Wise Group plc (WISE) Earnings Call Transcript & Summary

Hello from Wise, and welcome to our FY '26 results call, our first time presenting financial results since the completion of our dual listed. I'm Martin Adams, Head of Owner Relations. Joining us today are our Co-Founder and CEO, Kristo Kaarmann; and our CFO, Emmanuel Thomassin. We'll start with opening comments from the team, and then we'll be happy to answer your questions. If you like to ask a question, then please raise your hand in the Zoom webinar. Before we begin, let me quickly cover the safe harbor. During this call, we'll be making certain forward-looking statements that involve risks, uncertainties and other factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors are detailed in our results materials and our SEC filings. All forward-looking statements are based on current assumptions, estimates and beliefs, and we undertake no obligation to update any forward-looking statements, except as required by law. Thank you. And now I'll turn it over to Kristo.

Thanks, Martin, and hi, everyone. Hi, everyone. Thanks for joining us. I'm going to start with financial and customer highlights from the year, and then I'll hand over to Emmanuel who will go into the detail of the numbers. So starting with financials. Our net revenue grew by 19% to $2.5 billion in financial year '26. After allowing for the cost to serve our customers and the investments in future growth, the income before tax margin was 26%. These numbers are in line with the medium-term guidance ranges as we set out ahead of the U.S. listing. So let's take a look into what's driving this growth. In FY '26, we helped 19 million customers to move $243 billion internationally. This was 31% more cross-border volume than the year before. And our customers are using us for more than just cross-border transfers. Last year, they spent $44 billion on their Wise cards. It's up 37% compared to the year before, and they trusted Wise to hold $39 billion on their Wise Accounts. That's 40% more than the end of the year before. So thanks to this unique and powerful financial infrastructure we're building around the world. Now 75% of transfers are completed instantly. That is in less than 20 seconds. Our direct connections into domestic payment systems, in addition to our large payments network, helped lower our unit costs over time. So that we can price each cross-border transaction profitably and yet charging customers just 0.52% or 52 basis points on average over the year. We've also seen more customers trusting us with holding their money. Our Wise Assets product lets customers earn a return that closely matches the central bank rate for the currency they hold. In U.S. dollars, for example, customers can earn 3.4% on the dollars they hold with us. Our speed, price and convenience are all thanks to the investments we've made and continue to make into our infrastructure and products. We build on our investments in the infrastructure. Over this last year, this allowed us to launch new features and partnerships. We went live with direct connections into the Japanese and Brazilian domestic payment systems. We also added multiple new financial services alliances, for example, in South Africa, the UAE and Thailand. In servicing, AI automations are increasing our bandwidth. For example, 50% of support chats are now resolved without a human. On the product side, we made the Wise account more useful to people and businesses in many ways, including launching Wise Assets in Brazil and making it easier for businesses to pay and get paid through new invoicing tools. More banks and financial institutions also started using our infrastructure. We were excited to announce Raiffeisen, UniCredit, MBSB in Malaysia and Capitec in South Africa joining Wise Platform in FY '26. We will expand our infrastructure and build more products on it to create even better outcomes for larger numbers of customers over time. And while we're really pleased to help 19 million customers in FY '26, there are many more people and businesses around the world. We still want to reach. As you can see on the next slide, so looking at our share of total cross-border payments, we moved around 5% of the world's money cross-borders for individuals last year and just less than 1% of the small and medium businesses volumes. So we have a huge opportunity ahead of us in this $43 trillion market. In just 15 years, we've grown from 0 to now moving $0.25 trillion a cross-border. We remain focused on this opportunity and our mission of building the network to move and manage the world's money. And with that, Emmanuel, please take us through the numbers.

Hello, everyone, and thank you, Kristo. Well, we appreciate you joining us for our first earning call as a dual-listed company. I am pleased to present our financial report for our financial year 2026. It has been a year defined by robust growth which provides the opportunity to strategically reinvest back into the business. And during my session today, I take you through, first, our growth in net revenue drivers. Second, our investment framework and now we are focused on creating investment capacity by driving efficiencies in key areas of investments. Third, our margin and outlook. And lastly, I'll provide an update on capital allocation. Starting with growth. During the year, we achieved significant growth in our main performance metrics as our customers are using Wise more and not only for cross-border transactions but also for everyday needs. Our active customer base increased by 21% year-on-year to reach 19 million with over 7 million new active customers joining Wise in 2026. Our cross-border volume increased by 31% year-on-year to $243 billion with stronger growth from Wise business and Wise Platform. The latter represented around 5% of volume for the year. Our customers spent $44 billion with a Wise Card, a growth of 37% year-on-year and customer holdings grew by 40% year-on-year, totaling $39 billion, including $9 billion held through Wise Assets. I will now take you through the different drivers of our financial performance, starting with how customers' activity drives top-line growth. In 2026, we generated around $1.3 billion in cross-border revenue from customers sending or converting currency. This represents a growth of 17% year-on-year. This increase is lower than the 31% growth in volume, reflecting a reduction of the average take rate from 58 basis points in 2025 to 52 basis points in 2026, which I will cover in more detail later. We also generated $392 million in card revenue from customers using their card abroad and at home. And this represents a year-on-year increase of 40%, mainly driven by strong adoption in the European Union, in Australia and in the U.K. Lastly, additional customer activity such as domestic transactions and investing in our asset products generate $245 million in other revenue, up by 26% year-on-year. And this increase was on the back of stellar growth in the full year 2025, where other revenue grew over 60% as a result of increased pricing for domestic transactions. So taking together these different streams of revenue from our customers totaled $1.9 billion in transaction revenue, representing a year-on-year growth of 22%. The increased adoption of the Wise account has driven faster expansion in our non-cross border revenue sources. These now account for around 1/3 of our transaction revenue, which helps to further diversify our overall revenue profile. As I highlighted a few weeks ago at our listing presentation, customers are also trusting Wise more and more with their money. At the end of March 2026, customers held $30 billion on the Wise account, up 36% compared to the previous year. As we invested these funds in liquid instruments, we generated $806 million in interest income during the year, up 6% year-on-year. And growth in customer balance didn't fully translate to interest income growth as we saw a reduction in gross yields from 3.9% in 2025 to 3% in 2026. I'd now like to remind you of our interest income framework under which we would seek to first use the first 1% yield to cover the cost of the Wise account; and second, to retain 20% above the first 1% yield as a profit. And third, we distribute 80% back to the customers. We've built this framework to avoid cyclical movements of the interest rates set by the central banks like the Fed whilst making the account interesting to customers. In our financial year 2026, we were able to pay $197 million out of the year, $806 million back to customers. So roughly half of the 80% target. This is still below our target due to geographical restrictions like in the U.K. which represent over 50% of interest income unpaid to customers and where as of today, we are not able to pay interest on customer balance. Overall, I just covered a different layer of customer activity, sending and converting money, spending with a Wise Card, growing with Wise Assets and holding balances with us. Together, these drive our net revenue growth. In the full year 2026, we delivered $2.5 billion in net revenue, up 19% year-on-year with an increasingly diversified revenue base. Moving to our investment framework and the key areas of investments for long-term value generation. If you've been following Wise for a while, you will have seen a similar version of this slide. Overall, we believe in driving growth through continuous investment. And our investment framework is the key evidence of this. By targeting medium-term 15% to 20% income before tax margins, assuming we are able to pay our target interest income back to the customers, we are able to invest in our growth and into our pricing. This in exchange drives more scale and operational efficiencies, providing us with additional margin capacity for the investments. In full year '26, we proved again that we can operate efficiently while simultaneously investing in the infrastructure that powers our future growth. Redeploying profits into long-term capabilities and growing our teams. During the year, we increased our direct investments into the business through growth in operating expenses of 39% year-on-year to $1.9 billion. We were able to achieve this as we successfully recruited and onboard over 2,000 new Wisers. And this is the result of a combination of low attrition, which allows us to focus on resources into filling new roles and through refining our recruitment processes. For the coming year, we expect to continue investing back into the business applied at a slightly lower pace as we aim to combine this with investments into our pricing. I would like now to cover the different areas of investments in more details. In 2026, our transaction expenses as well as transaction and credit losses were $527 million, up 35% year-on-year. This reflects the cost of providing our services. And we are continuously seeking efficiencies in this area, making sure we get the best terms from our partners as we grow in scale, while also becoming more efficient in how we deliver our products to our customers. Transaction expenses as a percentage of net revenue increased to 21% as mainly as a result of a one-off U.S. GAAP adjustments in relation to FX on certain government bonds of around $70 million, which increased transaction expenses and this was offset in other comprehensive income. Excluding this impact, operating expenses increased by 17%, lower than transaction revenue growth. And going forward, we have changed our investment strategy to take into account the U.S. GAAP implications. For the year '27, till 2027 we're expecting to see further efficiencies in transaction expenses during the year. This is part of our business model, which allow us to create increased capacities for investment. Moving on to our investments to acquire, onboard and service our growing customer base. In 2026, we increased our marketing spend by over 60% to $172 million. We are focused on new channels and increased brand marketing investments. And we have also increased the size of Wise Platform and Wise business sales teams. And we are pleased with the return that we are seeing from this effort as we continue to lean into marketing investments while targeting a minimum 20% return on this and also supported by a strong 70% customer acquisition through word of mouth. We are also investing in offering the best onboarding experience to our customers, while complying with regulatory requirements around the globe. With around 1/3 of our employees in functions related to compliance, we invest in developing robust processes to drive customer trust. And we are combining our efforts with increased automation as we seek to improve customers' outcomes. In the full year 2026, we increased our servicing spend by 38% to $397 million, mainly driven by our employees' hires. So we believe these strategic investments are vital, especially considering the vast opportunities ahead as we focus on acquiring new customers, while we also foster deeper long-term loyalty with our existing base. In the full year '26, more than 7 million active customers complete their first cross-border transaction with Wise. And this represents a growth rate of 20% year-on-year and give us confidence in the value of our investments. The increased adoption of our products is also a function of our investments in technology. In 2026, we invest $434 million, up 38% year-on-year into tech and development to launch new products and also to maintain our existing products and rolling them out in new regions. We are not just growing our tech teams to achieve this. We are also implementing AI tools to increase their efficiency. We now have over 1,000 engineers deploying code 6,000 times per month on average. And finally, we are also investing into our core functions. In 2026, we increased our spend by 40% year-on-year to $382 million, driven by a preparation for the dual listing and introduction on NASDAQ, with a one-off expense of $45 million as well as growth in regulatory and hiring costs. Within our investment framework, alongside our direct investments into the business, we seek to invest into a sustainable reduction of our price. These remain long term, driving down price for customers while building a sustainable profitable business. In 2026, while the average take rate reduced by 6 basis points from 58 to 52 basis points, this mostly reflects price change implemented in the full year '25. We finished the year with a take rate of 51 basis points in Q4 2026 versus 53 in Q4 2025, reflecting a 2 basis point reduction during the year. Looking forward, we expect to continue sharing these efficiencies with customers as we generate extra capacities for investments. And for the year 2027, depending on the additional capacity we can generate, we expect this to be reflected in a reduction of 1 to 2 basis points each quarter. Our investments into pricing are a core feature of our business model, which supports the long-term sustainability of our business. I'd like now to cover our margin and outlook. We delivered strong margins alongside the strategic investments, including pricing. In full year '26, income before tax was $660 million with a margin of 26% as we seek to deliver margin in line with our medium-term targets. This margin demonstrates that we can offer customers the best price while investing into building a highly profitable business. And the 2 objectives are complementary, not contradictory. Our investment framework is further demonstrated in our financial projections for the medium term and the upcoming fiscal year. Looking first at the medium term. We are maintaining our target of 15% to 20% compound annual growth for net revenue using 2024 as our benchmark. We also target income before tax margin of 15% to 20%, assuming our goal of returning 80% of interest income to customers is met. Otherwise, we anticipate margins to range between 20% and 25%. And this assumes no material changes to interest rates by the central banks. For 2027 specifically, we expect net revenue growth to be around the middle of our medium-term guidance of 15% to 20%. In terms of the shape of the year, due to the phasing of our investments into pricing, we expect this growth to be more pronounced in the first half of the year. Similarly, we expect that the scheduling of our reinvestments into the business will drive a comparable trend in our profitability. While we aim for full year margins around the high end of the 20% to 25% range, we expect this to be front half weighted, delivering results slightly above this target in H1. Our full year '27 guidance reflects the latest rates published by the central banks, such as the Fed, the U.K. Central Bank and the ECB. So before we conclude, I'd like to provide an update on our capital allocation framework. This is underpinned by our business strategy, which aims to deliver strong profitable growth, which then translates to strong cash generation. Under our framework, we seek to continue making prudent financial decisions in the best financial structure to deliver our long-term mission. This starts with prudent management of our strong level of cash. We maintain a strong capital and cash position to cover regulatory requirements, but also to ensure resilience and flexibility for future plans. And as such, we seek to manage the buffer above regulatory requirements to allow for this flexibility, for example, for future product expansion or license applications. While the next step is returning capital to you, our owners. To allow for the flexibility I just mentioned, we review our approach to shareholder return on a yearly basis. So in 2026, we allocated over $450 million to the repurchase of nearly 36 million shares into our employee share trust program, including the purchase of around 25 million shares related to historical share options. And today, we are announcing our intention to commence a new share purchase program, which we expect to be over $0.5 billion, of which around 40% will be allocated to our recurring employee share trust program and the remaining 60% will be used to buy back shares into treasury. Well, to conclude, we continue to execute on our strategy with discipline, and we are seeing strong results. We're growing our customer base, increasing customer engagement, diversifying revenue and investing for the future and all of these while delivering on our growth and profit targets. The fundamentals of our business are very strong, and we believe that we are uniquely placed to tackle the huge opportunity in front of us that Kristo mentioned at the very start of the presentation. And now we move to Q&A. Thank you very much.

Thank you very much Emmanuel. So we'll now move to Q&A. [Operator Instructions] And our first question in the list here is Cris Kennedy from William Blair.

Can you just provide an update on some of the key initiatives and areas of investment as you focus more on the U.S. market?

Thank you very much, Cris. I'll start, and we are investing strongly behind the U.S., and we've been doing this for the past few years. We are also seeing a great response from our customer base as our growth in the U.S. has been really strong. The initiatives that we deploy into the U.S. are similar to the ones that we're rolling out in the rest of the world. So we have a large customer base, both on personal and small business side using Wise for transactional purposes, but also a growing customer base using the Wise Account and the Wise Account for businesses in the U.S. So the story that we're seeing in the U.S. is relatively similar to the rest of the world but the engagement has been fantastic.

If I may add on the -- similar to other offices in the world, we've been investing in our employees. We build the structure in the United States to support the growth that we anticipate. You've probably seen, hopefully, Cris, marketing campaign in the U.S. this year. We've been a little more visible than in the past, and we're really pleased with it. And we also have -- we invest in servicing and sales, sales in business. We see an acceleration of the growth of our small, midsized businesses. And on platform, we think that we have a really good role to play here. We're exciting. There's more than 4,000 banks in the U.S., and we think that our platform business can offer a very great solution for them and for the customers.

Great. And then just as a follow-up, Emmanuel, you mentioned the cadence for fiscal 2027. Can you make any comment on the first quarter of this year?

So we took the take rate by 1 basis point down in the first quarter. And I think like this is the cadence you should anticipate with a slight acceleration, maybe I mentioned like 1 to 2 basis points in the second quarter. But overall, we will do this on quarter-by-quarter. That's what we expect for this year.

Our next question comes from Justin Forsythe at UBS.

Sorry, guys. I didn't see the unmute there. I wanted to ask a bit about the price cuts. So in a bear case, you consider it a bear case, but you'll be exiting the year nearly 40 basis points. Could you just give more detail on where you're doing the price cuts? I would love, Emmanuel, if you could talk a little bit more about the evidence of the ROI. So are you guys doing stuff like A/B testing to determine instances where price cuts work, where they don't work and where you're planning to lean in a bit there? And just in general, is there a point when you're going to hit diminishing marginal returns of price cuts? Is that at the longer-term 10 basis point target? Or could it be before that?

Well. Thank you, Justin, for your question. I think for us, price adjustment is a part of our reinvestment strategy. I highlight very like our investment that we've done this year into the business. We reduced only, if I may say, by 2 basis points in '26, the take rate. In general, we think that price is the #1 argument for customers to come to us and to use us. This is how we build the moat alongside our infrastructure and the quality of the service that we build, and that's why we put so much effort in that. It's fair to say that we are -- we don't put any floor, any limits. And we think that the price, if you want to talk about price elasticity is a long-term game. So we don't expect immediate return of a price reduction, but we know that at the end, on the long term, price matters for every single customers that are using us. And that's probably where we stop now.

Got it. No, that's really helpful. And just one minor follow-up, if I might, on the platform [indiscernible]. So you said it was 5% for the full year. I think you were maybe a bit above that in 3Q. So should we assume that the 4Q exit rate was above that 5%? Or any further updates on the progress in Wise Platform that you can give?

Well, I can tell you on the progress, we signed Capitec and the Capitec went live. So we have -- this is our first customer coming from the African continent, and this is the #1 bank in South Africa. So they are not part of this 5% that I mentioned before, but you can see the traction and you can expect our pipeline to be attractive. I think the 5% is in line with what we guide at Owners Day on the midterm guidance to be at 10% midterm and long term to be at 50% of the cross-border volume.

So our next question comes from Craig Moore at FT Partners.

So could you talk about headcount additions going forward? Hiring has been elevated for some time now. Is there any sign of this slowing down? Or is the plan to continue adding headcount in the current rate?

Craig. I think we have been very pleased with adding the headcount. This is -- you can see the reflection, let's say, in our growth rate. I mean, last year, our cross-border volume grew by 31%. The revenues grew also like [indiscernible] and the numbers of customers grew and so on and so forth. And the combination of the investments and the headcount that we're adding is to serve this acceleration of customer growth that we see. I mentioned today, 7 million new customers made one transfer -- cross-border transfer last year. We end up with 19 million active customers. And to serve these customers, we're investing in servicing. Although we invest in artificial intelligence, we think that we are -- in order to make on investments or have a good return on investment, we need to onboard customers in the best manner and to serve them in the best manner. So assuming that we continue to have this return in terms of growth and we're monitoring our investments very, very closely, I think it's fair to say that we will also continue to invest for this year.

And the next question comes from Moawalla at Goldman Sachs.

Couple from me. Emmanuel, just coming back on the sort of the pace of OpEx growth because I know there was some sort of positive other income that helped you in the second half, which meant that the kind of OpEx run rate was quite elevated. How should we think very kind of simplistically of kind of the OpEx trajectory over the course of FY 2027? And then secondly, on just the buyback is this a onetime? Or is it something that you're looking to kind of perhaps revisit on an annual basis? And then Kristo, in terms of just the pipeline and the momentum around the platform business, can you give us sort of some color around the pipeline, where you are traction in the U.S.? I know you've got Wise Connect coming up in next week. But just curious to kind of get your perception around how that momentum and how the ramps are going from kind of prior year wins?

I'll start and take the easy one. As I will repeat Emmanuel, we're very excited about the platform pipeline. You're going to be hearing about new names that will be coming out. And as you rightly pointed out, it's a combination of new names that joined Wise Platform, but also the deeper embedding of expansion of existing names. So we love the customers that we have on Wise Platform, and we love the new ones that are coming on board.

I would then continue on your first question and what kind of trend can we see there in the cost. You mentioned rightly so the one-off that we've seen due to our listing. If you exclude if you adjust the transactional cost by this $70 million impact of the U.S. GAAP, then you will see that we -- that transactional costs grew by 17%, which is below cross-border volume and also revenue. And the year before, we had an increase of 12%. So basically, what you can expect is us to gain further efficiencies on transactional expenses. Other OpEx, as I mentioned before, we continue to invest. We are excited about the return that we've seen on marketing, but the same on servicing. We invest in Artificial Intelligence, which has improved our NPS score. So we think that we will continue on that path. On buyback, we take an annual decision. We will revisit this annually. This is the largest buyback that we've ever done. This is over $0.5 billion that we -- the decision we make this year. We want to remain opportunistic with our cash in terms of which decision we can take and any opportunity that may come up in the future. So yes, we will revisit on an annual basis our buyback, but this is clearly a clear component of our capital allocation.

And now we go to Pavan at Citi.

We don't hear you, Pavan, in case you're mute.

Firstly, could you maybe touch on some of the exit trends in Q4 and maybe trends so far in Q1 given the FX volatility that we've seen? And then secondly, on the midterm guidance, I appreciate the clarity on the net interest income assumptions for 2027. But could you outline the net interest income assumptions that are baked into your midterm growth guidance?

I will start with the midterm guidance and the interest rates. I mean we don't assume any kind of massive FX movements in our guidance and/or any interest rates, we are forecasting a stable interest rate environment. So no massive move in the -- from the Central Bank to be expected. That said, we reflected already the decision, I think, last week or 2 weeks ago from the European Central Bank to move from 2% to 2.25%. And I will need help on the first question. Martin, do you remember the first one?

Trends on FX.

Trend on FX. So I covered that. Okay. Sorry, apologies.

First on kind of the cross-border business and trends so far in kind of Q1?

Yes. So as I said, our guidance is always based on constant currency. So we don't speculate on FX movement. It's on constant currency base.

So I meant more on the operational business, the cross-border business, the cross-border transfer business trends.

Okay. Sorry, my mistake. Sorry, I understood this. So usually, FX movement is beneficial for us. I mean, any movement in FX will drive more cross-border volume because our customers obviously will take advantage of the movement. So in that case, FX is a driver for cross-border transactions. Thank you, Martin. In 3 weeks, we're going to give maybe more color as we will publish our Q1 results.

Thanks Emmanuel. And now we go to Craig over at JPMorgan.

Just on the first question on the platform business. Can I ask whether money laundering allegations for newspaper headlines in Europe a couple of weeks ago had any impact on your existing platform partnerships perhaps slowing or delaying new corridors being brought online? And similarly, if it's impacted all the funnel of opportunities, whether that's sort of come up in conversations. Secondly, just realizing you're not coming to a quite meaningful sort of deposit taker in the U.K., whether there's been any development with the U.K. regulator perhaps talking about sort of changing how you might or could begin repaying interest to your customers now that you've just got to -- seems you're getting some material meaningful size, whether that changes the sort of setting with the [indiscernible]?

Thank you, Craig. I didn't maybe fully hear your second question, but I'll start with the first one. So we don't really have any new update from the prosecutor at all in the topic that was in news. And this is in line with the infrequent nature of the interaction with us. And to your question, we don't have any detailed findings. We continue the business as usual, and we're focused on serving our direct customers and platform partners. So if there's anything new, we will update you.

I'm sorry, just to clarify my second question. Just any change at all from the U.K. regulator as you become a more meaningful deposit taker maybe on your regulatory change and maybe being asked by the regulator to begin paying back some kind of interest to your deposits.

We are very much hoping that the U.K. regime would also allow the returning of interest to customers that it currently doesn't. There haven't been any news on the regulatory space from that perspective as far as I'm aware.

Thanks Kristo. So the next question will come from Hannes at Jefferies.

I got also a couple of questions. Maybe the first one is around your recent acquisition of Expatica. Maybe you can talk a little bit about it, how much money you spend, what the contribution should be we should put in? And then maybe around the direct connections, you reached now 75% of almost instant settlement. Can you talk about the pipeline here? And then also any of the recent announcements like, for example, Japan, are they already live? And is this the reason why the transaction costs should trend down as a percentage of net revenue?

Thank you, Hannes. I'll start with the direct connections. Indeed, you're right. We generally expect to see the transaction expenses to come down. The direct connections cut out the middleman, cut out the cost from the payments. And this is a very important strategy for us to keep adding the direct connections in all the countries where we operate. Indeed, we were very excited to connect to Pix in Brazil this last year. Pix is a very advanced, very new system and very well-adopted system in Brazil. So that has been a great journey. In some ways, Japan is the opposite. Zengin is a 50-year-old system and connecting to that was also a fascinating experience. So we're happy that we can kind of connect the 2 worlds into our platform and deliver this amazing experience of near instant payments at a lower and lower cost around the world. So this is definitely something you'll hear more about, hopefully, in new countries as we go into this financial year.

And then Hannes, I will cover your first question, Expatica. So maybe to set the scene, we don't have a legacy of M&A transactions. We've done only one in our history that I qualified as an M&A. It was in India to get a license. And this is not really on our focus in the next few years, but we will also look at opportunities to tell it clearly. This one specifically, you might have seen the announcement is not very material, but it's part of our marketing strategy as opposed to operational M&A transaction, if you wish. So yes, Expatica was small, but it's more in our marketing strategy.

And our last question comes from Aditya at Bank of America.

A few from my side. Firstly, going back to the question on pricing. Could you maybe just give us a bit more color on the type of pricing changes you're making, maybe which specific markets or corridors? And more specifically, is it more targeted at maybe some higher-value transactions like you did, I think, in some of the previous price reduction cycles? Just a bit more color on exactly where that's coming. Second, on platform, you mentioned that Capitec is not in the 5% and that actually it's already live. In general, are you seeing that the ramp-up of new logos once they sign up that's taking place quicker than previously? Are you seeing more sort of traction in getting those volumes up given you have some already some large banks as maybe a reference point? And then finally, any update on the application of the U.S. banking charter, which happened previously and any implications of that comes through?

I will start with the pricing. So I mean, the pricing is -- in general, you can assume that we are following the same logic as in the past. This is a cost-plus exercise. So we look at every route, every service that we provide to businesses, platform or retail and targeting the same margin. We want to be agnostic. And in that sense, we will not -- I can't tell you like in 1 quarter, 2 quarters, we will target that specific route. It will be a result of the efficiency that we can gain in certain corridors. And in general, the pricing is a reflection of efficiency and cost discipline. In the past, you're right, we've done also like some efforts on the high transaction customers. I don't want to disclose too much about our decision in the future for obvious reasons, but this is the kind of reflection that we will have. And then on the platform, if I may continue towards the second part of your question, yes, we -- the ramp-up of customers, new customers joining, you could assume that at the beginning, the ramp-up, you will have a similar reaction. Customers, platform partners will first test our product and test the quality and then over time, have new routes. I think that's fair to say that is the kind of expectations that you should have. We mentioned in the past that we have one exception with one partner that we're ramping up faster. But otherwise, usually, you would expect the partners -- the new partners joining to have a slow ramp-up.

And you referred to our application with the OCC for a non-depository trust charter. And as you know, the OCC has a well-established process for reviewing applications, and we're continuing to follow that process. But in the meantime, and for a while, we've been operating in the U.S. with 48 money transmitter licenses in each of the states. So that -- and as you hear, the U.S. business is growing really well. Our being opportunistic adding more licenses around the world as we expand our products. But thank you for the questions.

Thanks, Kristo. And that concludes our FY '26 results call. Thank you very much for joining us.