Where Wise wins, where it stalls, and why

Michael Ganian, Director of Research & Andrew Mandelstam, Senior Analyst

This analysis is an example of the research reports that Qualitate clients receive after earnings, weighing management’s commentary against what buyers in the market actually do and say.

Wise reported underlying income up +24% Y/Y and Wise Business volume up +35% in F4Q26. On their investor day, management made its case for moving upmarket and for the US as its biggest single market opportunity.

Our panel confirms the acceleration, but it’s coming from customers Wise already has. The upmarket and US push that management proclaimed runs into a capability ceiling with larger buyers.

Download the full report for our 1H ’26 view on Wise, including how its signals have changed since 2H ’25, based on 80+ Wise discussions and 170+ discussions with organizations using cross-border payments.

Key report highlights: 

• Wise’s business base is spending more: The share of Wise business customers growing next-twelve-month spend rose to ~50% in Qualitate’s 1H ’26 Fintech study, up from 42% in 2H ’25. Fewer of Wise’s customers cut spend than any notable competitor, and its spend growth landed in the top quintile of the Fintech vendors we track.
• A below-average Conversion Rate caps new-customer acquisition: Wise's current customers rate it positively and are deepening their NTM spend, but its new-logo funnel held flat. Wise’s Evaluation Rate (55th percentile) and Conversion Rate (45th percent) held steady study-over-study. The acceleration is coming from customers Wise already has, not a widening set of new ones.
• Wise’s upmarket push runs into a capability wall: Attractive pricing is the most cited reason businesses choose Wise. That said, the same price-led product isn’t built for enterprises yet. Larger and treasury-grade buyers evaluate Wise and decide against it on capability rather than price, citing missing treasury and liquidity controls, no named bank accounts, thinner enterprise compliance, and USD-only settlement in some corridors.

What’s inside the full report

Quantitative screens, buyer quotes, and the competitive intelligence, with each point tested against management’s own commentary from the Q4 trading update and investor day. Sourced directly from 170+ cross-border payments discussions with businesses.