Wise (NASDAQ: WSE), the cross-border payments company, publishes its Q2 FY27 trading update tomorrow, Thursday, after the US market closes. The company confirmed the timing on the 2nd of September, with a call at 4:30pm ET, or 9:30pm UK time.
This is an interim KPI release, not full accounts. Full H1 results follow on the 12th of November. Both London and New York will have closed by the time the update lands, so the first full-session reaction comes on Friday.
Shares were $11.945 at the latest delayed quote today (14 October), down 2.25%. That is about 32% below the $17.47 high set in listing week from the 11th of May, and above the $10.36 low from the week of the 8th of June.
The baseline is the first quarter to 30 June, reported on the 16th of July. Net revenue rose 25% to $714.0m and cross-border volume 26% to $69.3bn. Net revenue had been $651.2m in the third quarter of FY26 and $667.8m in the fourth. The take rate, the fee earned as a share of volume, slipped 2bps (hundredths of a percentage point) to 0.50% as Wise invested part of its operating leverage in lower customer prices.
“This quarter almost 12 million people and businesses used Wise to move $69.3 billion across the world. These customers paid an average fee of just 50bps – the lowest it has ever been on Wise.”
Kristo Käärmann, Co-founder and CEO
Tomorrow’s year-earlier comparators are net revenue of $610.5m, volume of $59.0bn, 10.440m active customers and a 0.52% take rate.
| Metric | Q1 FY27 | Q1 FY26 |
|---|---|---|
| Active customers | 11.863m | 9.797m |
| Volume | $69.3bn | $55.0bn |
| Customer holdings | $41.2bn | $31.5bn |
| Net revenue | $714.0m | $573.3m |
| Take rate | 0.50% | 0.52% |
| Instant transfers | 77% | 70% |
Wise reiterated FY27 guidance at Q1: net revenue growth around the middle of its 15-20% medium-term range at constant currency, and an income before tax margin around the top of 20-25%.
The overhang is regulatory. Law-firm class-action notices cite a report of the 1st of June that Brussels prosecutors are investigating Wise Europe over suspicious transactions of more than half a billion euros, and a report of the 24th of July that the US Office of the Comptroller of the Currency denied Wise’s national trust bank licence application. These are allegations and second-hand. Wise said it was working with the Brussels prosecutor to respond to queries. Securities class actions in New York cover purchasers from the 11th of May to the 23rd of July, and no class has been certified.
Watch growth and volume against those comparators, whether the take rate falls below 50bps, whether guidance is reiterated, and any US regulatory or legal update.