Wise has moved its primary listing from the UK to the US, debuting on Nasdaq while retaining a secondary listing on the London Stock Exchange.
The company started trading in New York on 11 May, with the cross‑border payments firm stating that it aligns itself more closely with what it calls its “biggest market opportunity”.
According to a release, Wise will present preliminary US GAAP figures for the year ending 31 March 2026 later today, following what has been a solid year of expansion across its products.
The company reported $243bn in cross‑border volume, up 31% year‑on‑year, as well as $39bn in customer balances. These trends culminated in net revenue of $2.5bn, supported by $800m in interest income on customer funds
Wise Chair David Wells said in a release that the US listing provides access to “the world’s deepest and most liquid capital market” and bolsters the company’s ability to reach “thousands of US banks, online platforms and the many people and businesses who transact across borders”.
The announcement was celebrated with the launch of OwnWise, a new loyalty programme offering benefits to customers who hold shares in the company.
GAAP to put Wise’s transparency to the test
One of the biggest changes Wise will have to navigate is its move from IFRS to US GAAP, the accounting rulebooks which dictate how companies disclose their earnings.
IFRS offers companies more flexibility in how they present revenue, while US GAAP is stricter and mandates a clearer separation of income streams. The most important difference for the firm is how each system treats interest income on customer balances.
Wise has built its brand as the transparent alternative to banks, and its messaging around this listing continues. As CEO Kristo Käärmann noted, customers still lose “over $250bn in hidden fees each year”, including an estimated $43bn in the US alone.
Last year, Wise generated $0.8bn in interest income on customer balances. Under international rules, this could be described as a community benefit used to subsidise low fees. However, in the US, it will be labelled as net interest margin.
It could also have implications for rivals like PayPal. While PayPal already reports under US accounting rules, it includes interest income within wider categories rather than showing it separately.
Wise could give investors clearer comparisons by breaking out its interest income, highlighting a revenue source across fintech and forcing competitors to show how they profit from customer balances.
