Kristo Kaarmann is the cofounder and CEO of Wise. (Photo By Eóin Noonan/Sportsfile via Getty Images)
Sportsfile via Getty Images
Wise is betting big on America. The London-listed fintech best known for cheap international transfers is adding staff, pouring money into marketing, and laying the groundwork for a Wall Street debut as part of a broader push into what it calls its most promising market.
Building Scale and a Bigger Workforce
Wise has already hired more than 1,000 employees in the first half of the year, and it expects to continue ramping up its headcount over the next six months. The fintech says the new hires are for roles in the U.S. and other markets as it expands its capacity and capabilities that will drive its long-term growth.
Administrative expenses are projected to hit around £1 billion ($1.3 billion) this year, rising 30% from a year ago and outstripping customer growth, which increased 18% in the first half.
“We expect, obviously, to see further increases in our customers,” Emmanuel Thomassin, Wise’s chief financial officer, said in a media briefing.
“We are investing not only in marketing but also in servicing and operations to make sure that our customers experience the best service that they can.”
Those investments are part of an ambitious two-year, £2 billion program the company announced in June, aimed at expanding into key markets and strengthening its product offerings.
From London to Wall Street
Wise sparked controversy earlier this year when it revealed a proposal to move its primary listing from London to New York. It said the move would help it to attract more investors and raise its profile in the U.S.. The company said today the listing is on track to take place in the second quarter of 2026, and the costs associated with the move would amount to £35 million.
The trade-off Wise is making in pursuit of scale can be seen in its latest figures. Wise’s rising expenses contributed to a 17% drop in Wise’s underlying pretax profit, which came to £122 million for the first half of the year, even as revenue climbed 11% to £658 million.
Banking on America
Wise is also pursuing a U.S. national trust bank charter. If approved, the charter would reduce its dependence on other banks by allowing Wise to settle U.S. dollar payments directly with the Federal Reserve. “The charter would not only further our business and products in the U.S., but also globally,” Thomassin said.
In the U.S., Wise serves more than 1.8 million active customers, generating about 18% of its revenue in the first half of the year. Its American workforce tops 750, with over 450 based at the fintech’s Austin hub, while the London headquarters employs just over 1,000 staff, highlighting the company’s growing footprint across the two markets.
Wise was founded in 2011 by Estonians Kristo Kaarman and Taavet Hinrikus, who were frustrated with the high fees charged for cross-border money transfers. The company set out to make moving money cheaper and easier than using a bank. It went public in London in 2021, turning its cofounders into Estonia’s first two billionaires and lifting its market value to about £8.75 billion. Today, Wise is valued at roughly £9.7 billion. Hinrikus left the company in 2021 but retains a stake, while Kaarman remains CEO and controls the firm through a dual-class share structure.
A successful Wall Street debut would mark a watershed moment: the company’s transformation from scrappy disruptor into a global payments player. But as Wise ramps up hiring and spending, the crucial question for investors is whether the customer growth will arrive fast enough to justify the rising costs.