Company for the years FY2024 – FY2025. NEDs are not
paid a pension and do not participate in any of the Company’s variable incentive schemes.
Fees
Director
FY2025
GBP’000
FY2024
GBP’000
Alastair Rampell
1
0 0
Clare Gilmartin 185 203
David Wells 285 308
Elizabeth Chambers 180 167
Hooi Ling Tan 170 184
Ingo Uytdehaage 185 199
Terri Duhon 170 170
1.
Alastair Rampell has voluntarily waived all fees in relation to his appointment as a NED of the Company.
Payments for loss of office (audited)
There were no payments for loss of office during FY2025.
Payments to former Directors (audited)
PSP award granted in FY2023
Matthew Briers stepped down from his role as a Board Director and Chief Financial Officer on
25 March 2024. Full details of his remuneration arrangements in connection with his departure
were disclosed in the FY2024 Directors’ Remuneration Report.
In October 2022, a PSP award of 650% of salary was granted to Matthew Briers. This award was
subject to relative TSR and volume growth performance conditions, with performance measured
over a 3-year period ending 31 March 2025.
Matthew Briers was treated as a good leaver in respect of his FY2023 PSP award, reflecting his
contribution to Wise during his employment as well as the context for his departure. His FY2023
PSP award will therefore vest in line with the normal vesting date in 2025 subject to the
achievement of the performance conditions and time pro-rating to reflect the percentage
oftheperformance period Matthew was employed.
The performance measures and targets for the FY2023 PSP are set out below. Both PSP
performance metrics have straight-line vesting between threshold and maximum. The table
below summarises the outcomes for each of the performance conditions.
Measure Weighting Threshold (25% payout) Maximum (100% payout) Actual result
Vesting
level
Weighted
vesting level
Relative TSR vs
FTSE250 50% Median
Upper quartile
andabove
Wise TSR
of 79.4% 100% 50%
Volume growth 50%
CAGR 20% for the
performance period
CAGR 30% for the
performance period 23.0% 47.6% 23.8%
The Remuneration Committee carefully considered the shareholder experience when reviewing
the outcomes of the PSP vesting level, particularly with respect to whether any downward
discretion should be exercised by the Committee. On balance, the Committee decided that
theformulaic outcomes are reflective of shareholders’ experience over the performance period.
Inlight of this, the Committee has not applied discretion to the outcome of the vesting.
Matthew Briers will therefore receive 166,268 shares in respect of his FY23 PSP award.
Thesehave a value of £1,707,570 based on a three-month average share price of £10.27 to
31 March 2025.
Change in remuneration of Wisers and Directors
The table below sets out how the change in reported remuneration for each Director between
FY2024 and FY2025 compared to the change in average pay for employees of Wise Payments
Limited, where the majority of our UK colleagues are employed. No Directors or employees
currently receive annual bonuses.
The relevant regulations prescribe that the above comparison should include all employees
ofthe Parent Company. However, since there are no individuals employed by Wise plc except
for the Executive Directors, a comparison has instead been formulated using all UK-based
employees of Wise Payments Limited. The average change for all employees has been
calculated on a full-time equivalent basis, by reference to pay received for the relevant full
financial year (excluding any share awards vesting). The salary increase includes changes
madethrough the annual salary review as well as additional changes to reflect, for example,
promotions or role changes. The change to the level of taxable benefits between FY2024
andFY2025 was driven by continued increase in the UK medical benefit premium.
110Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Salary/fees
(% change)
1
Benefits
(% change)
2
Salary/fees
(% change)
Benefits
(% change)
Salary/fees
(% change)
Benefits
(% change)
FY2025 FY2025 FY2024 FY2024 FY2023 FY2023
Executive Directors
Kristo Käärmann 0% 30% 0% -43% 0% 141%
Emmanuel Thomassin N/A N/A N/A N/A 20% 15%
Non-Executive Directors
Alastair Rampell
3
N/A N/A N/A N/A N/A N/A
Clare Gilmartin
4
-9% N/A 742% N/A – N/A
David Wells -7% N/A 835% N/A 65% N/A
Hooi Ling Tan
4
-8% N/A 1200% N/A – N/A
Ingo Uytdehaage
4
-7% N/A 583% N/A 94% N/A
Terri Duhon 0% N/A 0% N/A 0% N/A
Elizabeth Chambers 8% N/A N/A N/A N/A N/A
Wisers
Average UK Wiser 9% 36% 18% 24% 20% 24%
1.
Percentage change based on annualised Executive and Non-Executive Director emoluments in FY2024 vs
FY2025. The table reports on full-time equivalent figures for Executive and Non-Executive Directors.
2.
The percentage increase between FY2024 and FY2025 reflects the increase in costs for benefits.
Therewere no taxable benefits paid to Non-Executive Directors in either year.
3.
Alastair Rampell has voluntarily waived all fees in relation to his appointment as a NED of the Company.
4.
The decrease in fees is attributable to back payments made to these directors in financial year 2024 for
arevision to their fees. This took effect from 1 March 2023 to 31 March 2024.
Chief Executive Officer pay ratio
Wise is committed to remunerating its employees fairly and competitively. We calculated our Chief
Executive Officer pay ratio using the prescribed Option B, a continuation of approach from last
year and based on the data available at the time the Annual Report and Accounts is published.
Financial year Calculation method
25
th
percentile
pay ratio Median
75
th
percentile
pay ratio
FY2025 Option B 3.1 2.1 2.1
FY2024 Option B 3:1 2:1 2:1
FY2023 Option B 3:1 2:1 2:1
FY2022 Option B 3:1 2:1 1:1
The total pay and benefits of each Wiser at the 25
th
, 50
th
and 75
th
percentile are as follows:
FY2025
Chief Executive Officer
Kristo Käärmann 25
th
percentile Median 75
th
percentile
Salary 197,000 77,567 91,833 109,333
Total pay and benefits 208,000 96,735 97,690 150,558
The Chief Executive Officer’s remuneration is based on the total single figure remuneration for
the relevant years, as disclosed on page 107.
The value of each employee’s total pay and benefits was calculated using the single
figuremethodology consistent with that used for the Chief Executive Officer. Where required,
remuneration was adjusted to approximately full-time and on a full-year equivalent basis, based
on the employee’s average full-time equivalent hours for the year and the proportion of the year
they were employed. As an additional sense check, the salary and total pay and benefits of a
number of employees either side of these 25
th
, 50
th
and 75
th
percentile employees were also
reviewed with an adjustment made to ensure that the figures used were representative of an
employee at these positions, including to exclude elements of pay which are not representative
of employees at the relevant level. The calculations for the UK employees were performed as at
the final day of the relevant financial year.
The FY2025 Chief Executive Officer pay ratio is the same as in FY2024. The Chief Executive
Officer’s remuneration has not been increased over this period, so this was the expected
outcome from this year’s calculation. As the Chief Executive Officer has elected to abstain from
participating in any variable remuneration components under the current Remuneration Policy,
significant volatility is not expected for the foreseeable future. The Remuneration Committee
believes the median pay ratio for FY2025 is consistent with the pay, reward and progression
policies for Wise’s UK employees as a whole.
111Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Diversity, equity and inclusion (DEI)
At Wise, our mission is money without borders. In order to build the future of global money, we
need a team that is as diverse as the customers we’re working for. Over the past year, one of our
focuses has been on increasing our representation of women in our most senior levels. For more
information about our progress on diversity, equity and inclusion, please see the Our People
section on pages 34-41.
In addition to improving our diversity, we are committed to paying all our Wisers fairly for the
impact they make here at Wise. We measure role impact through documented career maps and
position descriptions, and use specific salary ranges for each role. The amount of stock allocated
is also benchmarked by role and experience level and, like our salary ranges, our stock levels are
shared openly with Wisers.
Based on the UK gender pay gap reporting, our mean gender pay gap continues a downward
trend in FY2025.
We are committed to closing the gap and have invested in strategic action plans across hiring,
retention and development opportunities. Some of the function-specific initiatives include
mitigating any potential biases in people-related processes, more deliberate outreach to
seniorwomen candidates and diversity-related recruitment organisations, and ensuring
talentmanagement and career growth opportunities for our pipeline of senior women.
The Company’s latest Gender Pay Gap Statement can be found on our website:
wise.com/gb/blog/2024-wises-commitment-to-improving-gender-diversity
UK gender pay gap
Mean Median
Hourly rate of pay FY2025: 14.26% FY2025: 18.70%
FY2024: 15.17% FY2024: 16.19%
FY2023: 16.11% FY2023: 19.05%
Relative importance of spend on pay
The table below sets out the relative importance of spend on pay. There have been no dividends
paid to date.
FY2025
£m
FY2024
£m % change
Distribution to shareholders – – –
Total employee pay 412.7 377.0 9.47%
External advisers
In February 2023, following a comprehensive tendering process, the Remuneration Committee
appointed Deloitte LLP to be its independent advisers on executive remuneration. Deloitte LLP
isa founding member of the Remuneration Consultants Group and, as such, voluntarily operates
under its Code of Conduct in relation to executive remuneration matters in the UK. The
Committee is satisfied that the advice it has received from Deloitte LLP is independent and
thatthe engagement partner and team that have provided remuneration advice do not have
connections with the Company that might impair their independence. The fees paid to Deloitte
LLP in FY2025 in relation to advice provided to the Committee were GBP154,800 based on
timeand materials. Deloitte also provided tax and other broader advisory services to Wise
duringFY2025.
Total Shareholder Return performance graph
The chart below illustrates the Company’s Total Shareholder Return (TSR) performance
compared with that of the FTSE 100 Index. This index has been chosen as it is considered the
most appropriate benchmark against which to assess the relative performance of the Company,
given that if the Company had been admitted to the Equity Shares in Commercial Companies
listing category, it would be a constituent of the FTSE 100 based on market capitalisation.
Thechart shows the value of £100 invested in the Company at Admission on 7 July 2021
compared with the value of £100 invested in the FTSE 100 Index.
Wise plc
£
0
20
40
60
80
100
120
140
FTSE 100
30/06/22
31/03/22
31/12/21
30/09/21
07/07/21
30/09/22
31/12/22
31/03/23
30/06/23 30/09/23
30/12/23
31/03/24
30/06/24 30/09/24
31/12/24
31/03/25
112Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Chief Executive Officer remuneration
The table below sets out the Chief Executive Officer’s single figure of total remuneration for
FY2025, FY2024, FY2023 and FY2022. As the Chief Executive Officer has elected to abstain
from both the annual bonus and the Long-term Incentive Plan, this consists solely of the Chief
Executive Officer’s fixed remuneration.
Kristo Käärmann FY2025 FY2024 FY2023 FY2022
CEO single figure of remuneration (GBP’000) 208 199 209 161
Annual bonus outcome (% of maximum) N/A N/A N/A N/A
LTIP vesting (% of maximum) N/A N/A N/A N/A
Dilution
The Company complies with the dilution levels that the Investment Association guidelines
recommend. These levels are 10% in ten years for all share plans and 5% in ten years for
discretionary plans. This is consistent with the rules of the Company’s share plans.
Service contracts and letters of appointment
Executive Directors’ service contracts
Executive Director Date of appointment
Date of current
contract
Notice from the
Company
Notice from the
individual
Unexpired
period of
service contract
Kristo Käärmann 28 April 2021 16 June 2021 3 months 3 months Rolling
Emmanuel Thomassin 1 October 2024 1 October 2024 6 months 6 months Rolling
Letters of appointment for NEDs
On initial appointment, several Non-executive directors were appointed for a four year term
following the Company’s admission to the London Stock Exchange in 2021. Going forward, all
Non-executive directors will be appointed for fixed terms not exceeding three years, which may
be renewed subject to their re-election by shareholders at an AGM.
NEDs do not have service contracts, but are bound by letters of appointment issued by the
Company. There are no obligations in the NEDs’ letters of appointment that could give rise to
remuneration payments or payments for loss of office. On termination, NEDs will not be entitled
to receive any compensation other than any accrued but unpaid fees.
The table below details the letters of appointment for each NED of the Company during FY2025:
Non-Executive Directors Date of appointment
Date of current letter
of appointment
Notice from the
Company
Notice from the
individual
Alastair Rampell 18 June 2021 21 June 2021 1 month 1 month
Clare Gilmartin 18 June 2021 21 June 2021 1 month 1 month
David Wells 18 June 2021 21 June 2021 1 month 1 month
Hooi Ling Tan 19 June 2021 21 June 2021 1 month 1 month
Ingo Uytdehaage 18 June 2021 21 June 2021 1 month 1 month
Elizabeth Chambers 19 April 2023 14 April 2024 1 month 1 month
Terri Duhon 1 January 2022 20 January 2025 1 month 1 month
All Directors are subject to re-election every year in accordance with the Company’s Articles
ofAssociation. In line with corporate governance best practice, all Directors currently put
themselves forward for annual re-election at each AGM.
Shareholding voting
The table below sets out the latest voting outcome for the Remuneration Policy and Directors’
Remuneration Report:
Votes for Votes against Votes withheld
No. of shares % of votes No. of shares % of votes No. of shares
Remuneration Policy (2024 AGM) 2,139,972,965 91.64 195,308,693 8.36 6,136,057
Directors’ Remuneration Report
(2024 AGM) 2,288,396,422 97.80 51,499,233 2.20 1,522,060
113Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Implementation of Remuneration Policy for FY2026
Base salary
There will be no change to the annual base salary for the Chief Executive Officer. This will remain
at £197,000. There will be no change to the annual base salary for the Chief Financial Officer.
This will remain at £500,000.
Benefits
No changes are proposed to the benefits provision for the Executive Directors, which will
continue to be provided in line with our Policy. Emmanuel Thomassin will continue to receive
reimbursement of certain relocation expenses in FY2026.
Pension
Executive Directors continue to be eligible for employer pension contributions based on our
approach to the wider employee population in the location governing their contracts. For the
Chief Executive Officer and Chief Financial Officer, the employer pension contribution is 5%
ofbase salary in line with the wider employee population for the UK.
Variable pay
The Chief Executive Officer will continue to not participate in variable pay arrangements
duringFY2026.
For FY2026, Emmanuel Thomassin will receive a maximum LTIP grant of 400% of salary,
whichwill be split equally between performance shares (200% of salary) and restricted shares
(200% of salary).
The performance shares will be subject to volume growth, TSR, underlying profit before tax
margin and customer NPS performance assessed over a three-year period. The weighting
andtargets for each measure are set out within the table below.
Performance measure Weighting
Threshold
1
(25% payout)
Maximum
1
(100% payout)
Relative TSR vs. FTSE 100
2
40% median upper quartile
Volume growth
3
20% 15% 25%
Underlying profit before tax
4
20% –
6
13% – 16%
Customer NPS
5
20% 63 70
1.
Vesting will be on a straight-line basis between the threshold and maximum.
2.
Measure against the constituents of the FTSE 100 index (excluding investment trusts).
3.
CAGR over the three-year performance period.
4.
Underlying PBT margin in FY2028.
5.
Performance measured as the average Customer NPS over the three-year performance period.
6.
See further detail below on how this will be considered.
In setting the above targets, the Committee considers a range of factors including internal
forecasts and related external guidance. With regard to the underlying PBT margin measure,
theCommittee has determined that maximum vesting should result for performance achieved
inline with guidance of 13% – 16% over the medium term. This guidance range has been set
recognising the plans for continued investment in the medium-term to unlock the full potential
ofthe business and our growth opportunities, and our approach to sustainably reducing prices
for our customers, both of which are core to Wise’s mission. This guidance is also considered
tobe stretching, taking into account the wider macro environment in which Wise operates,
andachieving it would reflect the success of our investment programme. If the underlying PBT
margin at the end of the performance period falls below the lower end of the guidance range of
13%, there is no automatic vesting, but the Committee retains discretion to allow for some level
of vesting if this is deemed to be warranted, subject to underlying PBT margin performance
being above 10%. If underlying PBT margin performance is above 16%, the Committee has
discretion to consider adjusting the overall vesting level downwards taking into account any
factors considered relevant at the time. In the event of any exercise of discretion, the Committee
would provide full disclosure at the time of vesting. This is the first year we have introduced
such a measure, and we will continue to review and evolve our approach, as appropriate, in
future years.
The restricted shares will vest in equal annual tranches over three years subject to the following
performance underpins:
• Satisfactory financial performance over the relevant vesting period, as determined by
theCommittee, taking into account volume growth, profit, and/or revenue performance
• Maintaining the risk and compliance environment
• Satisfactory individual performance
Any shares vesting will be subject to a two-year post-vesting holding period. Malus and
clawback provisions apply.
Non-Executive Director fees
The Non-Executive Director (NED) fees were reviewed in March 2025. NED fees continue to
becompetitive and will not be changed at this time. The Chair fee had not been changed since
Wise’s Admission in July 2021, and Wise has continued to grow in scale and complexity during
that period. In May 2025, the Committee approved an increase to the Chair fees to £380,000,
taking into account the specifics of the Chair’s role at Wise, including time commitment, as well
as fee levels in companies of a similar size and complexity.
The fees remain as set out below:
Chair fee (effective April 2025) £380,000
Non-Executive Director base fee £170,000
Senior Independent Director additional fee £15,000
Nomination and Remuneration Committee Chairs’ additional fee £10,000
Audit and Risk Committee Chair additional fee £15,000
114Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Directors’ Report
The Directors present their report, together with the audited consolidated financial statements
of the Company, for the year ended 31 March 2025.
The Strategic Report and the Directors’ Report together form the Management Report for the
purposes of Disclosure Guidance and Transparency Rules (DTR) 4.1.8R.
In accordance with section 414C (11) of the Companies Act 2006, some of the matters required
to be included in the Directors’ Report have been included elsewhere in the Annual Report.
These matters are cross-referenced below and form part of the Directors’ Report.
Disclosures Annual Report and Accounts section Page
Greenhouse gas emissions Strategic Report 56
Information on how the Directors have had regard
for the Company’s stakeholders and the effect of
the regard
Strategic Report 57-59
Information relating to important events affecting
the Company which have occurred since the last
financial year
Strategic Report 4-33
Risk management and objectives Strategic Report 60-68
Going Concern and Viability Statement Strategic Report 69-70
Corporate Governance Compliance Statement Corporate Governance Report 78
Directors’ indemnities Corporate Governance Report 85
Workforce engagement Strategic Report 34-41
Directors’ biographies Corporate Governance Report 79-81
Directors’ conflicts of interest Corporate Governance Report 85
Information relating to the use of financial
instruments, including financial risk management
objectives and policies and exposure to price,
credit, liquidity and cash flow risks
Note 19 to the Group
Consolidated Financial
Statements
145
Disclosures Annual Report and Accounts section Page
Transactions with related parties Note 26 to the Group
Consolidated Financial
Statements
154
Other information to be disclosed in the Directors’ Report is given in this section.
The Directors’ Report fulfils the requirements of the Corporate Governance Statement for
thepurposes of DTR 7.2.3R. Further information is available online at wise.com/owners/.
Both the Strategic Report and the Directors’ Report have been drawn up and presented in
accordance with, and in reliance upon, applicable English company law, and the liabilities of
theDirectors inconnection with those reports shall be subject to the limitations and restrictions
provided bysuch law.
Dividends
Wise has not declared or paid out any dividends for the year ended 31 March 2025.
Powers of the Directors
The Company’s Articles of Association set out the powers of the Directors. Subject to UK
company law, the Articles and any directions given by special resolution of the Company,
theDirectors have been granted authority to exercise all the powers of the Company.
The Articles may only be amended by way of a special resolution at a general meeting of the
Company’s shareholders.
Appointment and replacement of Directors
The appointment and replacement of Directors is governed by the Articles, the UK Corporate
Governance Code (UK CGC), the Companies Act 2006 (the Act) and related legislation.
Under the Articles, Directors may be appointed, either to fill a vacancy or as an addition
totheexisting Board, by ordinary resolution of the Company or by resolution of the Board.
Ifappointed by the Board, a Director must retire and, if willing to act, seek election at the next
AGM following appointment.
In addition, the Articles require all Directors to retire at each AGM and, if willing to do so, offer
themselves for re-election. This aligns with the requirements of provision 18 of the UK CGC.
Further details can be found on page 85 of the Corporate Governance Report.
115Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

In addition to the powers set out in the Companies Act 2006, the Articles provide for the removal
of a Director before the expiration of their period of office by ordinary resolution of the Company.
Future business developments
Wise, via its comprehensive network of localised infrastructure, can respond to market trends
and propel business development. Future business development is overseen and monitored as
part of the Group’s business-as-usual activities.
The Group’s strategy in relation to future business developments is set out in its product
development, market strategy, mission pillars and business model, which invests heavily
ingenerating growth. More information can be found in the following sections of the
StrategicReport:
• Market overview, on pages 12-13
• Our mission pillars, on pages 14-17
• Our products, on pages 22-27
• A continued focus on profitable growth, within the Chief Financial Officer Review
on pages31-33
The Board
The membership of the Board and biographies of the Directors are provided on pages 79-81.
Changes to the Directors during the year and up to the date of this report are set out on page 75.
A summary of the rules related to the appointment and replacement of Directors and Directors’
powers can be found on page 115. Details of Directors’ interests in the Company’s Ordinary
Shares, options held over Ordinary Shares, and interests in share options and long-term
incentive plans, are set out on page 107.
The Directors of the Company during the year and up to the date of approval of these financial
statements were:
• Kristo Käärmann
• Emmanuel Thomassin
1
• Clare Gilmartin
• Hooi Ling Tan
• Alastair Rampell
• Ingo Uytdehaage
• David Wells
• Terri Duhon
• Elizabeth Chambers
1.
Emmanuel Thomassin was appointed to the Wise Board on 1 October 2024.
Compensation for loss of office
There are no agreements in place between the Company and its Directors or employees to
compensate for loss of office or employment as a result of a takeover bid.
Change of control
There are no significant agreements to which any member of the Group is a party that take
effect, alter or terminate upon a change of control of the Company following a takeover bid.
Branches and overseas registered offices
The Group, through various subsidiaries, has branches in several different jurisdictions where
the business operates. Further information on Wise’s subsidiaries outside the UK is disclosed
inNote 7 to the Company Financial Statements.
Post-balance-sheet events
There have been no material post balance sheet events.
Political donations
No political donations or contributions to political parties under the Companies Act 2006 were
made during the financial year. The Group’s policy is that no political donations are made and
nopolitical expenditures are incurred.
Charitable donations
The Group made several charitable donations throughout the year totalling £0.5 million tobenefit
causes including youth tech education, financial inclusion for immigrants and humanitarian
assistance. This total does not include spending on carbon removal. Refer to the ESG section
onpage 45 for more information.
Research and development
Expenditure on the research phase of projects to develop new products for our customers
isrecognised as an expense when incurred. Costs that are directly attributable to a project’s
development phase and meet IAS 38 capitalisation criteria are recognised as intangible assets.
Refer to Note 13 to the Group Consolidated Financial Statements for details on total expenditure
and amounts capitalised.
Share capital structure
As at the date of this report, the Company’s issued share capital consisted of 1,025,000,252 A
Ordinary Shares of £0.01 each and 243,584,255 B Ordinary Shares of £0.000000001 each.
Allissued shares were fully paid up, amounting to an aggregate nominal share capital of
£10,250,003. Each A Ordinary Share is listed on the Official List maintained by the FCA and
admitted to trading on the Main Market of the London Stock Exchange. Further details of the
Company’s share capital can be found in Note 21 to the Group Consolidated Financial Statements.
116Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Rights attaching to shares and restrictions on transfer
Each Class A Shareholder is entitled to one vote for each Class A Share held, subject to any
restrictions on total voting rights as set out in the Company’s Articles. Class A Shareholders are
entitled to interim or annual dividends to the extent declared and do not hold any preferential
rights to dividends. Class A Ordinary Shares are non-redeemable.
Each Class B Shareholder is entitled to nine votes for each Class B Ordinary Share held, subject
to any restrictions on total voting rights as set out in the Articles. Class B Ordinary Shares carry
no rights to distributions of dividends except on distribution of assets, up to their nominal value,
on a liquidation or winding up. Class B Ordinary Shares are strictly non-transferable, non-tradable
and non-distributable to any person or entity whatsoever. Aside from deadlines for voting by
proxy, there are no restrictions on voting rights attached to, or on the transfer of, the Company’s
A and B Shares.
Full details regarding the exercise of voting rights at the 2025 AGM, whether in person or by
proxy, will be set out in the Notice of AGM. To be valid, the appointment of a proxy to vote at
ageneral meeting must be received not less than 48 hours before the time of the meeting.
The Company is not aware of any agreements between the holders of the A and B Shares that
may restrict their transfer or the voting rights attached to them.
None of the Company’s A and B Shares carry any special rights regarding control of the Company.
Authority to allot or buy back shares
The Company was granted authority at the 2024 AGM to purchase in the market its own
sharesup to a maximum number of 102,500,025 A Ordinary Shares. No shares were purchased
under this authority in the year to 31 March 2025 and up to the date of this report. This authority
expires at the conclusion of the 2025 AGM, or if earlier at the close of business on 30 September
2025. This is a standard authority that the Directors have no present intention of exercising.
At the 2024 AGM, the Directors were granted additional authority to allot A Ordinary Shares (‘A
Shares’) in the Company or grant rights to subscribe for, or to convert any security into, A Shares:
a) up to an aggregate nominal amount of £3,416,667.51, being one-third of the issued A Ordinary
Share capital of the Company on 22 July 2024 (being the latest practicable date prior to the
publication of the Notice of Annual General Meeting); and
b) comprising equity securities (as defined in section 560(1) of the Act) up to a further aggregate
nominal amount of £3,416,667.51 (such amount to be reduced by the aggregate nominal
amount of A Shares allotted or rights to subscribe for or to convert any security into shares
inthe Company granted under paragraph (a) above) again being one-third of the issued A
Ordinary Share capital of the Company on 22 July 2024 (being the latest practicable date prior
to the publication of the Notice of Annual General Meeting) in connection with an offer by way
of a rights issue.
This authority expires at the conclusion of the 2025 AGM or, if earlier, at the close of business on
30 September 2025. An ordinary resolution will be proposed for the renewal of this authority at
the 2025 AGM.
Substantial shareholdings
Notifications received by the Company in accordance with DTR 5 are published via the
regulatory information services and on the Company’s website. As at the date of this report, the
Company has been advised of the following voting interests in the Company, amounting to more
than 3% of the Company’s issued share capital:
Name
Total number of
voting rights
% of total voting
rights
Kristo Käärmann 1,868,079,459 49.3
Notorious OÜ 353,682,539 13.1
In the period between 31 March 2025 and the date of this report, the Company received no
further notifications in accordance with DTR 5.
Share-based employee compensation
The nature, accounting policies and key terms of the Wise plc Long-term Incentive Plan remain
consistent with those disclosed in the FY2024 Annual Report and Accounts of Wise Group.
People
As at 31 March 2025, the Group employed 6,522 people, excluding temporary staff.
Diversity, equity and inclusion
As an equal opportunities employer we believe teams are strongest when they are diverse,
equitable and inclusive. We’re proud to have a truly international team, and we celebrate our
differences. Inclusive teams help us live our values and make sure every Wiser feels respected,
empowered to contribute towards our mission and able to progress in their careers. We give full
and fair consideration to applications for employment by disabled persons and the continued
employment of anyone incurring a disability while employed by us. Training, career development
and promotion opportunities are equally available to all our employees regardless of disability.
For more information about our progress on diversity, equity and inclusion, please see the
OurPeople section on pages 34-41.
This report, which has been prepared according to the requirements of the Companies Act
2006, was approved by the Board on 5 June 2025 and signed on its behalf by:
David Wells
Chair
5 June 2025
Kristo Kӓӓrmann
Chief Executive Officer
117Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Statement of Directors’ responsibilities in respect of the
FinancialStatements
The Directors are responsible for preparing the 2025 Annual Report and Accounts and the
financial statements in accordance with applicable law and regulation.
Company law requires the directors to prepare financial statements for each financial year.
Under that law the directors have prepared the Group financial statements in accordance
withUK-adopted international accounting standards and the Company financial statements
inaccordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom
Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the
UK and Republic of Ireland”, and applicable law).
Under company law, the Directors must not approve the financial statements unless they are
satisfied that they give a true and fair view of the state of affairs of the Group and Company
andof the profit or loss of the Group for that period. In preparing the financial statements,
theDirectors are required to:
• select suitable accounting policies and then apply them consistently;
• state whether applicable UK-adopted international accounting standards have been followed
for the Group financial statements and United Kingdom Accounting Standards, comprising
FRS102, have been followed for the Company financial statements, subject to any material
departures disclosed and explained in the financial statements;
• make judgements and accounting estimates that are reasonable and prudent; and
• prepare the financial statements on the going concern basis unless it is inappropriate
topresume that the Group and Company will continue in business.
The Directors are responsible for safeguarding the assets of the Group and Company and hence
for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are also responsible for keeping adequate accounting records that are sufficient
to show and explain the Group’s and Company’s transactions and disclose with reasonable
accuracy at any time the financial position of the Group and Company and enable them to
ensure that the financial statements and the Directors’ Remuneration Report comply with
theCompanies Act 2006.
The Directors are responsible for the maintenance and integrity of the Company’s website.
Legislation in the United Kingdom governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
Statement of Directors’ Responsibilities
The Directors consider that the 2025 Annual Report and Accounts, taken as a whole, is fair,
balanced and understandable and provides the information necessary for shareholders to
assess the Group’s and Company’s position and performance, business model and strategy.
Each of the Directors, whose names and functions are listed in the Board of Directors section
confirm that, to the best of their knowledge:
• the Group financial statements, which have been prepared in accordance with UK-adopted
international accounting standards, give a true and fair view of the assets, liabilities, financial
position and profit of the Group;
• the Company financial statements, which have been prepared in accordance with United
Kingdom Accounting Standards, comprising FRS 102, give a true and fair view of the assets,
liabilities and financial position of the Company; and
• the Strategic Report includes a fair review of the development and performance of the
business and the position of the Group and Company, together with a description of the
principal risks and uncertainties that it faces.
In the case of each director in office at the date the Directors’ Report is approved:
• so far as the Director is aware, there is no relevant audit information of which the Group’s and
Company’s auditors are unaware; and
• they have taken all the steps that they ought to have taken as a director in order to make
themselves aware of any relevant audit information and to establish that the Group’s and
Company’s auditors are aware of that information.
This Statement of Directors’ Responsibilities was approved by the Board on 5 June 2025 and
signed on its behalf by:
David Wells
Chair
5 June 2025
118Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Financial
statements
120 Independent Auditors’ Report
126 Consolidated Statement of Profit or Loss and
OtherComprehensive Income
127 Consolidated Statement of Financial Position
128 Consolidated Statement of Changes in Equity
129 Consolidated Statement of Cash Flows
130 Notes to the Group Consolidated Financial Statements
155 Company Statement of Financial Position
156 Company Statement of Changes in Equity
157 Notes to the Company Financial Statements
Strategic Report Governance Financial Statements Other Information
119Wise Annual Report and Accounts 2025

Report on the audit of the financial statements
Opinion
In our opinion:
• Wise plc’s Group financial statements and Company financial statements (the “financial
statements”) give a true and fair view of the state of the Group’s and of the Company’s
affairsas at 31 March 2025 and of the Group’s profit and the Group’s cash flows for the
yearthen ended;
• the Group financial statements have been properly prepared in accordance with UK-adopted
international accounting standards as applied in accordance with the provisions of the
Companies Act 2006;
• the Company financial statements have been properly prepared in accordance with United
Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards,
including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of
Ireland”, and applicable law); and
• the financial statements have been prepared in accordance with the requirements of the
Companies Act 2006.
We have audited the financial statements, included within the 2025 Annual Report and Accounts
(the “Annual Report”), which comprise: Consolidated statement of financial position and Company
statement of financial position as at 31 March 2025; Consolidated statement of profit or loss and
other comprehensive income, Consolidated statement of changes in equity, Company statement
of changes in equity and Consolidated statement of cash flows for the year then ended; and the
notes to the financial statements, comprising material accounting policy information and other
explanatory information.
Our opinion is consistent with our reporting to the Audit and Risk Committee.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”)
and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’
responsibilities for the audit of the financial statements section of our report. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the Group in accordance with the ethical requirements that are
relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical
Standard, as applicable to listed public interest entities, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
To the best of our knowledge and belief, we declare that non-audit services prohibited by the
FRC’s Ethical Standard were not provided.
Other than those disclosed in Note 7, we have provided no non-audit services to the Company
inthe period under audit.
Our audit approach
Context
The Group’s financial statements are a consolidation of 42 legal entities.
Overview
Audit scope
• For the purposes of our audit, we considered the Group to be two components for audit
testing. The first component is comprised of entities relating to transfers and multi-currency
accounts. The second component is made up of entities and balances relating to Wise Assets.
We considered the business characteristics, the control environment, the financial reporting
systems and activities in respective legal entities to make this assessment.
• We also audited material consolidation journals.
• All audits were performed by the Group engagement team, with the exception of the
procedures over laws and regulations where we instructed seven overseas PwC audit
teamsto leverage their local understanding of the regulatory environment.
Key audit matters
• Cash and cash equivalents and short-term financial investments (Group and Company)
Materiality
• Overall Group materiality: £28,200,000 (2024: £24,000,000) based on 5% of profit before tax.
• Overall Company materiality: £2,608,000 (2024: £2,217,000) based on 1% of total assets.
• Performance materiality: £21,150,000 (2024: £16,800,000) (Group) and £1,956,000
(2024: £1,550,000) (Company).
Independent Auditors’ Report to the members of Wise plc
120Wise Annual Report and Accounts 2025
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The scope of our audit
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the financial statements.
Key audit matters
Key audit matters are those matters that, in the auditors’ professional judgement, were of most
significance in the audit of the financial statements of the current period and include the most
significant assessed risks of material misstatement (whether or not due to fraud) identified by
the auditors, including those which had the greatest effect on: the overall audit strategy; the
allocation of resources in the audit; and directing the efforts of the engagement team. These
matters, and any comments we make on the results of our procedures thereon, were addressed
in the context of our audit of the financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
This is not a complete list of all risks identified by our audit.
The key audit matters below are consistent with last year.
Key audit matter How our audit addressed the key audit matter
Cash and cash equivalents and
short-term financial investments
(Groupand Company)
As a electronic money business, the Group
has balances with multiple financial institutions.
As disclosed in note 15, the Group has cash
and cash equivalents and short-term financial
investments; representing corporate cash and
amounts covering the liability from Wise
accounts. The Company has cash and cash
equivalents as disclosed in the Company
statement of financial position.
Balances with financial institutions are
regularlyreconciled and a mix of automated
and monitoring controls are in place. Our
auditapproach in relation to cash and cash
equivalents is primarily substantive in nature;
however due to the improvement in controls,
we were able to take controls reliance for
theyear.
We obtained management’s schedule of bank
accounts prepared for the audit and compared
this against known bank accounts from
previous years to test for omitted or closed
accounts and performed the following:
For the Group, we independently
confirmedmore than 99% of the cash and
cashequivalents financial statement line
item(with the exception of cash in transit to
customers) as at 31 March 2025 with third
party institutions. We performed alternative
procedures on the remaining immaterial
balance to verify existence;
For the Company, we independently
confirmed100% of the cash and cash
equivalents financial statement line item
withthird partyinstitutions;
We also obtained independent direct
confirmations for the nil value balance
accounts as at year end and obtained
evidence of closure letters for bank
accountsclosed during the year;
Key audit matter How our audit addressed the key audit matter
Given the nature of operations, the balances
being many multiples of materiality and
complexity, our audit focussed on procedures
to test the existence and completeness of
cash and bank balances.
Refer to note 15 and the Risk management and
internal controls section of the Audit and Risk
Committee Report.
We performed procedures to verify whether
there were any transactions during the year
forthe nil value balance accounts confirmed
by the bank with no corresponding GL code;
We tested 100% of bank reconciliations from
the bank statement to general ledger as at
31 March 2025 and tested a sample of the
reconciling items substantively;
We also tested a sample of bank reconciliations
performed throughout the year; and
We independently confirmed 100% of the
short-term financial investments line item as
at31 March 2025 with third party institutions.
How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give
an opinion on the financial statements as a whole, taking into account the structure of the Group
and the Company, the accounting processes and controls, and the industry in which they operate.
The Group financial statements are a consolidation of 42 legal entities. For the purposes of our
audit, we considered the Group to be two components for audit testing. The first component is
comprised of entities relating to transfers and multi-currency accounts. The second component
is made up of entities and balances relating to Wise Assets. We considered the business
characteristics, the control environment, the financial reporting systems and activities in
respective legal entities to make this assessment.
We also audited material consolidation journals.
We planned the audit to gain the required level of audit evidence from both controls and
substantive testing across all balances and transactions, including testing IT system reports that
are relied on for the purpose of the audit. See Risk management and internal controls section in
the Audit and Risk Committee Report.
The Group operates under a unitary and homogenous control structure, meaning that all books
and records are maintained and accessible in the UK. Therefore all audit work was performed
bythe Group engagement team with the exception of procedures over laws and regulations
where we instructed seven overseas PwC audit teams to perform specific procedures in order
toleverage their local understanding of the regulatory environment. The Group engagement
team also performed the audit of the Company.
121Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

The impact of climate risk on our audit
As part of our audit we made enquiries of management to understand the extent of the potential
impact of climate risk on the Group’s and Company’s financial statements, and we remained
alertwhen performing our audit procedures for any indicators of the impact of climate risk.
Ourprocedures did not identify any material impact as a result of climate risk on the Group’s
andCompany’s financial statements.
Materiality
The scope of our audit was influenced by our application of materiality. We set certain
quantitative thresholds for materiality. These, together with qualitative considerations, helped
usto determine the scope of our audit and the nature, timing and extent of our audit procedures
on the individual financial statement line items and disclosures and in evaluating the effect of
misstatements, both individually and in aggregate on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as
a whole as follows:
Financial statements – Group Financial statements – Company
Overall materiality £28,200,000
(2024: £24,000,000).
£2,608,000
(2024: £2,217,000).
How we determined it 5% of profit before tax 1% of total assets
Rationale for
benchmark applied
We consider that a profit based
benchmark is appropriate for a
listed Company and is the focus
of the shareholders. Profit before
tax is a generally accepted
auditing benchmark for
listedcompanies.
We believe that total assets is
the primary measure used by
theshareholders in assessing
theperformance of the entity,
and is a generally accepted
auditing benchmark for
non-trading companies.
For each component in the scope of our Group audit, we allocated a materiality that is less
thanour overall Group materiality. The range of materiality allocated across components was
between £580,000 to £26,790,000. Certain components were audited to a local statutory audit
materiality that was also less than our overall Group materiality.
We use performance materiality to reduce to an appropriately low level the probability that
theaggregate of uncorrected and undetected misstatements exceeds overall materiality.
Specifically, we use performance materiality in determining the scope of our audit and the
natureand extent of our testing of account balances, classes of transactions and disclosures,
for example in determining sample sizes. Our performance materiality was 75% (2024: 70%)
ofoverall materiality, amounting to £21,150,000 (2024: £16,800,000) for the Group financial
statements and £1,956,000 (2024: £1,550,000) for the Company financial statements.
In determining the performance materiality, we considered a number of factors – the history of
misstatements, risk assessment and aggregation risk and the effectiveness of controls – and
concluded that an amount at the upper end of our normal range was appropriate.
We agreed with the Audit and Risk Committee that we would report to them misstatements
identified during our audit above £1,410,000 (Group audit) (2024: £1,200,000) and £130,400
(Company audit) (2024: £110,000) as well as misstatements below those amounts that, in our
view, warranted reporting for qualitative reasons.
Conclusions relating to going concern
Our evaluation of the directors’ assessment of the Group’s and the Company’s ability to continue
to adopt the going concern basis of accounting included:
• Obtaining management’s analysis of the going concern of the Group and Company and
supporting forecasts;
• Understanding and assessing the key inputs into managements’ base case, severe but
plausible cases (marketwide and idiosyncratic) to ensure that these were consistent with
ourunderstanding and the inputs used in other key accounting judgements, such as deferred
tax recoverability;
• Reviewing the covenants applicable to the Group’s borrowings and assessing whether the
forecasts supported ongoing compliance with the financial covenants;
• Considering the historical reliability of management forecasting for cash flows by comparing
budgeted results to actual performance over a period of three years;
• Reading management’s paper to the Audit and Risk Committee in respect of going concern,
and agreeing the forecasts set out in this paper to the underlying base case cash flow model
and board approved forecasts; and
• Reviewing the disclosures in the consolidated financial statements relating to the going
concern basis of preparation, and evaluating that these provided an explanation of the
Directors’ assessment that was consistent with the audit evidence we obtained.
Based on the work we have performed, we have not identified any material uncertainties
relatingto events or conditions that, individually or collectively, may cast significant doubt on
theGroup’s and the Company’s ability to continue as a going concern for a period of at least
twelve months from when the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the directors’ use of the going
concern basis of accounting in the preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not
aguarantee as to the Group’s and the Company’s ability to continue as a going concern.
In relation to the directors’ reporting on how they have applied the UK Corporate Governance
Code, we have nothing material to add or draw attention to in relation to the directors’ statement
in the financial statements about whether the directors considered it appropriate to adopt the
going concern basis of accounting.
Our responsibilities and the responsibilities of the directors with respect to going concern are
described in the relevant sections of this report.
122Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Reporting on other information
The other information comprises all of the information in the Annual Report other than the
financial statements and our auditors’ report thereon. The directors are responsible for the other
information. Our opinion on the financial statements does not cover the other information and,
accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly
stated in this report, any form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit, or otherwise appears to be
materially misstated. If we identify an apparent material inconsistency or material misstatement,
we are required to perform procedures to conclude whether there is a material misstatement of
the financial statements or a material misstatement of the other information. If, based on the work
we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report based on these responsibilities.
With respect to the Strategic report and Directors’ report, we also considered whether the
disclosures required by the UK Companies Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us
also to report certain opinions and matters as described below.
Strategic report and Directors’ report
In our opinion, based on the work undertaken in the course of the audit, the information given in
the Strategic report and Directors’ report for the year ended 31 March 2025 is consistent with the
financial statements and has been prepared in accordance with applicable legal requirements.
In light of the knowledge and understanding of the Group and Company and their environment
obtained in the course of the audit, we did not identify any material misstatements in the
Strategic report and Directors’ report.
Directors’ Remuneration
In our opinion, the part of the Directors’ Remuneration Report to be audited has been properly
prepared in accordance with the Companies Act 2006.
Corporate governance statement
ISAs (UK) require us to review the directors’ statements in relation to going concern,
longer-term viability and that part of the corporate governance statement relating to the
Company’s compliance with the provisions of the UK Corporate Governance Code, which the
Listing Rulesof the Financial Conduct Authority specify for review by the auditor. Our additional
responsibilities with respect to the corporate governance statement as other information
aredescribed in the Reporting on other information section of this report.
Based on the work undertaken as part of our audit, we have concluded that each of the following
elements of the corporate governance statement, included within the Corporate Governance
Compliance Statement is materially consistent with the financial statements and our knowledge
obtained during the audit, and we have nothing material to add or draw attention to in relation to:
• The directors’ confirmation that they have carried out a robust assessment of the emerging
and principal risks;
• The disclosures in the Annual Report that describe those principal risks, what procedures
arein place to identify emerging risks and an explanation of how these are being managed
ormitigated;
• The directors’ statement in the financial statements about whether they considered
itappropriate to adopt the going concern basis of accounting in preparing them, and
theiridentification of any material uncertainties to the Group’s and Company’s ability to
continue todo so over a period of at least twelve months from the date of approval of the
financial statements;
• The directors’ explanation as to their assessment of the Group’s and Company’s prospects,
the period this assessment covers and why the period is appropriate; and
• The directors’ statement as to whether they have a reasonable expectation that the Company
will be able to continue in operation and meet its liabilities as they fall due over the period
ofits assessment, including any related disclosures drawing attention to any necessary
qualifications or assumptions.
Our review of the directors’ statement regarding the longer-term viability of the Group and
Company was substantially less in scope than an audit and only consisted of making inquiries
and considering the directors’ process supporting their statement; checking that the statement
is in alignment with the relevant provisions of the UK Corporate Governance Code; and
considering whether the statement is consistent with the financial statements and our
knowledge and understanding of the Group and Company and their environment obtained
inthecourse of the audit.
In addition, based on the work undertaken as part of our audit, we have concluded that each of
the following elements of the corporate governance statement is materially consistent with the
financial statements and our knowledge obtained during the audit:
• The directors’ statement that they consider the Annual Report, taken as a whole, is fair,
balanced and understandable, and provides the information necessary for the members to
assess the Group’s and Company’s position, performance, business model and strategy;
• The section of the Annual Report that describes the review of effectiveness of risk
management and internal control systems; and
• The section of the Annual Report describing the work of the Audit and Risk Committee.
We have nothing to report in respect of our responsibility to report when the directors’ statement
relating to the Company’s compliance with the Code does not properly disclose a departure from
a relevant provision of the Code specified under the Listing Rules for review by the auditors.
123Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements
As explained more fully in the Statement of Directors’ responsibilities, the directors are
responsible for the preparation of the financial statements in accordance with the applicable
framework and for being satisfied that they give a true and fair view. The directors are also
responsible for such internal control as they determine is necessary to enable the preparation
offinancial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group’s and
the Company’s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless the directors either
intend to liquidate the Group or the Company or to cease operations, or have no realistic
alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as
awhole are free from material misstatement, whether due to fraud or error, and to issue an
auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance,
butis not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect
amaterial misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations.
Wedesign procedures in line with our responsibilities, outlined above, to detect material
misstatements in respect of irregularities, including fraud. The extent to which our
proceduresare capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the Group and industry, we identified that the principal risks of
non-compliance with laws and regulations related to laws and regulations set by the Financial
Conduct Authority (FCA), the National Bank of Belgium (NBB), the Australian Prudential
Regulation Authority (APRA), Consumer Financial Protection Bureau (CFPB), certain relevant
state regulators in the United States as well as other regulators regulating activities of
subsidiaries of the Group, as well as relevant Anti-Bribery and Corruption, Anti-Money
Laundering and sanctions legislation in each of the territories in which the Group operates,
andwe considered the extent to which non-compliance might have a material effect on the
financial statements. We also considered those laws and regulations that have a direct impact
on the financial statements such as the Companies Act 2006 and relevant tax legislation in
eachof the territories in which the Group operates. We evaluated management’s incentives
andopportunities for fraudulent manipulation of the financial statements (including the risk
ofoverride of controls), and determined that the principal risks were related to posting of
inappropriate journal entries impacting revenue, misreporting of corporate cash and cash
intransit balances and understatement of customer liabilities (including ‘Wise accounts’).
TheGroup engagement team shared this risk assessment with the component auditors so
thatthey could include appropriate audit procedures in response to such risks in their work.
Audit procedures performed by the Group engagement team and/or component auditors included:
• Review of correspondence with and reports to the regulators, including the FCA, NBB, APRA,
CFPB and certain relevant state regulators in the United States;
• Review of management’s reporting to the Audit and Risk Committee in respect of compliance
and legal matters;
• Discussions with management and the Audit and Risk Committee, including consideration
ofknown or suspected instances of non-compliance with laws and regulation and fraud;
• Reviewing Board meeting and other relevant Committee minutes to identify any significant
orunusual transactions or other matters that could require further investigation;
• Inquiring of management and review of internal audit reports in so far as they related to the
financial statements;
• Obtaining legal confirmations from legal advisors relating to specific active litigation;
• Identifying and testing journal entries meeting specific fraud criteria, including those posted
tocertain account combinations;
• Reviewing dispute logs, breaches/incidents log, legal expenses and whistleblowing reports;
• Testing a sample of intra-Group cash in transit balances at the year end to address the risk
ofdouble counting;
• Performing analytics on cash concentration by geography and subsequent movement
toidentify indications of roundtripping of cash or unusual patterns which required
furtherinvestigation;
• Obtaining confirmations over selected customer balances direct from customers;
• Reviewing customer complaints and testing a sample based on risk criteria for indications
ofsystemic evidence of understatement of customer liabilities; and
• Incorporating unpredictability in the selection of the nature, timing and extent of audit
procedures performed.
There are inherent limitations in the audit procedures described above. We are less likely to
become aware of instances of non-compliance with laws and regulations that are not closely
related to events and transactions reflected in the financial statements. Also, the risk of not
detecting a material misstatement due to fraud is higher than the risk of not detecting one
resulting from error, as fraud may involve deliberate concealment by, for example, forgery
orintentional misrepresentations, or through collusion.
Our audit testing might include testing complete populations of certain transactions and
balances, possibly using data auditing techniques. However, it typically involves selecting a
limited number of items for testing, rather than testing complete populations. We will often seek
to target particular items for testing based on their size or risk characteristics. In other cases,
wewill use audit sampling to enable us to draw a conclusion about the population from which
the sample is selected.
A further description of our responsibilities for the audit of the financial statements is located on
the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our
auditors’ report.
124Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Use of this report
This report, including the opinions, has been prepared for and only for the Company’s members
as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other
purpose. We do not, in giving these opinions, accept or assume responsibility for any other
purpose or to any other person to whom this report is shown or into whose hands it may
comesave where expressly agreed by our prior consent in writing.
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
• we have not obtained all the information and explanations we require for our audit; or
• adequate accounting records have not been kept by the Company, or returns adequate
forour audit have not been received from branches not visited by us; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• the Company financial statements and the part of the Directors’ Remuneration Report to
beaudited are not in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
Appointment
Following the recommendation of the Audit and Risk Committee, we were appointed by the
directors on 21 September 2021 to audit the financial statements for the year ended 31 March
2022 and subsequent financial periods. The period of total uninterrupted engagement is four
years, covering the years ended 31 March 2022 to 31 March 2025.
Other matter
The Company is required by the Financial Conduct Authority Disclosure Guidance and
Transparency Rules to include these financial statements in an annual financial report prepared
under the structured digital format required by DTR 4.1.15R – 4.1.18R and filed on the National
Storage Mechanism of the Financial Conduct Authority. This auditors’ report provides no
assurance over whether the structured digital format annual financial report has been
preparedin accordance with those requirements.
Mark Jordan (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
5 June 2025
125Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Consolidated Statement of Profit or Loss and
OtherComprehensiveIncome
For the year ended 31 March 2025
Revenue
3
1,211.9
1,052.0
Interest income on customer balances
4
594.3
485.2
Benefits paid relating to customer balances
5
(161.2)
(124.9)
Cost of sales
6
(328.1)
(307.4)
Net credit losses on financial assets
6
(9.1)
(12.5)
Gross profit
1,307.8
1,092.4
Administrative expenses
7
(768.6)
(615.9)
interest income from corporate investments
33.3
19.7
Other operating income, net
7.1
5.7
Operating profit
579.6
501.9
Finance income
0.7
–
Finance expense
9
(15.5)
(20.5)
Profit before tax
564.8
481.4
Income tax expense
10
(148.1)
(126.8)
Profit for the year
416.7
354.6
Fair value gain on investments, net
10.3
10.9
Currency translation differences
(10.4)
(7.0)
Total other comprehensive income
(0.1)
3.9
Total comprehensive income for the year
416.6
358.5
Basic, in pence
11
40.37
34.20
Diluted, in pence
11
39.73
33.73
Income¹
1,645.0
1,412.3
Underlying income²
1,362.3
1,172.7
Underlying PBT
3
282.1
241.8
1.
Income is defined as revenue plus interest income on customer balances, less benefits paid relating to
customer balances.
2.
Underlying income is a measure of income retained from customers and it is comprised of revenue and the
first 1% yield of interest income on customer balances that Wise retains.
3.
Underlying PBT is a profitability measure calculated as profit before tax using underlying income and
excluding benefits paid relating to customer balances.
All results are derived from continuing operations.
The accompanying notes form an integral part of these Group consolidated financial statements.
126Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Consolidated Statement of Financial Position
As at 31 March 2025
Re-presented
1
Deferred tax assets
10
84.7
103.0
Property, plant and equipment
12
115.9
34.3
Intangible assets
13
4.0
6.5
Trade and other receivables
14
38.8
32.1
Total non-current assets
243.4
175.9
Current tax assets
15.0
4.0
Trade and other receivables
14
347.6
442.8
Short-term financial investments
19
4,654.9
4,033.9
Derivative financial assets
19
2.5
1.6
Cash and cash equivalents
15
13,982.8
10,479.2
Total current assets
19,002.8
14,961.5
Total assets
19,246.2
15,137.4
Trade and other payables
16
45.8
46.1
Borrowings
17
98.1
198.4
Lease liabilities
18
75.9
14.8
Deferred tax liabilities
10
4.0
2.4
Provisions
20
11.9
6.3
Total non-current liabilities
235.7
268.0
Trade and other payables
16
17,578.8
13,861.8
Borrowings
17
1.3
4.3
Lease liabilities
18
10.3
6.7
Re-presented
1
Current tax liabilities
4.4
6.0
Derivative financial liabilities
19
3.7
1.6
Provisions
20
25.8
9.1
Total current liabilities
17,624.3
13,889.5
Total liabilities
17,860.0
14,157.5
Share capital
21
10.2
10.2
Equity merger reserve
(8.0)
(8.0)
Share-based payment reserve
299.4
306.5
Own shares reserve
(66.8)
(55.5)
Other reserves
(2.1)
(12.4)
Currency translation reserve
(14.2)
(3.8)
Retained earnings
1,167.7
742.9
Total equity
1,386.2
979.9
Total liabilities and equity
19,246.2
15,137.4
1.
Comparative balances have been re-presented to show the impact from the adoption of the amendment
toIAS 1 – Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants
(refer to note 17) and to present the lease liabilities separately from borrowings (refer to note 18).
The accompanying notes form an integral part of these Group consolidated financial statements.
The Group consolidated financial statements on pages 126 to 154 were authorised for issue by
the Board of Directors on 5 June and were signed on its behalf by:
Kristo Käärmann
Co-founder and CEO
5 June 2025
127Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Consolidated Statement of Changes in Equity
For the year ended 31 March 2025
reserve
1
reserves
2
At 1 April 2023
10.2
(8.0)
247.4
(10.4)
(23.3)
3.2
357.8
576.9
Profit for the year
–
–
–
–
–
–
354.6
354.6
Fair value gain on investments, net
–
–
–
–
10.9
–
–
10.9
Currency translation differences
–
–
–
–
–
(7.0)
–
(7.0)
Total comprehensive income for the year
–
–
–
–
10.9
(7.0)
354.6
358.5
Shares acquired by ESOP Trust
22
–
–
–
(69.9)
–
–
–
(69.9)
Share-based compensation expense
23
–
–
72.5
–
–
–
–
72.5
Tax on share-based compensation
10
–
–
40.8
–
–
–
–
40.8
Employee share schemes
23
–
–
(54.2)
24.8
–
–
30.5
1.1
At 31 March 2024
10.2
(8.0)
306.5
(55.5)
(12.4)
(3.8)
742.9
979.9
Profit for the year
–
–
–
–
–
–
416.7
416.7
Fair value gain on investments, net
–
–
–
–
10.3
–
–
10.3
Currency translation differences
–
–
–
–
–
(10.4)
–
(10.4)
Total comprehensive income for the year
–
–
–
–
10.3
(10.4)
416.7
416.6
Shares acquired by ESOP Trust
22
–
–
–
(71.0)
–
–
–
(71.0)
Share-based compensation expense
23
–
–
58.9
–
–
–
–
58.9
Tax on share-based compensation
10
–
–
0.5
–
–
–
–
0.5
Employee share schemes
23
–
–
(66.5)
59.7
–
–
8.1
1.3
At 31 March 2025
10.2
(8.0)
299.4
(66.8)
(2.1)
(14.2)
1,167.7
1,386.2
1.
The merger reserve arises from the Group’s pre-listing reorganisation accounted for as a capital reorganisation. Upon the reorganisation, the Group’s Ordinary Shares have been re-presented as those of Wise plc.
Thedifference between Wise Payments Limited’s net assets and the nominal value of the shares in issue is recorded in the merger reserve.
2.
Other reserves predominantly relate to investments into highly liquid bonds measured at FVOCI. For these investments, changes in fair value are accumulated within the FVOCI reserve within equity. During the year £10.3m
offair value gains were recognised in other comprehensive income (2024: £10.9m), including £3.5m of tax charge (2024: £3.5m). Refer to note 10 for further information on the tax recognised on bonds. On disposal of these
debt investments before maturity, any related balance within the FVOCI reserve is reclassified to profit or loss.
The accompanying notes form an integral part of these Group consolidated financial statements.
128Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Consolidated Statement of Cash Flows
For the year ended 31 March 2025
Cash generated from operations
24
4,137.2
2,994.9
Interest received
515.5
344.4
Interest paid
(14.7)
(16.7)
Corporate income tax paid
(143.6)
(73.7)
Net cash generated from operating activities
4,494.4
3,248.9
Payments for property, plant and equipment
(34.5)
(10.6)
Payments for intangible assets
(0.9)
(2.4)
Payments for financial assets at FVOCI
(6,455.6)
(9,552.3)
atFVOCI
5,892.6
9,422.6
Proceeds from sublease
–
0.1
Net cash used in investing activities
(598.4)
(142.6)
share schemes
(72.6)
(68.4)
Proceeds from issues of shares and other equity
1.0
1.0
Proceeds from borrowings
17
200.0
420.0
Repayments of borrowings
17
(300.0)
(470.0)
Principal elements of lease payments
18
(6.1)
(7.1)
Interest paid on leases
18
(3.6)
(1.1)
Net cash generated used in financing activities
(181.3)
(125.6)
Net increase in cash and cash equivalents
3,714.7
2,980.7
Cash and cash equivalents at beginning of the year
15
10,479.2
7,679.4
Effects of exchange rate changes on cash and
cashequivalents
(211.1)
(180.9)
Cash and cash equivalents at end of the year
15
13,982.8
10,479.2
The accompanying notes form an integral part of these Group consolidated financial statements.
129Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Notes to the Group Consolidated Financial Statements
For the year ended 31 March 2025
Note 1. Presentation of the consolidated
financialstatements
1.1 General information
Wise plc (the ‘Company’) is a public limited company and is incorporated and domiciled in
England. The address of its registered office is 1
st
Floor Worship Square, 65 Clifton Street,
London, United Kingdom, EC2A 4JE . The principal activity of the Company and its subsidiaries
(the ‘Group’) is the provision of cross-border and domestic financial services. Further information
on the Group’s operations and principal activities is presented in the Strategic Report.
1.2 Accounting information and policies
Introduction
This section describes the basis of preparation of the consolidated financial statements and the
Group’s accounting policies that are applicable to the financial statements as a whole. The Group’s
material accounting policies and critical accounting estimates and judgements specific to a note,
are included in the note to which they relate. Furthermore, the section details new accounting
standards, amendments and interpretations, that the Group has adopted in the current financial
year or will adopt in subsequent years.
(a) Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with
the UK-adopted International Accounting Standards in conformity with the applicable legal
requirements of the Companies Act 2006. The accounting policies applied are consistent
with those of the preceding financial year, unless otherwise stated.
The financial statements are prepared on a going concern basis. All financial information
is presented in millions of pounds sterling (‘£’), which is the Group’s presentation currency,
rounded to the nearest £0.1m, unless otherwise stated. The financial statements have been
prepared under the historical cost convention modified to include the fair valuation of particular
financial instruments, to the extent required or permitted under IFRS as set out in the relevant
accounting policies.
(b) Going concern
The Group’s business activities together with the factors likely to affect its future development
and position are set out in the Strategic report.
The financial statements are prepared on a going concern basis as the Directors are satisfied
that the Group has the available resources to continue in business for the foreseeable future.
The going concern assessment is based on the detailed forecast prepared by management
and approved by the Board (base plan). As part of the going concern review, the Directors have
considered severe, but plausible, downside scenarios to stress test the viability of the business.
These downside scenarios covered reduction in revenues, profitability, cash position and
liquidity as well as the Group’s ability to meet its regulatory capital and liquidity requirements.
Appropriate assumptions have been made in respect of revenue growth and profitability, based
on the economic outlook over the forecast period. Appropriate sensitivities have been applied
in order to stress test the base plan, considering situations with lower revenue growth and
profitability compared to the base plan, where future trading is less than forecasted. Management
expects that sufficient liquidity and regulatory capital requirement headroom are maintained
throughout the forecast period.
The Directors have made inquiries of management and considered forecasts for the Group
and have, at the time of approving these financial statements, a reasonable expectation
that the Group has adequate resources to continue in operations for the foreseeable future.
Further details are contained in the Viability Statement of the Strategic Report.
(c) Basis of consolidation
The financial statements comprise the consolidated financial statements of Wise plc and its
subsidiaries as at 31 March 2025.
Subsidiaries are all entities over which the Group has control. The Group controls an entity when
it is exposed to, or has rights to, variable returns from its involvement with the entity and has the
ability to affect those returns through its power over the entity.
Subsidiaries are fully consolidated from the date on which control is obtained by the Group and
are de-consolidated from the date that control ceases.
Inter-company transactions, balances and unrealised gains on transactions between companies
within the Group are eliminated on consolidation. Unrealised losses are also eliminated unless
the transaction provides evidence of an impairment of the transferred asset. Group accounting
policies are consistently applied to all entities and transactions.
(d) Foreign currency translation
The Group’s consolidated financial statements are presented in pounds sterling. Items included
in the financial statements of each of the Group’s entities are measured using the currency of
the primary economic environment in which the entity operates (‘the functional currency’).
130Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Transactions and balances
Transactions in foreign currencies are initially recorded by the Group’s entities at their respective
functional currency spot rates at the date the transaction is recognised.
Foreign exchange gains and losses resulting from the settlement of such transactions and from
the translation of monetary assets and liabilities denominated in foreign currencies at year end
exchange rates are recognised in profit or loss (either as cost of sales or administrative expenses).
Non-monetary assets and liabilities are translated at historical exchange rates if held at historical
cost, or year end exchange rates if held at fair value, and the resulting foreign exchange gains or
losses are recognised in either the income statement or shareholders’ equity depending on the
treatment of the gain or loss on the asset or liability.
Group companies
On consolidation, the results and financial position of foreign operations (none of which has the
currency of a hyperinflationary economy) are translated into pounds sterling as follows:
• assets and liabilities for each balance sheet presented are translated at the closing exchange
rate at the reporting date;
• income and expenses are translated at average monthly exchange rates; and
• all resulting exchange differences are recognised in other comprehensive income.
(e) Changes in material accounting policies and disclosures
Adoption of new or revised standards and interpretations
The following new or revised standards and interpretations became effective for the Group from
1 April 2024:
a. Amendment to IAS 1 – Classification of Liabilities as Current or Non-current and Non-current
Liabilities with Covenants
As a result of the adoption of the amendments to IAS 1, the Group has classified its borrowings
as non-current, because it has the right to defer payment for more than 12 months. Refer to
note 17 for further details.
b. Other amendments:
• Amendments to IFRS 16 – Lease Liability in a Sale and Leaseback
• Amendments to IAS 7 and IFRS 7 – Supplier Finance Arrangements
The adoption of the other amendments did not have a material impact on the Group. There are
no other new or revised standards or interpretations that are effective for the first time for the
financial year beginning on or after 1 April 2024 that would be expected to have a material
impact on the Group.
New standards, amendments and interpretations not yet adopted
The following amendments have been published by the IASB and are effective for annual
periods beginning on or after 1 January 2025; the amendments have not been early-adopted
by the Group:
a. New standard issue – IFRS 18 Primary Financial Statements
The new standard, which replaces IAS 1, creates detailed requirements for the classification
and aggregation of income and expenses in the income statement, and disclosure requirements
for management-defined performance measures. The new standard is effective from 1 January
2027, but has not yet been endorsed for use in the UK. It is anticipated that the application
of the new standard will have an impact in the Group’s presentation of the consolidated
financial statements.
b. Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments
The amendments clarify the derecognition of financial liabilities via electronic payments, refine the
classification of financial assets with ESG-linked features, and enhance disclosure requirements
for equity instruments at FVOCI. The amendments are effective for reporting periods beginning
on or after 1 January 2026. It is anticipated that the application of these amendments may have
an impact in the Group’s consolidated financial statements in future periods.
c. Other amendments:
• Amendments to IAS 21 – Lack of Exchangeability
• IFRS 19 Subsidiaries without Public Accountability: Disclosures
Neither of the other amendments is expected to have a material impact on the Group in the
current or future reporting periods or on foreseeable future transactions.
(f) Climate change considerations
The impact of climate change has been considered as part of the assessment of estimates
and judgements in preparing the Group’s consolidated financial statements. Our climate risk
assessment has primarily focused on short-term risks to determine if they pose a material threat
to the business, and it has concluded that climate-related risks do not currently pose a material
risk to Wise, and has identified no material financial impact to these financial statements.
1.3. Critical accounting judgements and key sources of
estimation uncertainty
Details of the critical judgement which the Directors consider could have a significant impact on
these financial statements is set out in the following notes:
• Customer balances (recognition of the financial assets and their respective liabilities on the
balance sheet) – note 15 and note 16
Management has concluded that there are no critical accounting areas of estimation.
131Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Note 2. Segment information
Accounting policy
The Group is managed on the basis of a single segment. The information regularly
reported to the Chief Operating Decision Maker (‘CODM’), which is currently the Board
of Directors of the Group, for the purposes of resource allocation and the assessment of
performance, is based wholly on the overall activities of the Group. Based on the Group’s
business model, the Group has determined that it has only one reportable segment under
IFRS 8, which is provision of cross-border and domestic financial services.
The Group’s revenue, assets and liabilities for the reportable segment can be determined by
reference to the statement of comprehensive income and the statement of financial position.
The analysis of revenue by type of customer and geographical region is set out in note 3.
At the end of each reporting period, the majority of the non-current assets were carried by Wise
Payments Limited in the UK and its branch in Estonia. Based on the location of the non-current
asset, the following geographical breakdown of non-current assets is provided:
Non-current assets by geographical region
1
United Kingdom
87.6
40.5
Rest of Europe
48.9
13.9
Rest of the world
15.7
15.6
Total non-current assets
152.2
70.0
1.
Non-current assets exclude deferred tax assets and financial instruments.
Note 3. Revenue
Accounting policy
The Group generates revenue from contracts with customers by transferring the
following services:
Cross-border
The Group primarily generates revenue from cross-border services, which includes money
transfers, conversions and Wise accounts. The applicable fees depend on a number of
factors, including the currency route, the transaction size, the type of transaction being
undertaken and the payment method used.
A customer enters into a contract with the Group at the time of opening a Wise account
or initiating a money transfer. The customer agrees to the contractual terms by formally
accepting the terms and conditions of the respective service, on Wise’s website or
the app.
The revenue is recognised at the point in time the performance obligation has been
satisfied. For money transfers, the revenue is recognised upon delivery of funds to the
recipient. For money conversions, it is recognised when a customer balance is converted
into a different currency in their account.
The time required for the Group to process the payment to the recipient, and therefore
to satisfy its performance obligations, largely depends on the processing time its banking
partners require to deliver funds to the recipient. As such the revenue is deferred until the
funds are delivered. Transactions in certain jurisdictions, where the Group has settlement
accounts with central banks, transfers between Wise accounts or conversions within a
Wise account, are generally fulfilled instantly.
Card
Card revenue refers to debit card services and mainly comprises interchange fees and
card usage fees.
A customer enters into a contract with the Group at the time the card, either virtual or
physical, is made available for use and the customer is able to either make a payment or
a withdrawal.
The fees for card transactions are in accordance with the agreed terms and conditions.
They have a single performance obligation and the revenue is recognised upon transaction
capture, that the performance obligation is deemed to have been satisfied.
132Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Other
Other revenue mainly comprises:
• Revenue earned from the top-up of Wise account balances or transfers to recipients in
the same currencies. The revenue is recognised on transaction completion for top-ups
and delivery of funds to the recipient for transfers.
• One-time fee charged to Wise business customers for setting up an account; the
revenue is recognised over time, throughout the period the customer is expected to
use the business account.
• Fees earned for the provision or replacement of physical cards; the revenue is
recognised over time throughout the period the debit card services are provided,
which is expected to be the life of the card.
• Revenue from the multi-currency investment feature called Wise Assets (‘Assets’),
where Wise generates revenue from charging a fee based on the value of the assets
under custody. The revenue is accrued on a daily basis, based on the daily value of
the assets under custody, and is recognised over time in line with the period the Group
provides its services to Assets customers. The Group acts as an agent on behalf of the
customers and does not retain control nor benefits from the Assets, thus it does not
recognise the financial assets and the respective liabilities for the Assets, and
derecognises customer funds on purchase.
Rebates
Wise offers certain rebates in the form of a fee refund or cashback for eligible revenue-
generating transactions. The rebate is recognised as a liability at the time of completion
of the eligible transaction and is deducted from revenue.
Cross-border
840.4
795.2
Card
219.8
168.0
Other
151.7
88.8
Total revenue
1,211.9
1,052.0
Disaggregation of revenues
In the following table, revenue is disaggregated by major geographical market:
Europe (excluding UK)
369.6
323.9
Asia-Pacific
263.8
216.2
North America
237.2
214.5
United Kingdom
226.2
202.5
Rest of the world
115.1
94.9
Total revenue
1,211.9
1,052.0
The geographical market disclosed depends on the type of the service provided and is based
either on customer address or the source currency.
No individual customer contributed more than 10% to Wise’s total revenue in 2025 and 2024.
Note 4. Interest income on customer balances
Accounting policy
Interest income on customer balances is earned from holding customer funds as cash
and cash equivalents or investing them into highly liquid permitted financial assets. These
amounts are recognised in the income statement using the effective interest rate method.
Interest income from cash at banks
220.6
162.2
Interest income from investments in money market funds (MMFs)
202.4
153.7
Interest income from investments in listed bonds
171.3
169.3
Total interest income
594.3
485.2
133Wise Annual Report and Accounts 2025
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Note 5. Benefits paid relating to customer balances
Accounting policy
Benefits paid relating to customer balances are provided to customers for holding eligible
balances in their Wise accounts. These are calculated as a percentage of those eligible
balances and they are recognised in the income statement in the period for which the
customer receives the benefit.
EU cashback
121.3
107.9
US interest
38.5
17.0
Other
1.4
–
Total benefits paid relating to customer balances
161.2
124.9
Note 6. Cost of sales and net credit losses on
financial assets
Accounting policy
Cost of sales comprises the costs that are directly associated with the Group’s principal
revenue streams of money transfer, conversion services and debit card services.
This includes:
• banking and other fees, net of applicable rebates, incurred in processing customer
transfers and the costs of providing cards to customers;
• net foreign exchange costs generated due to customer transactions, including the costs
related to the difference between the published mid-market rate offered to customers
and the rate obtained by the Group in acquiring currency. Within the same line are
included the net foreign exchange differences from the revaluation of customer
balances at period end. Other product costs include product losses that are directly
generated from customer transactions, including chargeback losses, as well as taxes
directly attributable to customer activity.
Breakdown of expenses by nature:
Banking and customer-related fees
263.1
252.5
Net foreign exchange movements and other product costs
65.0
54.9
Total cost of sales
328.1
307.4
Amounts charged to credit losses on financial assets
9.1
12.5
Net credit losses
9.1
12.5
Expected credit losses are presented as net credit losses within gross profit and subsequent
recoveries of amounts previously written off are credited against the same line item. Subsequent
recoveries of amounts previously written off are immaterial in both the current and prior year.
Note 7. Administrative expenses
Employee benefit expenses
1
412.7
377.3
Consultancy and outsourced services
128.1
90.4
Other administrative expenses
78.2
42.0
Technology
65.9
53.5
Marketing
53.8
36.5
Depreciation and amortisation
18.4
18.3
Impairment of property, plant and equipment
11.5
–
Less: Capitalisation of staff costs
–
(2.1)
Total administrative expenses
768.6
615.9
1.
For further details on employee benefit expenses, including accounting policies, refer to note 8.
During the financial year ended 31 March 2025, the Group expensed £129.0m of product
engineering costs (2024: £115.8m). These costs directly relate to the development of the
Group’s product offerings and primarily comprise employee costs of the Engineering and
Product teams.
134Wise Annual Report and Accounts 2025
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During the year, the Group (including its overseas subsidiaries) obtained the following services
from the Company’s auditors:
Fees payable to the Company’s auditors and its associates for the
audit of Company and Group consolidated financial statements
2.3
2.7
Audit of the financial statements of the Company’s subsidiaries
2.0
1.8
Total audit fees
4.3
4.5
accounts
0.9
0.8
Total non-audit fees
0.9
0.8
Note 8. Employee benefit expenses
The aggregate remuneration of employees for the year ended 31 March 2025 was as follows:
Salaries and wages
290.5
248.9
Share-based payment compensation expense
58.4
72.5
Social security costs
41.1
37.7
Pension costs
10.2
8.6
Other employment taxes and insurance costs
12.5
9.6
Total employee benefit expense
412.7
377.3
Refer to note 23 for details on awards granted to employees and the accounting policy for
share-based payments.
Remuneration of key management personnel is disclosed in note 26.
The monthly average number of employees during the year ended 31 March 2025 was
as follows:
Servicing
3,915
3,396
Product Development
1,411
1,341
Other functions
534
492
Marketing
291
270
Total average number of employees
6,151
5,499
Note 9. Finance expense
Accounting policy
Interest expense related to the Revolving Credit Facility is recognised in finance expense
over the term of the facility using the effective interest method. The effective interest rate
represents the true cost of borrowing and is the rate that discounts the estimated future
cash payments through the expected life of the Revolving Credit Facility.
Interest expense related to Revolving Credit Facility
11.8
19.2
Interest on lease liabilities
3.6
1.1
Other financial expenses
0.1
0.2
Total finance expense
15.5
20.5
135Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Tax expense:
UK corporation tax
132.5
78.5
Foreign corporation tax
18.1
13.4
Adjustment in respect of prior years
(1.3)
2.3
Total current tax expense for the year
149.3
94.2
Increase in deferred tax
0.5
36.4
Adjustment in respect of prior years
(1.7)
(3.8)
Total deferred tax expense for the year
(1.2)
32.6
Total tax expense for the year
148.1
126.8
Factors affecting tax expense for the year:
Profit before taxation
564.8
481.4
Profit multiplied by the UK tax rate of 25% (2024: 25%)
141.2
120.4
Adjustments in respect of prior periods
(3.0)
(1.5)
Effect of expenses not deductible
6.5
0.4
Movement in tax provisions
0.1
3.1
Employee option plan
0.2
0.8
Difference in overseas tax rates and overseas taxes paid
5.0
3.7
Change in rate of recognition of deferred tax
0.3
(0.1)
Deferred tax not previously recognised
(2.2)
–
Total tax expense for the year
148.1
126.8
The Group’s effective tax rate (ETR) before other comprehensive income (OCI) is a 26% charge
(2024: 26% charge).
This equates to the applicable UK corporation tax rate of 25%, adjusted for a number of factors
such as double taxation on overseas income, movements in provisions and higher overseas
tax rates.
Note 10. Tax
Accounting policy
The tax expense for the year comprises current and deferred tax. Tax is recognised in
the income statement, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in
other comprehensive income or directly in equity, respectively.
The current tax charge is calculated on the basis of the tax laws enacted or substantively
enacted at the balance sheet date in the countries where the Company and its subsidiaries
operate and generate taxable income. Management periodically evaluates positions taken
in tax returns with respect to situations in which applicable tax regulation is subject to
interpretation. It establishes provisions where appropriate on the basis of amounts
expected to be paid to the tax authorities.
Deferred tax is recognised on temporary differences arising between the tax bases
of assets and liabilities and their carrying amounts in the Group financial statements.
Deferred tax is determined using tax rates (and laws) that have been enacted or
substantively enacted by the balance sheet date and are expected to apply when the
related deferred tax asset is realised, or the deferred tax liability is settled. Deferred
tax assets and liabilities are classified as non-current assets and liabilities.
Deferred tax assets are recognised only to the extent that it is probable that future taxable
profit will be available against which the temporary differences can be utilised. Deferred
tax assets on share-based payments are recognised for the share options not exercised at
the balance sheet date. The deferred tax assets on share-based payments are determined
based on the share price at the balance sheet date. The impact of recognition is split
between income tax expense in profit or loss for the year, for the element up to the
cumulative remuneration expense; and the share-based payment reserve, recognised
directly in equity, for the element in excess of the related cumulative
remuneration expense.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to
offset current tax assets against current tax liabilities and when the deferred tax assets
and liabilities relate to income taxes levied by the same taxation authority on either the
same taxable entity or different taxable entities and there is an intention to settle the
balances on a net basis.
Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in
which the Group operates. The Group has applied a temporary mandatory exception from
deferred tax accounting for the impacts of the top-up taxes and accounts for these as
current tax when incurred.
136Wise Annual Report and Accounts 2025
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Amounts recognised in other comprehensive income:
Recognition of current tax liability on listed bonds
–
0.1
Recognition of deferred tax asset on listed bonds
(3.5)
(3.6)
Total amounts recognised in other comprehensive income
(3.5)
(3.5)
Amounts recognised directly in equity:
Deduction for exercised options
17.8
15.7
Recognition of deferred tax asset on share-based payments
(17.3)
25.1
Total amounts recognised directly in equity
0.5
40.8
The deferred tax asset in relation to share-based payments was recognised based on the share
price at the balance sheet date which was £9.45 (2024: £9.29).
Deferred tax assets and liabilities
Movements during the year
Year ended 31 March 2025
Property, plant and equipment
0.9
(0.1)
–
–
0.8
Share-based payments
92.7
0.5
(17.3)
(0.5)
75.4
Intangibles
(1.6)
1.4
–
–
(0.2)
Provisions
5.0
1.5
–
(0.1)
6.4
Tax losses
1.4
(0.9)
–
(0.1)
0.4
Other
2.2
(1.2)
(3.5)
0.4
(2.1)
Closing deferred tax asset
100.6
1.2
(20.8)
(0.3)
80.7
Deferred tax assets
103.0
–
–
–
84.7
Deferred tax liabilities
(2.4)
–
–
–
(4.0)
Total
100.6
–
–
–
80.7
Year ended 31 March 2024
Property, plant and equipment
0.3
0.8
–
–
1.1
Share-based payments
61.6
6.1
25.1
(0.2)
92.6
Intangibles
(1.0)
(0.6)
–
–
(1.6)
Provisions
3.0
2.0
–
–
5.0
Tax losses
40.2
(38.9)
–
–
1.3
Other
8.0
(2.1)
(3.6)
(0.1)
2.2
Closing deferred tax asset
112.1
(32.7)
21.5
(0.3)
100.6
Deferred tax assets
113.2
–
–
–
103.0
Deferred tax liabilities
(1.1)
–
–
–
(2.4)
Total
112.1
–
–
–
100.6
The deferred tax asset is predominantly generated in the UK and the US and mainly comprises
unexercised share options which are forecast to be exercised within four years and as such are
less sensitive to changes in long-term profit forecasts. The deferred tax asset on share options
is impacted by the future share price.
The deferred tax assets are reviewed at each reporting date to determine recoverability
and to determine a reasonable time frame for utilisation. To determine this, the Group uses the
approved Group forecast used for the viability statement and going concern analysis. The Group
considers it is probable that there will be sufficient taxable profits in the coming years to realise
the majority of the deferred tax asset. Consequently, the Group has recognised a deferred tax
asset of £84.7m (2024: £103.0m), with a remaining £3.9m unrecognised deductible temporary
differences relating to foreign tax credits (2024: £nil).
Both the UK and the US utilised brought forward losses in FY2023 and in FY2024, with the UK
taxable losses fully utilised as at 31 March 2024 and the US taxable losses fully utilised as at
31 March 2025. Therefore, there are no deferred tax assets in respect of losses recognised in
the UK and the US as at 31 March 2025.
The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive
Framework on Base Erosion and Profit Shifting published on 20 December 2021 introduced the
Pillar Two model rules designed to address the tax challenges arising from the digitalisation of
the global economy. The Pillar Two regulation provides for an international framework of rules
aimed at ensuring that worldwide profits of multinational groups are subject to tax at a rate not
lower than 15% in every jurisdiction in which a group operates.
The Group operates in the United Kingdom (amongst other locations), which has enacted new
legislation to implement the global minimum top-up taxes. The first period for which enacted
legislation is effective for the Group is the year ended 31 March 2025.
137Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

The Pillar Two rules provide for a transition period in which the in-scope multinational groups are
excused from undergoing the complex effective tax rate calculation required by the new piece of
legislation. In particular, the Pillar Two legislation provides for a transitional safe harbour (“TSH”)
that applies for the first three fiscal years following the entry into force of the relevant regulation
and deems the top-up tax due in a jurisdiction to be zero where the TSH tests are met.
The Group has performed an assessment of the Group’s exposure to Pillar Two income taxes,
including assessment of the TSH tests. This calculation is based on the accounting data for the
fiscal year 2025. Based on the calculation, the Group does not expect any material top-up taxes
under enacted or substantively enacted Pillar Two legislation for the year ended 31 March 2025.
Note 11. Earnings per share
Basic EPS has been calculated by dividing the profit attributable to the Group’s owners by
the weighted average number of ordinary shares outstanding during the period, including, the
ordinary shares issuable for no consideration for which all conditions are satisfied (25.6 million
shares as at 31 March 2025 and 39.1 million shares as at 31 March 2024).
Shares held by the Employee Share Ownership Plan (ESOP) Trust are deducted from both
basic and diluted EPS calculations. At the end of the reporting period, there were 14.6 million
(31 March 2024: 22.9 million) shares held in the ESOP Trust.
The diluted EPS calculation adjusts the weighted average number of shares used in the
basic EPS calculation by assuming all potentially dilutive shares convert into ordinary shares.
Rights granted to employees under employee share award plans, with a strike price and/or
with conditions which have not yet been met, are considered to be potential dilutive shares
and therefore have been included in the calculation of diluted EPS.
2025
2024
Profit for the year (£m)
416.7
354.6
Weighted average number of Ordinary Shares for basic EPS (in
millions of shares)
1,032.2
1,036.7
Plus the effect of dilution from share options (in millions of shares)
16.5
14.7
Weighted average number of Ordinary Shares adjusted for the
effect of dilution (in millions of shares)
1,048.7
1,051.4
Basic EPS, in pence
40.37
34.20
Diluted EPS, in pence
39.73
33.73
Note 12. Property, plant and equipment
Accounting policy
Property, plant and equipment is stated at historical cost less accumulated depreciation
and any accumulated impairment losses. Items of property, plant and equipment are
derecognised on disposal or when no future economic benefits are expected to arise
from the continued use of the asset.
Computer equipment is not recorded in property, plant and equipment, but expensed as
low-value short-lived equipment.
The accounting policy for right-of-use assets is included in note 18.
Depreciation
Depreciation is charged on a straight-line basis from the time the asset is available for use,
so as to allocate the cost of assets less their residual value over their estimated useful
lives; these values and lives are reviewed each year. Subject to these reviews, the
estimated useful lives assigned to principal categories of assets are as follows:
• Right-of-use assets: lease term (1-10 years)
• Leased office improvements: lease term (1-10 years)
• Office equipment: 5 years
1
Change in estimates
During the financial year, the Group has entered into new long-term leases in several
locations and conducted a review of the useful lives of leased office improvements and
office equipment. As a result, the expected useful life of the leasehold improvements was
updated to the lease term and the useful life of the office equipment increased from 2 to 5
years. The effect of these changes on the depreciation expense for the financial year and
the future periods, included in administrative expenses, is not material.
Impairment of property, plant and equipment
Reviews are carried out if there is an indication that assets may be impaired, to ensure that
property, plant and equipment are not carried at above their recoverable amounts.
1.
Except Brazil where 10 years is used to align with local accounting rules.
138Wise Annual Report and Accounts 2025
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Cost
29.4
13.0
6.6
0.5
49.5
Accumulated depreciation
(17.5)
(7.2)
(3.7)
–
(28.4)
Net book value
11.9
5.8
2.9
0.5
21.1
Additions
15.3
0.1
–
10.3
25.7
Reclassifications
–
3.4
2.0
(5.4)
–
Depreciation charge
(7.3)
(2.5)
(1.6)
–
(11.4)
Disposals
–
(0.8)
–
–
(0.8)
Foreign currency translation differences
(0.4)
–
0.2
(0.1)
(0.3)
Cost
39.0
15.4
8.1
5.3
67.8
Accumulated depreciation
(19.5)
(9.4)
(4.6)
–
(33.5)
Net book value
19.5
6.0
3.5
5.3
34.3
Additions
75.0
2.1
–
34.7
111.8
Reclassifications
–
31.8
7.4
(39.2)
–
Depreciation charge
(10.7)
(2.6)
(1.6)
–
(14.9)
Impairment charge
(9.4)
(2.1)
–
–
(11.5)
Disposals
(4.0)
(0.6)
–
–
(4.6)
Foreign currency translation differences
0.7
–
–
0.1
0.8
Cost
101.4
46.0
15.5
0.9
163.8
and impairment
(30.4)
(11.4)
(6.1)
–
(47.9)
Net book value
71.0
34.6
9.4
0.9
115.9
Impairment loss
During the financial year, the Group moved or transferred part of its operations into new leased
premises and as part of this tested for impairment the right of use asset and the related leased
office improvements for office space that will no longer be utilised. An impairment loss of
£11.5m (2024: nil) was subsequently recognised from writing down to its recoverable amount
the right of use asset and the related leased office improvements. The recoverable amount
was determined by reference to either the fair value less costs to sell or value in use where
applicable. The impairment loss is included in administrative expenses in the statement of
profit or loss.
Note 13. Intangible assets
Accounting policy
Intangible assets predominantly relate to internally generated software and other
intangible assets and are stated at cost less accumulated amortisation.
Internally generated software
The Group develops software used in the provision of its services. Only the development
costs that are directly attributable to the design, development and testing of new software
controlled by the Group are capitalised. Other development expenditures that do not meet
the recognition criteria are recognised as an expense as incurred. Development costs
previously recognised as an expense are not recognised as an asset in a subsequent period.
Costs associated with maintaining computer software are recognised as an expense as
incurred. Directly attributable costs that are capitalised as part of the software product
comprise software development employee costs.
Other intangible assets
Other intangible assets primarily include licences and domain purchases. They are amortised
on a straight-line basis over their useful economic life or the term of the contract.
Amortisation
The Group amortises intangible assets on a straight-line basis over 3 years, except for
mobile applications which are amortised over 2 years, and licence purchases that are
amortised over a period of 2-10 years.
Impairment of intangible assets
Intangible assets are assessed for impairment whenever there is an indicator that they
might be impaired, for example when the assets are no longer in use and need to
be decommissioned.
139Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Cost
28.3
5.0
33.3
Accumulated amortisation
(19.1)
(2.8)
(21.9)
Net book value
9.2
2.2
11.4
Additions
2.0
–
2.0
Amortisation charge
(6.5)
(0.4)
(6.9)
Cost
11.0
4.6
15.6
Accumulated amortisation and impairment
(6.3)
(2.8)
(9.1)
Net book value
4.7
1.8
6.5
Additions
–
0.9
0.9
Amortisation charge
(3.0)
(0.4)
(3.4)
Cost
6.6
5.1
11.7
Accumulated amortisation and impairment
(4.9)
(2.8)
(7.7)
Net book value
1.7
2.3
4.0
Note 14. Trade and other receivables
The Group recognises impairment loss allowances for expected credit losses on financial
assets that are measured at amortised cost. The impairment loss allowance, recognised
during the year, relates to chargebacks and negative customer balances. For chargebacks,
the Group has established a provision matrix that is based on its historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic
environment. For negative customer balances, if an active non-fraudulent account goes
more than 30 days past due, according to the Group policy, it is perceived as an indication
of a significant increase in credit risk and the receivable is provided in full.
Refer to note 19 for further information on expected credit losses.
Accounting policy
Trade and other receivables primarily consist of amounts due from payment processors,
partners, brokers and customers, and collateral deposits the Group holds with its
counterparties. Trade and other receivables are initially recognised at fair value and
subsequently measured at amortised cost less impairment for expected credit losses.
The carrying values of current trade receivables approximate their fair values due to
their short maturity.
Trade and other receivables are presented as current in the statement of financial position
if it is expected to be realised or intended to be sold or consumed in the normal operating
cycle; and/or expected to be realised within 12 months after the reporting period. All other
assets are classified as non-current.
Office lease deposits
6.5
2.8
Other non-current receivables
32.3
29.3
Total non-current trade and other receivables
38.8
32.1
Receivables from customers
1
97.1
131.6
Receivables from partners
76.1
93.6
Receivables from brokers
54.3
19.9
Receivables from payment processors
40.0
95.6
Prepayments
26.4
30.1
Collateral deposits
25.4
25.0
Interest receivable
23.0
30.9
Other receivables
5.3
16.1
Total current trade and other receivables
347.6
442.8
1.
Receivables from customers disclosed are net of expected credit loss provision of £46.6m as at
31 March 2025 (2024: £41.3m). The movement in the provision for the year is predominantly related to
increased activity and the related increase in customer balances, which resulted in the increase of negative
customers’ balances older than 30 days. Customer chargebacks decreased by £0.9m to £1.6m at 31 March
2025 (31 March 2024: £2.5m) and negative customer balances increased by £6.1m to £45.0m (31 March
2024: £38.9m).
140
Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Cash at banks and in transit between Group bank accounts
7,845.9
6,570.3
Investment into money market funds
5,992.2
3,776.1
Cash in transit to customers
144.7
132.8
Total cash and cash equivalents
13,982.8
10,479.2
Cash at banks and in transit between Group bank accounts include term deposits of £204.2m
(2024: £285.8m). Their settlement date is three months or less.
Of the £13,982.8m (2024: £10,479.2m) cash and cash equivalents at the year end, £1,430.2m
(2024: £1,061.1m) is the corporate cash balance of the Group. This balance is not related to
customer funds, which are held in Wise accounts, or collected from customers as part of the
money transfer settlement process.
The Group is subject to various regulatory safeguarding compliance requirements with
respect to customer funds. Such requirements may vary across the different jurisdictions in
which the Group operates. Within the £7,845.9m (2024: £6,570.3m) of cash at banks and in
transit between Group bank accounts is £5,807.5m (2024: £5,290.5m) of customer funds in
segregated, safeguarding bank accounts and term deposits held at investment grade banking
institutions, or the highest possible credit-rated institutions in non-investment grade jurisdictions
(bank ratings being limited by the relevant country rating). The remainder of safeguarded
customer deposits were held across highly liquid global money market funds (MMFs), treasury
bonds and investment grade corporate paper, as allowed by local regulations. In addition, during
the year ended 31 March 2025, the Group has introduced a hybrid approach to safeguarding
UK customer funds by implementing Safeguarding via Comparable Guarantees, of total value
of £520.0m, with nine investment grade sureties. The Group holds the amount equal to the
value of these guarantees in our customer network to support customer activity and liquidity.
Note 15. Cash and cash equivalents
Accounting policy
Cash and cash equivalents include on-demand deposits, term deposits used for meeting
short-term cash commitments, deposits (with collateral) held, money market funds
(MMFs) and other short-term high-quality liquid investments with original maturities
of 3 months or less, and e-money held with payment processing partners. Due to the
short duration of the cash and cash equivalents (less than 3 months), the fair value
approximates the carrying value at each reporting period.
Cash and cash equivalents is presented as current in the statement of financial position,
unless it is restricted from being exchanged or used to settle a liability for at least twelve
months after the reporting period.
Cash in transit to customers represents cash that has been paid out from the Group bank
accounts but has not been delivered to the bank account of the beneficiary.
Cash collateral deposits the Group holds with its counterparties are recognised under
‘Trade and other receivables’ in the statement of financial position.
Customer deposits
As disclosed above, the Group recognises financial assets and liabilities for the funds
customers hold in their Wise accounts, and the funds collected from customers as part
of the money transfer settlement process that have not yet been processed. The liability
is recognised upon receipt of cash or capture confirmation (depending on pay-in method),
and is derecognised when cash is delivered to the beneficiary.
Principles to determine the point of delivery are the same as applied in revenue
recognition, see note 3.
Critical accounting judgement
Customer balances
The Group recognises financial assets and corresponding liabilities for the funds
customers hold in their Wise accounts and the funds the Group receives as part of
the money transfer settlement process. At the point that the cash is received from the
customer, the Group becomes party to a contract and has a right and an ability to control
the economic benefit from the cash flows associated with this balance. Additionally,
pursuant to IAS 32, the Group considers it does not have a legally enforceable right to
set off these financial assets and liabilities, or an intention to settle them on a net basis
or settle them simultaneously. Therefore, management has concluded that the recognition
of the financial assets and their respective liabilities on the balance sheet is appropriate.
141Wise Annual Report and Accounts 2025
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Accounts payable and accrued expenses
8.7
7.4
Other payables
37.1
38.7
Total non-current trade and other payables
45.8
46.1
Wise accounts
17,056.4
13,261.0
Outstanding money transmission liabilities
188.8
235.9
Payables to payment processors
125.3
216.8
Accrued expenses
103.0
76.3
Other payables
65.5
39.2
Other taxes
10.2
11.8
Accounts payable
16.8
7.9
Deferred revenue
12.8
12.9
Total current trade and other payables
17,578.8
13,861.8
Wise accounts
The table below illustrates the currencies in which Wise accounts are held:
EUR
6,283.6
4,717.6
USD
5,862.6
4,881.8
GBP
2,577.3
2,092.2
AUD
495.7
338.0
CAD
305.6
205.1
CHF
295.9
183.9
JPY
279.2
182.7
Other
956.5
659.7
Total
17,056.4
13,261.0
Note 16. Trade and other payables
Accounting policy
Accounts payable consist of obligations to pay for goods and services that have been
acquired in the ordinary course of business from suppliers on the basis of normal credit
terms and do not bear interest.
Wise accounts relate to the funds customers hold in their Wise accounts and the funds the
Group receives as part of the money transfer settlement process. They are non-derivative
liabilities to personal or business customers for money they hold with the Group and do
not constitute borrowings. Refer to note 15 for details of the judgement management has
exercised in relation to customers’ balances and the recognition of the financial assets and
their respective liabilities on the balance sheet.
Outstanding money transmission liabilities represent transfers that have not yet been paid
out or delivered to a recipient.
Payables are initially recognised at fair value and subsequently measured at amortised cost.
Trade and other payables are presented as current in the statement of financial position
if it is expected to be settled in the normal operating cycle; or expected to be settled
within 12 months after the reporting period; or there is no unconditional right to defer the
settlement of the liability for at least twelve months after the reporting period. All other
liabilities are classified as non-current.
Trade and other payables are unsecured unless otherwise indicated; due to the short-term
nature of current payables, their carrying values approximate their fair value.
142Wise Annual Report and Accounts 2025
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Note 17. Borrowings
Accounting policy
Borrowings, consisting of a Revolving Credit Facility (RCF), are recognised initially at fair
value, net of transaction costs incurred, and are subsequently carried at amortised cost.
Any difference between the proceeds (net of transaction costs) and the redemption value
is recognised as interest expense using the effective interest method over the term of the
borrowing. Fees paid on the establishment of loan facilities are recognised as transaction
costs of the loan to the extent that it is probable that some or all of the facility will be
drawn down. In this case, the fee is deferred and treated as a transaction cost when
the draw-down occurs. The Group presents the impact of transaction costs as part of
financing cash flows.
Borrowings are classified as current liabilities unless, at the end of the reporting period,
the Group has a right to defer settlement of the liability for at least 12 months after the
reporting period. Covenants that the Group is required to comply with, on or before the
end of the reporting period, affect whether the right to defer exists at the reporting date
and therefore impact the classification of loan arrangements with covenants as current
or non-current. Covenants that the Group is required to comply with after the reporting
period do not affect the classification.
Interest expense related to Revolving Credit Facility
1.3
4.3
Total current borrowings
1.3
4.3
Revolving Credit Facility
98.1
198.4
Total non-current borrowings
98.1
198.4
Total borrowings
99.4
202.7
Change in accounting policy
As a result of the adoption of the amendments to IAS 1 – Classification of Liabilities as Current or
Non-current and Non-current Liabilities with Covenants, the Group has classified its borrowings
as non-current, because it has the right to defer payment for more than 12 months. The policy
change resulted in £198.4m of comparative balances being re-presented.
Borrowings movement reconciliation:
Opening balance
202.7
249.9
Proceeds
200.0
420.0
Transaction costs
(2.1)
(0.5)
Repayments
(300.0)
(470.0)
Interest expense paid
(13.0)
(15.8)
Interest expense
11.8
19.2
Foreign currency translation differences
–
(0.1)
Closing balance
99.4
202.7
Revolving credit facility (RCF)
In the year ended 31 March 2025, the Group terminated its previous secured Revolving Credit
Facility and entered into a new, unsecured, multi-currency revolving facility for £330.0m offered
by a syndicate of six lenders, namely: HSBC Innovation Banking Limited, JP Morgan Chase Bank
N.A. London Branch, National Westminster Bank Plc, Citibank N.A. London Branch, Barclays
Bank PLC and Goldman Sachs Lending Partners LLC. The maturity date of the facility is
December 2027, and the agreement offers two, one-year, extension options.
The facility bears interest at a rate per annum equal to SONIA plus a margin determined by
reference to adjusted leverage (calculated as a ratio of debt to adjusted EBITDA). The agreement
contains certain customary covenants, including to maintain a maximum total net leverage ratio
not in excess of 3:1 and interest cover (calculated as a ratio of adjusted EBITDA to finance
charges in accordance with the terms of the agreement) not less than a ratio of 3.5:1 in
respect of any relevant period.
The Group monitors compliance with the covenants throughout the reporting period and has
complied with all financial covenants for this and all reporting periods. The undrawn available
committed funds as at 31 March 2025 were £230.0m (2024: £200.0m).
Credit ratings
The Group obtained independent credit ratings from Standard & Poor’s Global (S&P) and Fitch
Ratings that were published on 3 April 2025. These ratings assess the creditworthiness of the
Group, its subsidiaries and branches, and are based on reviews of a broad range of business
and financial attributes including capital strength, profitability, funding, liquidity, strategy
and governance.
143Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Credit ratings and outlook of Wise plc
1
Long term
Outlook
Standard & Poor’s
BBB
Stable
Fitch Ratings
BBB
Stable
1.
These credit ratings were published after the financial year end, on 3 April 2025 by S&P and Fitch respectively.
As of 31 March 2025, there were no liabilities or covenants that made reference to these
credit ratings.
Note 18. Lease liabilities
Accounting policy
Where the Group is the lessee, the right-of-use assets are recorded within the ‘Property,
plant and equipment’ line in the statement of financial position and are measured at an
amount equal to the lease liability. These relate to office spaces leased in various locations
and are depreciated on a straight-line basis with the charge recognised in administrative
expenses. The liability, recognised as part of the lease liabilities, is measured at a
discounted value and any interest is charged to finance charges. The Group presents
the payments of principal and interest on lease liabilities as part of financing cash flows.
The Group has elected not to apply the requirements of IFRS 16 to short-term leases
(leases with a lease term of 12 months or less) and leases for which the underlying asset
is of low value. Low-value assets comprise IT and office equipment with a purchase price
under £5,000. Payments associated with short-term and low-value assets are recognised
on a straight-line basis as an expense in profit or loss.
Extension and termination options are included in a number of office space leases across
the Group to maximise operational flexibility and they are exercisable only by the Group
and not by the lessors. The Group assesses at the lease commencement date whether
it is reasonably certain to exercise the extension options. The Group reassesses whether
it is reasonably certain to exercise the options if there is a significant event or significant
changes in circumstances within its control.
Current
10.3
6.7
Non-current
75.9
14.8
Total lease liabilities
86.2
21.5
Lease movement reconciliation:
Opening balance
21.5
14.5
Repayments
(6.1)
(7.1)
Interest expense paid
(3.6)
(1.1)
New leases
75.3
15.3
Interest expense
3.6
1.1
Foreign currency translation differences
0.0
(0.2)
Other
(4.5)
(1.0)
Closing balance
86.2
21.5
As at 31 March 2025, the lease liabilities are £86.2m (2024: £21.5m) and relate to the expected
terms remaining on multiple office space leases that the Group uses for its operations,
discounted at between 2.2% and 14.0%. The leases expire between 2025-2035.
The significant increase in lease liabilities is due to the Group entering into new long term leases
in several locations during the year. As a result of this increase, lease liabilities have now been
presented separately from borrowings due to their materiality and to provide more relevant
information to users of the financial statements.
The total expense, relating to short-term leases to which the lessee recognition and measurement
requirement has not been applied, for the year ended 31 March 2025 is £1.4m (2024: £1.0m).
The Group has extension options in office leases, which have not been exercised as at 31 March
2025. The potential future lease payments, should the Group exercise the extension options,
would result in an increase in the lease liability of £4.8m.
The Group has termination options in multiple office leases, one of which management is
certain as at 31 March 2025 that the termination option will be exercised. The potential future
lease payments, should the Group not exercise this termination option, would result in an
increase in the lease liability by £0.7m.
144Wise Annual Report and Accounts 2025
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Note 19. Financial instruments and risk management
Accounting policy
Financial assets
The Group classifies its financial assets, at initial recognition, and subsequently measures
them at:
• amortised cost;
• fair value through profit or loss (FVTPL); and
• fair value through other comprehensive income (FVOCI).
The classification of financial assets at initial recognition depends on the financial asset’s
contractual cash flows and the Group’s business model for managing them. The Group’s
business model for managing financial assets refers to how they are used in order to
generate cash flows. The business model determines whether cash flows will result
from collecting contractual cash flows, selling the financial assets, or both. Cash flows
in relation to purchase or sale of these instruments are classified as investing activities
in the consolidated cash flow statement.
Financial assets at amortised cost
The Group classifies its financial assets at amortised cost only if both of the following
criteria are met:
• the asset is held within a business model whose objective is to collect the contractual
cash flows; and
• the contractual terms give rise to cash flows that are solely payments of principal
and interest.
Financial assets at amortised cost are subsequently measured using the effective
interest method and are subject to impairment. Gains and losses are recognised in
the profit or loss when the asset is derecognised, modified or impaired. Financial assets
measured at amortised cost are predominantly trade and other receivables and cash and
cash equivalents.
Financial assets at fair value through other comprehensive income (FVOCI)
The Group classifies debt securities (e.g. bonds) as FVOCI, as the contractual cash flows
are solely payments of principal and interest, and the objective of the Group’s business
model is achieved both by collecting contractual cash flows and selling financial assets.
Financial assets through profit or loss (FVTPL)
Financial assets are classified at fair value through profit or loss when they do
not meet the criteria to be measured at amortised cost or fair value through other
comprehensive income, as described above. This includes debt instruments that do not
meet the amortised cost criteria or the FVOCI criteria and all derivative financial assets .
Interest earned on assets mandatorily required to be measured at FVTPL is recorded using
the contractual interest rate.
Impairment of financial assets
The Group recognises impairment loss allowances for expected credit losses (‘ECLs’)
on financial assets that are measured at amortised cost or fair value through other
comprehensive income. The ECL assessment considers both the 12-month and the
lifetime ECL, as per IFRS 9 requirements.
The Group considers that the below elements have low credit risk based on the credit
quality of the counterparties:
a. cash and cash equivalents;
b. debt instruments held at FVOCI;
c. collateral deposits the Group holds with its counterparties; and
d. receivables from payment processors, partners and brokers.
ECLs on these instruments are measured on a 12-month basis; nevertheless, when there
has been a significant increase in credit risk since initial recognition, the allowance will be
based on the lifetime ECL. At every reporting date, the Group evaluates whether there has
been a significant increase in credit risk since initial recognition using all reasonable and
supportable information that is available without undue cost or effort. The Group uses
external credit ratings if available both to determine whether the financial instrument
has significantly increased in credit risk and to the estimate ECLs. If a bank or other
counterparty has no external credit rating, the Group evaluates its credit quality,
where necessary, by analysing its financial position, past experience, and other factors.
The Group’s policy only allows exposures to banks and counterparties with sound credit
quality and limits the exposures to a maximum amount, considering their level of risk.
Furthermore, as per the Group’s investment policy, the debt instruments held at FVOCI
consist of quoted bonds and other fixed asset securities that are graded in the top
investment categories (rated A- and above) and, therefore, are considered to be low
credit risk investments.
The Group’s receivables from customers qualify for the simplified approach in calculating
ECLs, as they do not contain a significant financing component. Therefore, the Group does
not track changes in credit risk, but instead recognises a loss allowance based on lifetime
ECLs at each reporting date. To measure the ECLs, receivables from customers have been
grouped based on shared credit risk characteristics and number of days past due.
In calculating the ECLs on receivables recognised for chargebacks, the Group has
established a provision matrix that is based on its historical credit loss experience,
adjusted for forward-looking factors specific to the debtors and the economic
environment. For negative customer balances, if an active non-fraudulent account
145Wise Annual Report and Accounts 2025
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goes more than 30 days past due, according to Group policy, it is perceived as an
indication of a significant increase in credit risk and the receivable is provided in full.
Financial liabilities
Financial liabilities are measured at amortised cost, except for derivative liabilities,
which are classified as financial liabilities measured at fair value through profit or loss.
Derivative financial instruments
Derivative financial instruments are used to manage exposure to market risks. The principal
derivative instruments used by the Group are foreign currency swaps, foreign exchange
forwards and non-deliverable foreign exchange forwards. Such derivative financial
instruments are initially recognised at fair value on the date on which a derivative contract
is entered into and are subsequently remeasured at fair value through profit and loss at
each reporting date. The Group does not hold or issue derivative financial instruments
for trading or speculative purposes.
The fair value of the derivative financial instruments is determined by mark-to market
valuation technique. The key inputs in the valuation model are the observable foreign
exchange rates for the currencies involved. These inputs are considered level 2 within
the fair value hierarchy, as they are observable, but may not be quoted directly for the
specific instruments.
In the course of its business, the Group is exposed to the main financial risks: liquidity, credit,
and market risk from its use of financial instruments. The Group’s financial risk management
programme seeks to minimise potential adverse effects on the Group’s financial performance.
All financial risks are managed against a control framework and risk appetite, which include
defined metrics and limits. The treasury function is responsible for ongoing management.
The risk management function provides close oversight by monitoring exposures, proposing
metrics, methodologies and assumptions, setting limits and early warning indicators, and
performing stress testing.
a. Liquidity risk
Liquidity risk is the risk that the Group cannot meet its financial obligations as they fall due.
Management monitors rolling forecasts of the Group’s liquidity requirements to ensure it has
sufficient cash to meet operational needs.
The Group’s approach to managing liquidity risk is to ensure that it always has enough liquid
resources in excess of its liquidity risk appetite to meet its liabilities when due, under both normal
and stressed conditions, without incurring losses or risking damage to the Group’s position.
On the top of adhering to its internal liquidity risk management framework and risk appetite, the
Group follows and adheres to the overall financial adequacy rule (OFAR) requirements pursuant
to the guidance of MIFIDPRU 7. At 31 March 2025:
• the Group maintained healthy liquidity buffers above both the FCA liquid assets threshold
requirement as well as all minimum regulatory requirements across all Wise regulated entities
• the Group maintained healthy liquidity buffers above its internal risk appetite, supporting the
Group’s ability to withstand a range of severe, but plausible, market-wide and Wise-specific
stresses defined within the Group’s Internal Liquidity Adequacy Assessment and approved by
the Group’s board.
In May 2024, the Group entered into Safeguarding Insurance Guarantees with 9 insurance
companies to guarantee £520.0m of customer funds, so that this amount does not need to be
safeguarded and can be used for operating customer liquidity. These arrangements have an
18 month term and include specific renewal provisions which can be triggered 6 months before
the end of the term, in order to provide certainty on renewal at least 3 months before the end
of the term. Also the Group’s Revolving Credit Facility was refinanced in December 2024 as an
unsecured 3 year £330.0m facility, with the option to extend for 2 additional years. At 31 March
2025 £100.0m of the facility had been drawn down with a further £230.0m available.
Despite the Group’s use of external funding options for liquidity management, the impact of
refinancing risk on the Group’s liquidity adequacy is low due to the Group’s limited reliance on
the external funding and high level of internal liquidity.
The breakdowns of trade payables, borrowings and leases into current and non-current are
shown in notes 16, 17 and 18. See also note 19 (e) for the maturity profile of the Group’s financial
liabilities based on contractual undiscounted payments.
b. Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations. The credit risk exposures are managed
at Group level according to the Group’s credit risk appetite. Wise actively manages credit
concentration risk and it is Wise’s policy to impose credit limits in order to control the exposures
(amount and period) Wise has with each counterparty considering their level of risk. These limits
are set based on the credit ratings or perceived credit quality of each counterparty and approval
must be obtained from the Credit Risk Committee for any exceptions outside of the framework.
The Group’s maximum exposure to credit risk by class of financial asset is as follows:
Cash and cash equivalents
13,982.8
10,479.3
Short-term financial investments
4,654.9
4,033.9
Trade and other receivables
327.7
415.4
Derivative financial assets
2.5
1.6
Total assets subject to credit risk
18,967.9
14,930.2
Credit risk is mitigated as the majority of these financial assets are held with investment grade
financial institutions or invested in highly rated financial instruments with credit ratings assigned
by reputable credit rating agencies such as Moody’s, Standard & Poor’s and Fitch Ratings .
146Wise Annual Report and Accounts 2025
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The Group’s financial assets breakdown by external credit ratings is as follows:
AAA
5,992.2
3,776.1
AA/Aa
6,305.6
1,978.2
A
947.1
4,114.5
BBB/Baa
99.8
80.0
BB/Ba/B
119.1
56.0
CCC/Caa
0.7
2.1
Unrated
1
283.0
201.4
Cash in transit
235.3
271.0
Total cash and cash equivalents subject to credit risk
13,982.8
10,479.3
AAA,AA/Aa, A
4,654.9
4,033.9
Total short-term financial instruments subject to credit risk
4,654.9
4,033.9
AA/Aa
100.2
130.6
A
31.7
83.4
BBB/Baa
0.2
4.8
Unrated
1
195.6
196.6
Total trade and other receivables subject to credit risk
327.7
415.4
AA/Aa, A
2.5
1.6
Total derivative financial instruments subject to credit risk
2.5
1.6
1.
‘Unrated’ refers to payment service providers, banks and customers with no public credit rating issued by a
global credit rating agency.
The Group held cash and cash equivalents of £13,982.8m net of impairment allowance of £1.2m.
Impairment of cash and cash equivalents has been measured on a 12-month expected loss basis
and reflects the short maturities of the exposures.
c. Market risk
Interest rate risk
The Group is exposed to interest rate risk from fixed interest rate assets and liabilities on Wise’s
balance sheet. Interest rate risk is managed against a control framework, which is defined with
set metrics and limits in place.
The Group’s economic value of equity is exposed to interest rate risk from fixed interest rate
assets and liabilities on Wise’s balance sheet. The main fixed interest rate exposure for Wise
is driven by sovereign bonds within the safeguarded assets.
The Group is also exposed, more generally, to the risk of changes in net interest income (interest
income net of benefits paid to customers) resulting from potential movements in interest rates
on its financial assets, including cash and cash equivalents and short-term investments.
A 1% instantaneous downward shock of all interest rate curves would lead to a reduction of
£141.4m in annual interest income (2024: £110.9m), based on an average FY2025 balance of
£16,537.0m of financial assets and to a reduction in net interest income, after benefits paid to
customers, of £86.1m (2024: £69.0m), based on FY2025 level of interest returned to customers.
A 1% upward shock of all interest rate curves would lead to an increase of £142.1m in annual net
interest income (2024: £112.2m) and to an increase in net interest income, after benefits paid to
customers, of £86.7m (2024: £70.4m).
Foreign exchange risk
The Group is exposed to foreign exchange rate movement from holding assets and liabilities in
different currencies and guaranteeing Send Money customers a foreign exchange rate on their
international transfers for a short period of time. Wise actively monitors foreign exchange risk, and
exposures are managed through a combination of natural hedging and treasury hedging products.
The Group uses a combination of foreign currency swaps, foreign exchange forwards and
non-deliverable foreign exchange forwards to hedge its exposure to foreign currency risk:
2025
2024
Foreign currency swaps
1.6
2.5
1,124.0
1.2
0.8
494.9
Foreign exchange forwards
0.8
0.4
562.7
0.4
0.5
486.5
Non-deliverable foreign exchange forwards
0.1
0.8
95.9
–
0.3
45.6
Total derivative financial instruments
2.5
3.7
1,782.6
1.6
1.6
1,027.0
The remaining maturity of all open treasury positions as at 31 March 2025 is between 1 to
30 days (31 March 2024: between 1 to 19 days).
147Wise Annual Report and Accounts 2025
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The notional contract amounts of derivatives held to manage the foreign exchange exposure
indicate the nominal value of transactions outstanding at the balance sheet date. They do not
represent amounts at risk. Since the balance sheet date all open treasury positions have been
realised or settled.
The Group’s exposure to foreign exchange risk by currency
The table below presents the Group’s net position (difference between financial assets and
liabilities) across its main currencies at the end of each reporting period. This table does not
include the final settlement amounts of any open derivative positions, as these are only accounted
for upon cash settlement on the balance sheet. Hence the accounting exposures below, as at
31 March 2025, are higher than the true economic exposures to foreign exchange risk:
USD
1
258.9
60.8
HUF
1
(134.2)
(96.6)
BRL
1
50.6
52.6
SGD
1
46.9
37.3
EUR
1
(45.2)
(45.2)
THB
1
(40.2)
(43.1)
AUD
1
39.3
59.3
KRW
1
(35.3)
(1.2)
PLN
1
(29.5)
(8.1)
MXN
1
(27.2)
(4.4)
Other currencies
(51.8)
18.7
1.
The Group mitigates the exposure to foreign exchange risk from movements in these currencies with a
combination of treasury products. For further information on the instruments the Group utilises to manage
its foreign exchange risk, refer to the ‘Foreign exchange risk’ section above.
Foreign exchange fluctuations sensitivity analysis
Foreign exchange risk is monitored on an ongoing basis using a value at risk (VaR) and stressed
value at risk (SVaR) approach, considering the foreign exchange risk arising from open non GBP
currency positions as FX rates move adversely against our open positions. For the sensitivity
analysis, a severe stress was applied to our 31 March 2025 positions, which assumes that both
EUR and USD would depreciate 5% simultaneously. In this scenario, a loss of £3.2m would arise
over one day (2024: £1.4m).
d. Capital risk
Capital risk is the risk that the Group and its individual entities have an insufficient level or
composition of capital to support their normal business activities and to meet their regulatory
capital requirements, both under normal operating environments and stressed conditions.
The Group’s eligible capital comprises ordinary share capital, share based payments reserve,
other reserves and audited retained earnings, as disclosed in the consolidated statement of
changes in equity, less certain deductions (including deferred tax and intangibles).
The Group’s objectives when managing capital risk are to:
• adhere to regulatory requirements in each jurisdiction;
• safeguard the Group’s ability to continue as a going concern, so that the Group can continue
to provide returns for shareholders and benefits for other stakeholders;
• fund an orderly wind-down in a reverse stress scenario (an extreme, but still plausible,
combination of events or circumstances that would lead to that catastrophic failure
which won’t allow the Group to continue operating); and
• maintain an optimal capital structure to reduce the cost of capital.
The Group is subject to prudential regulatory consolidation which follows the rules in the
sourcebook for MIFID investment firms (‘MIFIDPRU’). This is the case due to the existence
of Wise Assets UK Ltd, a group UK FCA-regulated investment firm subject to the same rules.
Both Wise Assets UK Ltd (MIFID investment firm) and the Group (MIFID investment group)
are classified as Non-small and Non-interconnected investment firms (‘non-SNI’).
The Group also follows and adheres to the Overall Own Funds Threshold Requirement as this is
derived by the Group’s Internal Capital Adequacy Assessment (‘ICARA’) and approved by the
Group board. ICARA is a continuous risk assessment process which considers the business model
implication on capital and liquidity on an ongoing basis pursuant to the guidance of MIFIDPRU 7.
At 31 March 2025 the Group maintained healthy buffers above both the Group Overall Own
Funds Requirement as well as all minimum regulatory capital requirements across all Wise
regulated entities.
Further information on the Group’s policies and processes for managing capital, along with
the disclosure requirements under MIFIDPRU 8, can be found on our Owner relations website:
https://wise.com/owners/.
148Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

e. Carrying amounts and fair values of financial instruments
The carrying value of the Group’s financial assets and liabilities by measurement basis is
presented below:
Re-presented
1
Non-current receivables
6.5
2.8
Current trade and other receivables
321.2
412.6
Cash at bank and in transit
7,990.6
6,703.2
Total financial assets at amortised cost
8,318.3
7,118.6
Non-current lease liabilities
(75.9)
(14.8)
Non-current borrowings
(98.1)
(198.4)
Current lease liabilities
(10.3)
(6.7)
Current borrowings
(1.3)
(4.3)
Current trade and other payables
(17,525.9)
(13,806.0)
Total financial liabilities at amortised cost
(17,711.5)
(14,030.2)
Short-term financial investments
4,654.7
4,033.9
Total financial assets at FVOCI
4,654.7
4,033.9
Investment into money market funds
5,992.2
3,776.1
Derivative financial instruments
2.5
1.6
Other short term investments
0.2
–
Financial assets at FVTPL total
5,994.9
3,777.7
Derivative financial instruments
(3.7)
(1.6)
Financial liabilities at FVTPL total
(3.7)
(1.6)
1.
Comparative balances have been re-presented to align the investment into money market funds with our
business model to hold them for short-term liquidity.
Fair value hierarchy
Assets and liabilities carried at fair value or for which fair values are disclosed have been
classified into three levels according to the quality and reliability of information used to
determine the fair values.
• Level 1: The fair value of financial instruments traded in active markets is based on quoted
market prices at the end of the reporting period. Products classified as level 1 predominantly
comprise treasury bonds, investment grade corporate paper and money market funds.
The quoted market price used for financial assets held by the Group is the current close
price at the balance sheet date.
• Level 2: The fair value of financial instruments that are not traded in an active market is
determined using valuation techniques with the inputs that are observable either directly
or indirectly. The Group classifies derivative financial assets and liabilities as level 2 financial
instruments. These instruments are valued by observable foreign exchange rates. There were
no changes to the valuation technique during the period.
• Level 3: If one or more of the significant inputs is not based on observable market data, the
instrument is included in level 3. The Group does not currently have any financial instruments
in level 3.
The following table presents the Group’s assets and liabilities that are
measured at fair value by the level in the fair value hierarchy as at the
reporting date:
Short-term financial investments
4,654.9
4,654.9
–
–
Investment into money market funds
5,992.2
5,992.2
–
–
Derivative financial assets
2.5
–
2.5
–
Total financial assets measured at fair value
10,649.6
10,647.1
2.5
–
Derivative financial liabilities
(3.7)
–
(3.7)
–
Total financial liabilities measured at fair value
(3.7)
–
(3.7)
–
149Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Short-term financial investments
4,033.9
4,033.9
–
–
Investment into money market funds
3,776.1
3,776.1
–
–
Derivative financial assets
1.6
–
1.6
–
Total financial assets measured at fair value
7,811.6
7,810.0
1.6
–
Derivative financial liabilities
(1.6)
–
(1.6)
–
Total financial liabilities measured at fair value
(1.6)
–
(1.6)
–
Contractual maturity of financial liabilities based on undiscounted cash flows:
Current lease liabilities
(10.6)
(8.6)
Current borrowings
(105.0)
(209.9)
Current trade and other payables
(17,525.9)
(13,806.0)
Total financial liabilities
(17,641.5)
(14,024.5)
Non-current lease liabilities
(84.7)
(16.9)
Non-current borrowings
(3.4)
(1.0)
Total financial liabilities
(88.1)
(17.9)
Current and non-current borrowings include principal and interest.
Note 20. Provisions
Accounting policy
Provisions are liabilities where the exact timing and amount of the obligation are uncertain.
Provisions are recognised when the Group has a present obligation (legal or constructive)
as a result of past events, when an outflow of resources is probable to settle the obligation
and when an amount can be reliably estimated. The carrying amounts of provisions are
reviewed at each balance sheet date and adjusted to reflect the current best estimate.
At 31 March 2024
2.2
10.9
2.3
15.3
Provisions charged during the year
12.0
10.9
11.2
34.2
Provisions utilised or reversed during
the year
(0.6)
(4.1)
(6.8)
(11.5)
Exchange differences
–
(0.3)
–
(0.3)
At 31 March 2025
13.6
17.4
6.7
37.7
Current
13.6
8.4
3.8
25.8
Non-current
–
9.0
2.9
11.9
13.6
17.4
6.7
37.7
The Group recognises provisions for legal and regulatory matters that may arise as part of
its operations in highly regulated global environments.
The Group also recognises tax provisions where there is uncertainty around tax positions
globally and works constructively with local advisors and tax authorities on these matters.
Other includes property provisions in respect of the commitment to restore the Group’s leased
facilities to their original conditions at the end of the leasing period and commercial provisions.
150Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Note 21. Share capital
Allotted, called up and fully paid
Class
Nominal value, £
issued
Share capital, £
Class A Ordinary
0.01
1,025,000,252
10,250,003
Class B Ordinary
0.000 000 001
243,584,255
–
Total
1,268,584,507
10,250,003
Class
Nominal value, £
issued
Share capital, £
Class A Ordinary
0.01
1,024,777,252
10,247,773
Class B Ordinary
0.000 000 001
398,889,814
–
Total
1,423,667,066
10,247,773
During the year, the Company allotted 223,000 Class A Ordinary Shares with a nominal value of
£0.01 related to share options granted to Non-Executive Directors of Wise under the Company’s
legacy incentive plans prior to the Company’s admission to trading on the London Stock
Exchange (2024: 100,000 Class A Ordinary Shares).
During the year, the Company redeemed 155,305,559 Class B Ordinary Shares with a nominal
value of £0.000 000 001 in accordance with Article 15.3.2 of the Company’s Articles of
Association (2024: nil).
Each Class A Ordinary shareholder is entitled to one vote for each Class A Ordinary Share
held, subject to any restrictions on total voting rights as set out in the Company’s Articles of
Association. Class A Ordinary shareholders are entitled to interim or annual dividends to the
extent declared and do not hold any preferential rights to dividends. Class A Ordinary Shares
are non-redeemable.
Each Class B shareholder is entitled to nine votes for each Class B Share held, subject to any
restrictions on total voting rights as set out in the Company’s Articles of Association. Class B
Shares carry no rights to distributions of dividends except on distribution of assets, up to their
nominal value, on a liquidation or winding up. Class B Shares are strictly non-transferable,
non-tradable and non-distributable to any person or entity whatsoever.
Note 22. Own share reserve
Accounting policy
Own share reserve
Own share reserve represents the weighted average cost of shares of Wise plc that
are held by the employee share trust for the purpose of fulfilling obligations in respect
of various employee share plans. Own shares are treated as a deduction from equity, and
on exercising of employee awards, are transferred from own shares to retained earnings
at their weighted average cost.
Employee share trust
The Group provides financing to the Employee Share Ownership Plan (ESOP) Trust to
either purchase the Company’s shares on the open market, or to subscribe for newly
issued share capital, to meet the Group’s obligation to provide shares when employees
exercise their options or awards. Costs of running the ESOP Trust are charged to the
consolidated income statement. The Group consolidates this share trust.
Shares held by the ESOP Trust are deducted from reserves and presented in equity as
own shares until such time that employees exercise their awards. The consideration paid,
including any directly attributable incremental costs (net of income taxes), on purchase
of Company’s equity instruments is deducted from equity.
Purchase of own shares
During the financial year, Wise continued the programme, which commenced in 2023,
to purchase Wise shares in the market through the Trust in order to reduce the impact of
dilution from stock-based compensation. As of 31 March 2025, a total of 8,704,883 shares
(31 March 2024: 9,071,706) were purchased from the market at an average of £8.21 per share
(2024: £7.56). Directly attributable costs of £0.5m (2024: £0.5m) have been charged to equity.
151Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Note 23. Share-based employee compensation
Accounting policy
The Group operates a number of employee equity-settled schemes as part of its reward
strategy, which are designed to provide long-term incentives for all employees to deliver
long-term shareholder returns. Under the plans, participants are granted share awards
of the Company, which vest gradually over the vesting period and are equity settled
for shares within Wise plc. The maximum term of share awards granted is 10 years.
The total amount to be expensed is determined by reference to the fair value of the
awards granted and it is calculated using the closing share price at the grant date. It is
recognised in employee benefit expenses together with a corresponding increase in equity
(share-based payment reserve), over the period in which the service and the performance
conditions are fulfilled (the vesting period). Upon exercise of share options, the impact is
recognised in retained earnings.
For non-market-based awards, vesting conditions are included in the assumptions of
the number of options and awards that are expected to vest. At each reporting date, the
entity revises its estimates of the number of options and awards that are expected to vest.
It recognises the impact of the revision to original estimates, if any, in the statement of
comprehensive income, with a corresponding adjustment to the share-based payment
reserve. For awards subject to a market-based performance condition, no subsequent
adjustments may be made.
Employee share award plans
The awards are subject to service conditions, i.e. the requirement for recipients of awards
to remain in employment with the Group over the vesting period, which typically is 4 years.
Market-based awards
For market-based awards, the vesting is conditional on achievement of the relative total
shareholder return (TSR) compared to the FTSE 250 and volume growth performance
measures over the 3-year performance period.
Transactions on the share award plans during the year were as follows:
As at 31 March 2025
As at 31 March 2024
award, £
Number of awards
award, £
Number of awards
Beginning of year
0.08
53,590,058
0.08
65,648,858
Granted during the year
–
7,547,396
–
11,460,714
Exercised during the year
0.08
17,194,598
0.06
19,895,709
Forfeited during the year
0.00
3,174,878
0.01
3,623,805
End of year
0.08
40,767,978
0.08
53,590,058
Vested and exercisable as
at end of year
0.14
22,823,849
0.15
30,049,308
The share-based payment compensation expense for the year ended 31 March 2025 is £58.4m
(2024: £72.5m).
During the year £66.5m (2024: £54.2m) of share-based payments were vested and exercised
and were recycled to retained earnings.
Share awards outstanding at the end of the year have the following expiry dates and
exercise prices:
2015
2025
–
–
221,193
2016
2026
0.12
552,139
1,267,842
2017
2027
0.14
855,482
1,498,924
2018
2028
0.07
1,605,370
2,823,387
2019
2029
0.08
4,662,246
6,430,466
2020
2030
0.12
5,734,556
8,376,895
2021
2031
0.06
2,901,394
5,036,241
2022
2032
–
4,106,746
5,807,083
2023
2033
–
7,921,600
12,120,478
2024
2034
–
5,959,031
10,007,549
2025
2035
–
6,469,414
–
Total
40,767,978
53,590,058
outstanding at end of year
6.4 years
6.8 years
152Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

The weighted average share price at the date of exercise for share options exercised in 2025
was £8.71 (2024: £7.15).
Valuation of share awards
The assessed fair value at the grant date of share awards granted during the year ended
31 March 2025 was £8.58 per option on average (2024: £6.52). The fair value of the share
awards granted is calculated using the closing share price at the grant date.
Note 24. Cash generated from operating activities
Profit for the year
416.7
354.6
Depreciation, impairment of PPE and amortisation
7,12,13
29.9
18.3
Non-cash share-based payments expense
58.4
72.5
Foreign currency exchange differences
0.4
21.5
Current tax expense
10
148.1
126.8
Adjustment for interest income and expense
(612.2)
(484.6)
Fair value gain/loss on financial assets at FVOCI
–
0.3
Effect of other non-monetary transactions
(0.5)
2.1
Decrease/(increase) in prepayments and receivables
11.4
(119.2)
Increase in trade and other payables
58.9
58.0
Decrease/(increase) in receivables from customers and
payment processors
56.8
(72.7)
and deferred revenue
(104.5)
228.6
Increase in Wise accounts
4,073.8
2,788.7
Cash generated from operations
4,137.2
2,994.9
Note 25. Commitments and contingencies
The Group’s minimum future payments from non-cancellable agreements as at year end are
detailed below:
No later than 1 year
24.2
34.3
Later than 1 year and no later than 5 years
40.8
64.3
Total
65.0
98.6
No later than 1 year
1.4
0.6
Later than 1 year and no later than 5 years
8.4
27.7
Later than 5 years
12.9
55.5
Total
22.7
83.8
The Group does not have any other material commitments, capital commitments or
contingencies as at 31 March 2025 and 31 March 2024.
153Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Note 26. Transactions with related parties
Related parties of the Group and Wise plc include subsidiaries, key management personnel
(KMP), close family members of KMP and entities that are controlled or jointly controlled by
KMP or their close family members. Wise identifies the Board of Directors as KMP.
Balances and transactions between the Company and its subsidiaries, which are related parties,
have been eliminated on consolidation and are not disclosed in this note.
Details of the Directors’ remuneration and interest in shares are disclosed in the
Remuneration Report. Additional information for key management compensation and
particulars of transactions with related parties are presented below, in accordance with
IAS 24 Related Party Disclosures requirements.
Short-term employee benefits
0.5
0.6
Share-based payment expense
0.8
0.8
Non-Executive Directors’ fees
1.2
1.2
Total compensation paid to key management personnel
2.5
2.6
Short-term employee benefits include salaries for KMP. Refer to the Remuneration Report for the
remuneration of each Director.
Share-based payment expense is related to employee share option plans (more information
about the plans is provided in note 23).
In the financial year ended 31 March 2025, the KMP of the Group held deposits of £4.7m
(financial year ended 2024: 5.6m) in Wise accounts or Wise Assets.
Note 27. Post balance sheet events
The Board has concluded its review of the Group’s listing arrangements and, having assessed
in detail the optimal listing and structure, the Group intends to transfer its primary listing from
the equity shares (transition) category on the London Stock Exchange (“LSE”) to a US stock
exchange, and to maintain a secondary listing on the LSE. This would allow the Group’s shares
to trade on both a US stock exchange and the LSE.
No other material post balance sheet events have been identified.
154Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Note
2025
£m
2024
£m
Non-current assets
Investments in subsidiaries 3 181.8 202.3
Trade and other receivables 0.9 0.8
Total non-current assets 182.7 203.1
Current assets
Deferred tax assets 1.6 0.6
Current tax assets 0.4
Amounts owed by Group undertakings 4 56.1 0.4
Cash and cash equivalents 19.7 12.1
Trade and other receivables 1.3 1.9
Total current assets 79.1 15.0
Total assets 261.8 218.1
Non-current liabilities
Trade and other payables 1.0 0.8
Total non-current liabilities 1.0 0.8
Current liabilities
Amounts owed to Group undertakings 4 4.6 6.8
Current tax liabilities – 0.3
Trade and other payables 3.8 4.0
Total current liabilities 8.4 11.1
Note
2025
£m
2024
£m
Total liabilities 9.4 11.9
Net assets 252.4 206.2
Equity
Share capital 5 10.2 10.2
Share-based payment reserves 139.0 145.4
Own shares reserve (69.1) (55.5)
Other reserves 0.1 0.1
Retained earnings 172.2 106.0
Total equity 252.4 206.2
The profit for the financial year to 31 March 2025 is £55.8m including £55.0m of dividend
income (31 March 2024: £27.6m including £28.0m of dividend income).
Company registered number: 13211214.
The accompanying notes form an integral part of the Company financial statements.
The financial statements on pages 155 to 160 were authorised for issue by the Board of
Directors and were signed on its behalf by:
Kristo Käärmann
Co-founder and CEO
5 June 2025
Company Statement of Financial Position
As at 31 March 2025
155Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Note
Share capital
£m
Share-based
payment reserve
£m
Own shares
reserve
£m
Other reserves
£m
Retained earnings
£m
Total equity
£m
At 1 April 2023 10.2 127.0 (10.4) 0.1 47.9 174.8
Profit for the year – – – – 27.6 27.6
Shares acquired by ESOP Trust 6 – – (69.9) – – (69.9)
Share-based compensation expense – 72.5 – – – 72.5
Tax on share-based compensation – 0.1 – – – 0.1
Employee share schemes – (54.2) 24.8 – 30.5 1.1
At 31 March 2024 10.2 145.4 (55.5) 0.1 106.0 206.2
Profit for the year – – – – 55.8 55.8
Shares acquired by ESOP Trust 6 – – (71.0) – – (71.0)
Share-based compensation expense – 58.9 – – – 58.9
Tax on share-based compensation – 1.2 – – – 1.2
Employee share schemes – (66.5) 59.7 – 8.1 1.3
At 31 March 2025 10.2 139.0 (66.8) 0.1 169.9 252.4
The accompanying notes form an integral part of the Parent Company financial statements.
Company Statement of Changes in Equity
For the year ended 31 March 2025
156Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Note 1. Accounting policies for the Company
financial statements
General information
The Company is a public limited company, limited by shares, and is incorporated in England.
TheCompany primarily operates as a holding company for the Group’s subsidiaries.
Basis of preparation
The financial statements have been prepared in accordance with United Kingdom Accounting
Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard
applicable in the United Kingdom and the Republic of Ireland’ (‘FRS 102’) and the Companies
Act2006. As permitted by section 408 of the Companies Act 2006, the Company’s income
statement and related notes have not been presented in these financial statements. The profit
for the financial year to 31 March 2025 is £55.8m including £55.0m of dividend income
(31 March 2024: £27.6m including £28.0m of dividend income).
In preparing these financial statements, the Company has taken advantage of certain
exemptions permitted by FRS 102, as the equivalent disclosures are made in the Group’s
consolidated financial statements.
Exemptions have been applied in respect of the following disclosures:
• The cash flow statement and related notes
• Share-based payments
• Capital management disclosures
• Certain related-party transactions including the remuneration of key management personnel
• Financial instrument disclosures
• A reconciliation of shares outstanding at the beginning and end of the period
The financial statements have been prepared on the historical cost convention and on a going
concern basis.
The preparation of the financial statements in conformity with FRS 102 requires the use of
certain critical accounting estimates. It also requires management to exercise judgement in
applying the Company’s accounting policies.
The principal accounting policies adopted by the Company are included in the note to which
they relate. These policies have been consistently applied to all the years presented, unless
otherwise stated.
Dividends
The Group has not declared or paid out any dividends for the year ended 31 March 2025
(nodividend was declared or paid for the year ended 31 March 2024).
Key sources of estimation uncertainty
The preparation of the financial statements in conformity with FRS 102 requires that
management make certain estimates and assumptions that affect the reported revenues,
expenses, assets and liabilities and the disclosure of contingent liabilities. If in the future such
estimates and assumptions, which are based on management’s best estimates at the date of the
financial statements, deviate from actual circumstances, the original estimate and assumptions
will be updated as appropriate in the period in which the circumstances change.
Management has concluded that there are no critical accounting areas of judgement
andestimation.
Note 2. Dividend income
The Company received dividend income from subsidiary undertakings totalling £55.0m
(2024: £28.0m).
Notes to the Company Financial Statements
For the year ended 31 March 2025
157Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Note 3. Investments in subsidiaries
Accounting policy
Investments in subsidiaries are stated at cost, less any provisions to reflect impairment
invalue.
The Group operates an equity-settled share-based compensation plan for the employees
of subsidiary undertakings using the Company’s equity instruments. The fair value of the
compensation given in respect of this share-based compensation plan is recognised as
acapital contribution to the Company’s subsidiary undertakings over the vesting period.
Thecapital contribution is reduced by any payments received from subsidiary undertakings
in respect of these share-based payments.
Impairment of investments in subsidiaries
The Company assesses investments for impairment whenever events or changes in
circumstances indicate that the carrying value of an investment may not be recoverable.
If any indication of impairment exists, the Company makes an estimate of the recoverable
amount. If the recoverable amount of the cash-generating unit is less than the value of
theinvestment, the investment is considered to be impaired and is written down to its
recoverable amount. An impairment loss is recognised immediately in the profit and
lossaccount.
The Company holds a direct investment in Wise Financial Holdings Ltd of £12.2m (2024: £9.4m).
In addition, during the year to 31 March 2025, the Company recognised a capital contribution of
£57.7m (2024: £71.8m), representing the service costs for the employees of its subsidiaries,
under the Company’s share option schemes, and a respective reduction in the capital
contribution of £81.0m (2024: £44.0m) for the payments received during the financial
year from subsidiary undertakings in respect of those service costs.
A full breakdown of the Company’s direct and indirect subsidiary undertakings is provided
innote 7.
The movement in the subsidiary undertakings during the financial year to 31 March 2025 is
provided below:
2025
£m
2024
£m
Beginning of the year 202.3 174.5
Additions 2.8 –
Capital contributions regarding employee services in subsidiaries 57.7 71.8
Reduction of capital contribution in subsidiaries due to repayments
related to share-based payments (81.0) (44.0)
End of the year 181.8 202.3
Note 4. Amounts with Group undertakings
Current amounts owed by Group undertakings are mainly comprised from management services
provided from the Company to subsidiaries. Current amounts owed to Group undertakings are
related to pass through of employee share awards and subsidiary dividends to the respective
employing entity.
2025
£m
2024
£m
Amounts owed by Group undertakings
Wise Payments Limited 56.1 0.4
Total 56.1 0.4
Amounts owed to Group undertakings
Wise Payments Limited 3.1 6.7
Wise US Inc 1.4 0.1
Wise Payments India Private Limited 0.1 –
Total 4.6 6.8
Amounts due from Group companies are repayable in cash and short-term in nature.
Note 5. Called-up share capital
As at 31 March 2025
Class Nominal value, £
Number of shares
issued Share capital, £
Class A Ordinary 0.01 1,025,000,252 10,250,003
Class B Ordinary 0.000 000 001 243,584,255 –
Total 1,268,584,507 10,250,003
As at 31 March 2024
Class Nominal value, £
Number of shares
issued Share capital, £
Class A Ordinary 0.01 1,024,777,252 10,247,773
Class B Ordinary 0.000 000 001 398,889,814 –
Total 1,423,667,066 10,247,773
During the year, the Company allotted 223,000 Class A Ordinary Shares with a nominal value of
£0.01 related to share options granted to Non-Executive Directors of Wise under the Company’s
legacy incentive plans prior to the Company’s admission to trading on the London Stock
Exchange (2024: 100,000 Class A Ordinary Shares).
158Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

During the year, the Company redeemed 155,305,559 Class B Ordinary shares with a
nominalvalue of £0.000 000 001 in accordance with Article 15.3.2 of the Company’s Articles
ofAssociation (2024: nil).
Each Class A Ordinary shareholder is entitled to one vote for each Class A Ordinary Share
held,subject to any restrictions on total voting rights as set out in the Company’s Articles of
Association. Class A Ordinary shareholders are entitled to interim or annual dividends to the
extent declared and do not hold any preferential rights to dividends. Class A Ordinary Shares
arenon-redeemable.
Each Class B shareholder is entitled to nine votes for each Class B Share held, subject to any
restrictions on total voting rights as set out in the Company’s Articles of Association. Class B
Shares carry no rights to distributions of dividends except on distribution of assets, up to their
nominal value, on a liquidation or winding up. Class B Shares are strictly non-transferable,
non-tradable and non-distributable to any person or entity whatsoever.
Note 6. Own share reserve
Accounting policy
Own share reserve
Own share reserve represents the weighted average cost of shares of Wise plc that
areheld by the employee share trust for the purpose of fulfilling obligations in respect
ofvarious employee share plans. Own shares are treated as a deduction from equity, and
on exercising of employee awards, are transferred from own shares to retained earnings
at their weighted average cost.
Employee share trust
The Group provides financing to the Employee Share Ownership Plan (ESOP) Trust to
either purchase the Company’s shares on the open market, or to subscribe for newly
issued share capital, to meet the Group’s obligation to provide shares when employees
exercise their options or awards. Costs of running the ESOP Trust are charged to the
consolidated income statement. The Group consolidates this share trust.
Shares held by the ESOP Trust are deducted from reserves and presented in equity as
own shares until such time that employees exercise their awards. The consideration paid,
including any directly attributable incremental costs (net of income taxes), on purchase of
Company’s equity instruments is deducted from equity.
Purchase of own shares
During the financial year, Wise continued the programme, which commenced in 2023,
topurchase Wise shares in the market through the Trust in order to reduce the impact of
dilutionfrom stock-based compensation. As of 31 March 2025, a total of 8,704,883 shares
(31 March 2024: 9,071,706) were purchased from the market at an average of £8.21 per share
(2024: £7.56). Directly attributable costs of £0.5m (2024: £0.5m) have been charged to equity.
Note 7. Other statutory information
Related undertakings
This list of related undertakings is in accordance with Section 409 of the Companies Act 2006
and The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations
2008, as amended by The Companies, Partnerships and Groups (Accounts and Reports)
Regulations 2015. Below is a full list of subsidiaries within the Group, together with the country
of incorporation and registered office as at 31 March 2025. Unless otherwise stated, the share
capital disclosed comprises Ordinary Shares which are indirectly held by Wise plc. The effective
percentage of shares held in subsidiary undertakings is 100%. The entities have been grouped
by the countries in which they were incorporated and are resident for tax purposes in their
country of incorporation unless otherwise stated.
United Kingdom
1
st
Floor, Worship Square, 65 Clifton Street,
London, EC2A 4JE, UnitedKingdom
Wise Assets UK Ltd
Wise Assets Nominees Ltd
Wise Financial Holdings Ltd
1
Wise Investments Holdings Ltd
Wise Payments Limited
Wise Newco Holdings Limited
Wise NewCo Limited
Australia
Suite 1, Level 11, 66 Goulburn Street,
Sydney NSW 2000
Australia
Wise Australia Investments Pty Ltd
Wise Australia Pty Ltd
Belgium
Rue du Trône 100/Lvl 3, Ixelles,
1050Brussels
Wise Europe SA
Brazil
Rua Girassol, 555, 1 andar, Vila Madalena
Cidade de São Paulo, Estado de São Paulo
05433-001, Brazil
Wise Brasil Instituição de Pagamentos Ltda
Wise Brasil Corretora de Câmbio Ltda
1.
Held directly by Wise plc
Canada
99 Bank Street, Suite 1420, Ottawa,
ONK1P1H4
Wise Payments Canada Inc.
Chile
Rosario Norte 407, Office 1601, LasCondes
Wise Chile SpA
China
Room 2162, Floor 21, Mirae Asset.
No. 166 Lujiazui Ring Road, Pudong, China
(Shanghai), Pilot Free Trade Zone, 200120
Wise China Ltd
Estonia
Kopli tn 68a, Põhja-Tallinna linnaosa Tallinn,
Harju maakond
10412 Estonia
Wise Assets Europe AS
Hong Kong
Unit 1922, 19/F., China Building, 29 Queen’s
Road Central, Hong Kong
Wise Payments Hong Kong Limited
Wise Financial Services Hong Kong Limited
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Strategic Report Governance Financial Statements Other Information

India
4/55WEA Saraswati Marg, Karol Bagh,
Delhi, 110005
Vaho Forex Private Limited
B/105, The Capital, G-Block, Plot C-70,
Bandra Kurla Complex, Bandra East Bandra
(East), Mumbai, Bandra, Maharashtra,
400051
Wise Payments India Private Limited
Indonesia
GoWork, Plaza Indonesia Mall, Lantai 5, Jl. M.
H. Thamrin Kav 28-30 RT. 009 RW. 005,
Gondangdia, Menteng, Menteng, Kota Adm.,
Jakarta Pusat, DKI Jakarta, 10350
PT Wise Payments Indonesia
Israel
POINT BY AZRIELI, Azrieli Sarona Tower,
121 Menachem Begin Street, Floor 59,
Office 72. Tel Aviv, 6701203
Wise ILS Ltd
Japan
WeWork Nippon Life Nihonbashi Building,
2-13-12, Nihonbashi, Chuo-ku, Tokyo
Wise Payments Japan K.K.
Korea, Republic of
WeWork Yeouido Station, 22F,
83 Uisadang-daero, Yeouidodong, Seoul
Wise Payments Korea Limited
Malaysia
Level 13A-6, Menara Milenium, Jalan
Damanlela, Pusat Bandar Damansara,
50490 Kuala Lumpur
Wise Payments Malaysia Sdn. Bhd.
Wise Malaysia Assets Sdn. Bhd.
Mexico
WeWork Reforma Latino, Av. Paseo de la
Reforma 296, Juárez, Cuauhtemoc, 06600
Ciudad de México, CDMX, Mexico
Wise Pagos México, S.A. de C.V.
New Zealand
Level 11, 41 Shortland Street
Auckland, 1010, New Zealand,
Wise Payments New Zealand Limited
Philippines
WeWork, 30
th
Floor, Yuchengco Tower,
RCBC Plaza, 6819 Ayala Avenue, Bel-Air,
Makati City, 1226
Wise Pilipinas Inc.
Singapore
2 Tanjong Katong Road, #07-01
PLQ 3, Singapore 437161
Wise Asia-Pacific Pte. Ltd.
Wise Singapore Assets Pte. Ltd
South Africa
WeWork, 155 West Street, Sandown,
Sandton, Gauteng, 2031
Wise Payments South Africa (Pty) Ltd
Switzerland
Talacker 41, 8001, Zürich
Wise Switzerland AG
Thailand
999/9, The Offices at Central World,
Common ground zone, G Floor, Unit C08,
Rama I Road, Pathumwan Sub-district,
Pathumwan District, Bangkok
Wise Payments (Thailand) Limited
No. 87/1 Capital Tower All Seasons Place,
16
th
Floor, Unit 1 1604- 6, Witthayu Road
Lumphini, Pathumwan, Bangkok
Wise Payments Holdings (Thailand) Limited
United Arab Emirates
14-123-05, 14, Al Khatem Tower
WeWork Hub71, Abu Dhabi Global Market
Square, Al Maryah Island
Abu Dhabi, United Arab Emirates
Wise Nuqud Ltd
Boulevard Plaza, Tower 1, Level 9, Office 15,
Sheikh Mohammed Rashid Blvd, Dubai
Wise Fintech Network LLC
United States
30 W. 26
th
St, Sixth Floor, New York NY,
NY 10010
Wise US Inc
Wise US Assets Inc
Wise US Holdings Inc
Domain Tower 2, 10025 Alterra Parkway 23
rd
Floor, Austin TX 78758
United States
279 NEWCO Inc
The Company has guaranteed the liabilities of Wise Financial Holdings Ltd (company number 13214905) and Wise Investments Holdings Ltd (company number 13222470), in order that they qualify
for the exemption from audit under section 479A -479C of the Companies Act 2006, in respect of the year ended 31 March 2025.
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162 Alternative performance measures
165 Glossary
168 Company information
Other
information
161Wise Annual Report and Accounts 2025
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161Wise Annual Report and Accounts 2025

Alternative Performance Measures
The Group uses a number of alternative performance measures (“APMs”) within its financial reporting. These measures are not defined under the requirements of IFRS and may not be comparable
with the APMs of other companies.
The Group believes these APMs provide stakeholders with additional useful information in providing alternative interpretations of the underlying performance of the business and how it is managed
and they are used by the Directors and management for performance analysis and reporting. These APMs should be viewed as supplemental to, but not a substitute for, measures presented in the
financial statements which are prepared in accordance with IFRS.
Underlying interest income The first 1% yield of interest income on customer balances that Wise plans to retain
Income Income is calculated as revenue plus interest income on customer balances, less benefits paid relating to customer balances
Underlying income The measure of income that will be retained from customers, which is calculated as revenue plus ’Underlying Interest Income’
Underlying operating profit The calculation of underlying operating profit using ‘underlying income’ and excluding the Benefits paid relating to customer balances
Underlying profit before tax Measure of profitability which is calculated as profit for the year, excluding the impact of interest income from customer balances above
thefirst 1% yield and benefits paid relating to customer balances. The Group believes that Underlying profit before tax is a useful measure for
investors as it provides a measure of underlying performance and growth that is not inflated by the excess interest income that we will look
to pass back to our customers
See definition in
Annual Report for
calculation method
Underlying profit before taxmargin Underlying profit before tax as a percentage of underlying Income
Free cash flow (FCF) Measure of cash flow which takes into account the net cash flows from operating activities less the change in working capital (excluding timing
differences for receipts of interest income, income tax payments, change in collateral and pass-through items), the costs of purchasing
property, plant and equipment, intangible assets capitalisation and payments for leases. It is a non-statutory measure used by the Board
andthe senior management team to measure the ability of the Group to support future business expansion, distributions or financing
See definition in
Annual Report for
calculation method
FCF conversion Free cash flow as a percentage of profit before tax
Underlying free cash flow (UFCF) Free cash flow as defined above but starting from underlying profit before tax
Underlying FCF conversion Free cash flow as a percentage of Underlying profit before tax
Corporate Cash Corporate cash represents cash and cash equivalents that are not considered customer-related balances. Measure of the Group’s ability to
generate cash and maintain liquidity
See Corporate
Cash APM for
calculation detail
Cross-border fees saved Fees saved by our personal customers when using Wise for cross- currency transfers versus other providers. This measure is used by the
Group to demonstrate the value proposition to stakeholders
See definition in
Annual Report for
calculation
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Underlying profit before tax
2025
£m
2024
£m
Revenue 1,211.9 1,052.0
Underlying interest income (first 1% yield) 150.4 120.7
Underlying income 1,362.3 1,172.7
Cost of sales (328.1) (307.4)
Net credit losses on financial assets (9.1) (12.5)
Underlying gross profit 1,025.1 852.8
Administrative expenses (768.6) (615.9)
Net interest income from corporate investments 33.3 19.7
Other operating income, net 7.1 5.7
Underlying operating profit 296.9 262.3
Finance income 0.7 –
Finance expense (15.5) (20.5)
Underlying profit before tax 282.1 241.8
Interest income above the first 1% yield 443.9 364.5
Benefits paid relating to customer balances (161.2) (124.9)
Reported profit before tax 564.8 481.4
Income tax credit/(expense) (148.1) (126.8)
Profit for the year 416.7 354.6
Free cash flow
2025
£m
2024
£m
Underlying profit before tax 282.1 241.8
Underlying income 1,362.3 1,172.7
Underlying profit before tax margin 20.7% 20.6%
Corporate cash working capital change excluding collaterals 62.8 8.2
Adjustment for exceptional and pass-through items in the working
capital (0.6) (0.2)
Depreciation and amortisation 29.9 18.3
Payments for lease liabilities (6.1) (8.1)
Capitalised expenditure – Property, plant and equipment (34.5) (10.6)
Capitalised expenditure – Intangible assets (0.9) (2.4)
Underlying free cash flow (UFCF) 332.7 247.0
UFCF conversion (UFCF as a % of Underlying profit before tax) 117.9%
1
102.1%
Adjustments to profit before tax
Interest income above the first 1% yield 443.9 364.5
Benefits paid relating to customer balances (161.2) (124.9)
Profit before tax 564.8 481.4
Free cash flow (FCF) 615.4 486.6
FCF conversion (FCF as a % of reported profit before tax) 108.9% 101.1%
1.
UFCF/FCF conversion is elevated in the current year due to an change in payment terms with a key partner
which means that we will have a lower level of receivables outstanding for them. This is expected to
normalise in FY2026.
Income
2025
£m
2024
£m
Revenue 1,211.9 1,052.0
Interest income on customer balances 594.3 485.2
Benefits paid relating to customer balances (161.2) (124.9)
Income 1,645.0 1,412.3
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Corporate cash
The tables below show a non-IFRS view of the ‘Corporate cash’ metric that is used by the Group
management as a key performance indicator in assessment of the Group’s ability to generate
cash and maintain liquidity. Corporate cash represents cash and cash equivalents that are not
considered customer-related balances.
Information presented in the table below is based on the Group’s internal reporting principles
and might differ from the similar information provided in IFRS disclosures:
2025
£m
2024
£m
Corporate cash at beginning of year 1,061.1 671.1
Free cash flow 615.4 486.6
Net corporate cash generated from operating activities (58.6) 33.1
Net (repayments)/proceeds from the RCF (100.0) (50.0)
Funding relating to share purchases and employee share schemes (72.6) (68.4)
Other (15.1) (11.3)
Corporate cash at end of year 1,430.2 1,061.1
2025
£m
2024
£m
Breakdown of corporate and customer cash
Cash and cash equivalents and short-term financial investments 18,637.5 14,513.2
Receivables from customers and payment processors 209.6 287.7
Adjustments for:
Outstanding money transmission liabilities and other
customerpayables (361.2) (479.4)
Wise customer accounts (17,055.7) (13,260.4)
Corporate cash at end of year 1,430.2 1,061.1
Corporate cash includes some elements of current trade and other receivables which are due
toWise and this includes receivables from payments processors, as well as receivables from
customers, brokers and partners and other receivables, as disclosed in note 14, but excludes
those elements which are considered customer-related balances.
Similarly, corporate cash includes the ‘Outstanding money transmission liabilities’ and the
payables reported under ‘Deferred revenue’ and ‘Other payables’ in note 16, which are not
considered customer-related balances.
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ABC anti-bribery and corruption
Act or
CompaniesAct
the UK Companies Act 2006, as amended, modified or re-enacted from
time to time
Active customers total number of unique customers who have completed at least one
cross-currency transaction in a given period
Adjusted EBITDA profit for the year before income taxes, interest, depreciation and
amortisation, share-based compensation expense and exceptional items
Admission the admission of the Class A Shares to the company listing in the equity
shares (transition companies) category of the Official List of the FCA
andto trading on the London Stock Exchange’s Main Market for listed
securities. Date started listing on LSE in July 2021
AGM a general meeting held as the Company’s annual general meeting in
accordance with section 336 of the Act
AML anti-money laundering
Andreessen
Horowitz
AH Parallel Fund IV, L.P., Andreessen Horowitz LSV Fund I, L.P. and
Andreessen Horowitz Fund IV, L.P.
API application programming interface
Articles the current Articles of Association of the Company
Average price price reported to customers in the Wise quarterly mission updates which
is based on a fixed basket ofrepresentative currencies to eliminate any
route or payment mix effect
bn billion
Board the Board of Directors of Wise plc
CAGR compound annual growth rate
CEO or Chief
Executive Officer
the Chief Executive Officer of the Company
CFO or Chief
Financial Officer
the Chief Financial Officer of the Company
Class A Shares the Class A Ordinary Shares in the capital of the Company with a nominal
value of £0.01 each
Class A
Shareholder
a registered holder of Class A Shares
Class B Shares the Class B Ordinary Shares in the capital of the Company with a nominal
value of £0.000000001 pence each
Class B
Shareholder
a registered holder of Class B Shares
CMA the Competition and Markets Authority
Company Wise plc
Cross-border
volume
Volume of transactions where the source currency and target currency
are different
Cross-currency
fees saved
Calculated using market research and quotes we have collected
fromother banks and payment providers. Using this research, we
thenestimate the amount saved for each of our personal customers by
comparing the cost of their transaction with Wise against what we would
estimate a different payment provider would charge them. The amount is
then an accumulation of all transactions undertaken during the financial
year, with a margin of error included for reasonableness.
Cross-take rate cross-border revenue across all customer activity as a proportion of
cross-border volume
Constant currency
basis (constant
currency)
method where the current period financial results have been converted
to the foreign exchange rate used for the previous financial period
Customer holdings total of the amount of customer balances in the Wise account as well as
the amounts invested in the ‘Assets’ feature
Direct Listing a direct listing on the London Stock Exchange’s Main Market
Glossary
165Wise Annual Report and Accounts 2025
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Directors the Directors of the Company
Disclosure
Guidance and
Transparency
Rules
the rules of the FCA in relation to the disclosure of information by
anissuer whose financial instruments areadmitted to trading on a
regulated market in the UK
Dual-Class
sharestructure
the Company’s share capital structure at Admission consisting of
twoclasses of shares, namely Class A Shares and Class B Shares
Eligible Class B
Shareholder
all Existing Shareholders prior to Admission (including employee holders
of vested share options who chose to exercise prior to Admission)
Eligible Customer a customer eligible to participate in the OwnWise programme in
accordance with the criteria set out in “TheDirect Listing, Dual
ClassShare Structure and OwnWise-OwnWise-Who’s eligible?”
Employee
ShareTrust
Wise Employee Share Trust established on 11 June 2021 between
WisePayments Limited (formerly TransferWise Limited) and
EquinitiTrust (Jersey)Limited
Executive Chair David Wells
Executive
Directors
the executive Directors of the Company
Executive Founder Kristo Käärmann
FCA the UK Financial Conduct Authority
FRC the UK Financial Reporting Council
FTSE Financial Times Stock Exchange
Group
reorganisation
the reorganisation of the Group’s corporate structure as described in the
Share Capital Structure of the Directors’ report pursuant to which, among
other things, the Company became the ultimate holding company of
theGroup
IFRS International Financial Reporting Standards
Interchange
revenue
revenue earned from our partners from our customers transactions using
their Wise card
KYC know your customer
Lead a Wiser with at least 1 direct report
Leadership Team
(LT)
as shown in the “Our leaders at Wise” section on Wise website
wise.com/owners/
Listing Rules UK FCA Handbook Listing Rules
Long-term
Incentive Plan
the discretionary share plan called the Wise Long-term Incentive Plan
LTIP Awards awards granted under the Long-term Incentive Plan
LTIP Option an option to acquire Class A Shares at an exercise price set at grant
(which may be nil)
m million
Main Market the main market for listed securities of the London Stock Exchange
Mission Day/
Mission update
Programme of quarterly communications to customers and half-year
conferences with employees
Mission to build the best way to move and manage the world’s money
New customers number of new unique customers who have completed their first
cross-currency transaction in a given period
Non-Executive
Directors
the Non-Executive Directors of the Company
NPS net promoter score
OwnWise our customer shareholder programme designed to reward customers
ofWise who also become long-term shareholders with bonus shares in
Wise and other perks
OwnWise Bonus
Shares
Class A Shares to be issued in connection with OwnWise to participating
Eligible Customers who buy Class A Shares during the relevant OwnWise
Eligibility Period and continue to hold these for 12 months following the
close of the relevant OwnWise Eligibility Period
p pence
Payment rails the underlying infrastructure that facilitates the transfer of funds
between payers and payees
Prospectus the Wise Prospectus prepared for the purpose of Admission
PwC PriceWaterhouseCoopers LLP
Registrar means the Company’s registrar, Equiniti Limited
Regulatory
Information
Service
one of the regulatory information services authorised by the FCA to receive,
process and disseminate regulatory information from listed companies
166Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Remuneration
Committee
the Company’s Remuneration Committee
RSUs Restricted Stock Units granted under the 2021 EIP
Senior Managers
and Certification
Regime
an FCA accountability framework focused on senior management
responsibilities and conduct. More information is found on
www.fca.org.uk/firms/senior-managers-certification-regime
Shares the shares in the capital of the Company from time to time, which since
Admission consist of Class A Shares and Class B Shares
SMB small and medium businesses
sterling or pounds
sterling or pounds
or GBP or £
orpence
the lawful currency of the United Kingdom
Total take rate or
take rate
total revenue across all customer activity as a proportion of volume
tn trillion
UK Corporate
Governance Code
the UK Corporate Governance Code published by the Financial Reporting
Council, as amended from time to time
United Kingdom
orUK
the United Kingdom of Great Britain and Northern Ireland
United States or
US or USA
the United States of America, its territories and possessions, any
Stateof the United States of America, andthe District of Columbia
US dollar or USD
or$
the lawful currency of the United States of America
Underlying profit
before tax
profit for the year which has been adjusted to remove interest income on
customer balances above the first 1% yield and the benefits paid relating
to customer balances
VPC or volume
percustomer
the average volume per active customer, calculated as total volume
divided by total active customers in the period
‘Wise’ or ‘we’ or
‘our’ or ‘Group’
Wise plc and its subsidiary undertakings
Wise Account the Wise international account for personal customers
Wise account together, the Wise international accounts for personal (Wise Account)
and business (Wise Business)
Wise Business the Wise international account for business customers
Wise card debit card issued to Wise account holders
Wise Europe Wise Europe SA
Wise Platform the Wise product for bank and enterprise partners
Wise Transfer Wise’s product for sending money
Wisers Wise employees
YoY year on year
167Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

Company Information
Directors
David Wells
Chair
Kristo Käärmann
Co-founder and CEO
Emmanuel Thomassin
CFO
(Appointed 1 October 2024)
Clare Gilmartin
Senior Independent Director
Alastair Rampell
Non-Executive Director
Hooi Ling Tan
Independent Non-Executive Director
Ingo Uytdehaage
Independent Non-Executive Director
Terri Duhon
Independent Non-Executive Director
Elizabeth Chambers
Independent Non-Executive Director
Shareholder information
Investor Relations
wise.com/owners/
Wise’s Class A common shares trade on the London Stock
Exchange under the ticker WISE; written as LSE:WISE or
LON:WISE. ISIN is GB00BL9YR756
American Depositary Receipts (ADRs) are available in the US
under the ticker WIZEY
Registrar
Equiniti
Aspect House
Spencer Road
Lancing
West Sussex
BN99 6DA
0371 384 2030
Independent Auditors
PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
1 Embankment Place
London WC2N 6RH
Annual General Meeting
Wise’s Annual General Meeting will be held on
25 September 2025.
Company Secretary
Jane Fahey
Registered Company Number
Registered in England and Wales
Company number 13211214
Registered Office
Wise plc
1
st
Floor Worship Square,
65 Clifton Street,
London, EC2A 4JE
Forward-Looking DisclosureDisclaimer
This Annual Report may include forward-looking statements, which are based on current expectations and projections about future events, suchas statements regarding our ESG activity and commitments, including goals,
targets, metrics and related strategies. These statements may include, without limitation, any statements preceded by, followed by or including words such as ‘target’, ‘believe’, ‘expect’, ‘aim’, ‘intend’, ‘may’, ‘anticipate’, ‘estimate’,
‘plan’, ‘project’, ‘will’, ‘can have’, ‘likely’, ‘should’, ‘would’, ‘could’ and any other words and terms of similar meaning or the negative thereof. These forward-looking statements are subject to risks, uncertainties and assumptions
about Wise and its subsidiaries. In light ofthese risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. Past performance cannot be relied upon as a guide to future performance and
should not be taken as a representation that trends or activities underlying past performance willcontinue in the future. No representation or warranty is made or will be made that any forward-looking statement will come to
pass. Theforward-looking statements in this report speak only as at the date of this report.
Wise expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this report anddisclaims any obligation to update its view of any risks or uncertainties described
herein or to publicly announce the results of any revisions tothe forward-looking statements made in this report, whether as a result of new information, future developments or otherwise, except as required bylaw.
168
Wise Annual Report and Accounts 2025
Strategic Report Governance Financial Statements Other Information

This report is printed on paper certified in accordance with the FSC® (Forest Stewardship
Council®) and is recyclable and acid-free. Pureprint Ltd is FSC certified and ISO 14001
certified showing that it is committed to all round excellence and improving environmental
performance is an important part of this strategy. Pureprint Ltd aims to reduce at source the
effect its operations have on the environment and is committed to continual improvement,
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Pureprint Ltd is a Carbon/Neutral® Printing Company.
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Wise plc
1
st
Floor Worship Square,
65 Clifton Street,
London, EC2A 4JE