Wise Group plc (WISE) Earnings Call Transcript & Summary

Hello. Thank you so much for your patience. It's all sorted and we're set to go. So thank you very much, and apologies. Good to see you all here. I'm Martin Adams. I'm the Head of Owner Relations here at Wise. Thank you so much for joining us here today. A lovely sunny day here in London. Really good to see you all. So thank you. We're also going to be joined today by 7 of the leadership team of Wise, who're really looking forward to taking you through why Wise exists and what our vision is, how we're building a network and how we're creating an exceptional experience for our customers and all of this combined is creating substantial value for you, the owners of Wise. So we've got the presentation. We're going to take a break about halfway through this and then we will move to a Q&A session at the end. So please do save up all your questions for this session at the very end. So with that, let's get started. I'm very pleased to introduce you to Kristo Kaarmann, our Founder and CEO.

Hello. So first of all, thanks so much for this wait. What I propose is our audio-video team is very stressed at the moment. They've managed to pull this through. So let's do a round of applause for them. Thanks, Jack. So the rest of it is going to be super smooth. And now I have the chance to actually welcome you. So welcome to our new office space. We've been here only for a couple of weeks in London. And I wanted to welcome you to our very first owners' day. So we've never done this before since the direct listing in London -- on the London Stock Exchange. I'm very glad that we have so many owners here together. It's kind of a chance for us to do something different to our usual kind of half year results reporting agenda. And I'm really happy that we'll have the rest of my team here so that you get to know a bit more of them as well. And many of them have been building Wise for more than 10 years, you'll find out, from when it was then just a promising idea to now being one of the 50 most valuable companies on the London Stock Exchange. I'm also particularly excited today that you'll be hearing from our quite fresh CFO, Emmanuel, getting to know him a bit more as well. He only joined us 6 months ago. And we have generally a very long-term oriented owner base. A lot of the cap table hasn't actually changed even in the 4 years in terms of the majority of it. But I wanted to also especially welcome our tens of thousands of new owners who have bought their ownership since we listed. So welcome to you as well. It's great to see that you are as excited as we are about what we're doing. But for me to get going, let me take you back to the beginning. Why did I start Wise in the first place? Why I started working on this? Because in an ideal world, Wise should not really even exist. As the market dysfunction, where banks have been hiding their cross-border fees and successfully relying on captured customer base, this has led to decades of underinvestment in technology and led to uncompetitive products for our retail customers. And it has also led to underinvestment and limited competition in the global correspondent infrastructure maintained by the largest banking brands in the world. So it's no surprise then that this team that you're going to meet here today was able to build an enormous company from scratch in only 14 years. But however bad the international banking was when we started, we shouldn't distract us from exploring how good it will be because all we know is we're merely in the beginning of fixing it. As you can see, around -- we move about 5% of all the money that people move around the world, that's about $3 trillion, we move now about 5% of that. And about 1% or less of 1% for small businesses. But in some controlled currencies, there's actually good official tracking. And what we're seeing is that in some segments, we are becoming quite meaningful. So for example, the Reserve Bank of India tracks the inflow to rupees from coming to the country. Estimated to be about $100 billion. We know that we're doing about 10 billion of that. That's 10% of all the money going to India. Our volumes to the Philippines make up about 12% of what the Central Bank estimates in inbound volume from its overseas people. Brazil Central Bank meticulously publishes their inflows and outflows to Brazilian real across banks and nonbanks. And we have been the largest institution actually now for a while for both the number of transactions coming in and going out of Brazil and actually by margin compared to the banks and everyone else. So we're already becoming quite meaningful in some of these pockets of this in almost GBP 32 trillion cross-border volume. And I think it's very good to look at the market share in terms of the volume or kind of the size of the problem that you're fixing. But when we talk about the opportunity, we must also look at the revenue or the fees that we're disrupting. Adding together all of the retail fees that are being charged by the banks in -- mostly in hidden markups, we see a number of GBP 170 billion annually, has been collected from people and small businesses. And this is the market dysfunction that I was talking about. That's the immediate opportunity in front of us. Putting this up here almost because then I don't need to -- I also don't need to quote this famous founder who said, their margins is our opportunity because you know who I'm talking about, and he went to build a multitrillion dollar company of it. But let's look deeper into this because it's not just one number. The banks and the few remaining nonbanks capture this 170 billion revenue pool in three different ways: Firstly, international wires or simply transfers. That's investments, it's payroll, imports, a few different other use cases. How they distract the retail customers with a free or a nominal transaction cost, and then they hire 2% to 5%, sometimes more into an inflated exchange rate. Then cards, using bank cards on your holidays or those you travel to, on work travel, when you pay a $1,000 bill at a hotel for a weekend stay. You don't realize that you don't only pay $1,000 to the hotel, but your bank took another $20 to $50 from your account in your local currency, which still lump into the bad exchange rate and I hope you don't notice. And then getting paid internationally. When a small business owner puts their local bank account on their international invoice, they can be sure that their bank will convert any incoming foreign currency. Into their bank, to their local one at a market up exchange rate, and it takes again a 2% to 5% fee. That's a reminder how this $170 billion foreign exchange revenue pool is collected from the retail customers. Now you'll hear from my team through today how why is this becoming an international account for people and for businesses for all of these use cases it serves. And then when you hear this, please think back to this $170 billion number and the way that the banks capture it today because then it's all going to make a lot of sense comparing to what we're building, comparing to what we're disrupting. We disrupt in price, on transparency, on trust, on experience and all this is going to be powered by our unique network. You'll hear about this direct payments network we're building, and it will become obvious why the smart retail banks who care about their customer experience, who want to challenge their slower peers are jumping on Wise platform. So we've gone from nothing 14 years ago to now moving $100 billion and more. But now, now we're building the network and the apps for the trillions. And we had a great start, but this is merely a start. So to summarize, we've methodically invested in the first 14 years. We've created a massive opportunity ahead of us. We have a clear long-term plan that we see is working and we're doing this profitably. So let's look at this in numbers. Since the listing 4 years ago, we're now serving 2.5x more customers, moving nearly 3x more cross-currency volume. And our customers increasingly prefer to hold ever larger amounts of their money on their Wise Account. They're now keeping GBP 21 billion as the latest estimate for the year-end on their Wise Account. Yet, as we turn the screws on pricing and we bring down the cross-border fees, our underlying income since listing has grown still faster than the fundamentals. At an average 34% every year. Why? Because you'll see that today actually as well because our products expand now to cover more of the scope of international banking, our sources of income also compound and diversify. So this income growth also means that we're now invest hugely more into growth. Because when you and I will be looking at these charts again 5 years from now, the value of Wise will reflect the investments we're making today and it will be driven by our capacity to invest, and that's driven by our economics or how that's expanding and how efficient we are. And that's going to be down to our execution. So as we've guided since listing, we will continue to invest behind the coming decades of growth in all of our income streams. The opportunity is getting ever clearer for us and we can see all of the components of the strategy working. So in my team now will take us through the investments that we're going to make right now, this year, next year, there's to come. And this is going to get us to the next few hundred billions of cross-border volume. But really, it's going to take us to the trillions. So First up, Diana and Harsh, they're going to take us through this network, how they're building it, the infrastructure that powers this incredible speed and customer experience. You'll hear from Nilan, Nilan is going to cover all the products and features and how these have assumed such a big scope compared to what it was even 5 years ago and how these new income sources develop. We'll take a quick break. And then Cian will take us to this incredibly efficient marketing machine behind wise. When Steve picks up on the newest part, which is Wise platform, and then we'll have Emmanuel covering the financial discipline and profitable growth model that's behind Wise. Thank you so much for coming. I hope you enjoyed the day. It's going to be a lot of fun. So over to Diana and Harsh. Thank you.

Thank you, Kristo. Good afternoon, everyone. My name is Diana Avila. I am responsible for the international expansion of Wise. I have been at Wise for 10 years already, and I actually came across TransferWise before joining. I originate from Colombia have moved to London to study a master's degree in law and finance and I have to start repaying my loan back home. And after using the bank to make this transaction, I realize -- I think you can hear me better now. And as I was saying, I was paying my loan using my local bank and I realize how I was overpaying in the FX rate and it was taking days for the money to arrive. And I started reading about this thing that TransferWise was building back then, and I became obsessed with the idea of making sure that these products that this solution should be present everywhere in the world with the best infrastructure, which is what you're going to hear today from Harsh and I. I, of course, manage my money with Wise these days and it's a very useful product, especially in my role, traveling constantly around the world. But my favorite feature by far is that I get to send money to my family in Colombia quite very often, and it gets to them instant.

Hi, folks. Good to see you all. Some new faces in the room and some old ones. I'm Harsh. I have been with Wise for 10 years, and I lead the technology teams here. And similar to Diana, actually, I face this problem the first time also as a student. I was moving from India to the U.S. for grad school and about 20 years ago, so I'm dating myself now. And I paid 6% in hidden fees for the first semester tuition when we move funds from India to the U.S. And unfortunately, at that time, Wise did not exist, so I had to use my bank. And then over the years, as we've built Wise, obviously, I've traveled and lived across the world quite a bit, and I manage all my finances now with Wise. My favorite feature, I can actually get interest on my USD, GBP and Euro Holdings, which is pretty cool. And then I can spend that money when I travel all around the world. And as Diana said, together, we will talk you through -- walk you through the details about the infrastructure we've been building for the past 14 years. And we'll continue investing in this infrastructure because we fundamentally believe this is what makes Wise unique. So let's get on with it. You heard Kristo. We are building a network to move trillions around the world. And we've been making quite a bit of progress on this. Today, we have already over 15 million active customers using wise directly. So that's through our Wise apps and our website. And later on, you'll hear from Steve how we also have over 100 financial institutions integrated into Wise platform. And the key thing here is as more people and more businesses move and hold money with Wise, our network sees greater flows. With greater flows, we see economies of scale, which leads to better outcomes for everyone using the Wise network. So this leads to faster and cheaper and more convenient outcomes for everyone using the Wise network when they're managing their money internationally. And all of this is underpinned by the Wise infrastructure. And this is what we've been investing in over the last 14 years. And this is what makes Wise so unique and is our main competitive advantage. This infrastructure has 4 components. So you've got -- let's start with the first one, our licenses. Our regulatory authorizations to operate directly and independently in multiple jurisdictions and offer our products to our customers locally. Next, our multiple connections to numerous payment systems and local bank partners around the world. Third, our technology, all developed internally from the ground up that allows all those local connections and operations to run seamlessly at scale 24/7. And last but not the least, our operations teams. Our ability to automate and operate a highly complex infrastructure and flows up information and money in a way that appears simple to our customers. One of the things that I really enjoy when I'm traveling for work or for even personal travel is randomly meeting Wise users. So I sometimes wear the Wise T-shirt as I'm in airports, and get pulled aside, it's like, oh, you work for Wise. And when I meet these customers, sometimes they tell me like things that don't work. But a lot of times, they tells me things that they really love. But one word that I've heard that people say a lot of times is, you just made it very, very simple. People are amazed how we've made something that would be a very daunting task of moving money internationally or managing your finances globally to become so simple and an everyday task. And this simplicity is thanks to the global Wise infrastructure. For example, let's take the example of global money movement. So in a traditional correspondent setup, you'll have a payment order, which is transmitted through multiple corresponding banks in multiple countries. But with Wise, we move payments end-to-end directly within seconds without numerous correspondence needed. For example, somebody funding a transfer from their bank account in Australia and pay into Wise using the local payment trails. And then we immediately pay out to the other side to the U.K., where they were sending money to the recipient. This money reaches the recipient in less than 20 seconds, and they pay 0.4% increase. That was unheard of before we created this infrastructure. But this simplicity goes way, way beyond just moving money and replacing the inefficient correspondent network. With our infrastructure, we are enabling other things that were unseen before. Here's another example. Here's an example of a Wise Account customer being able to open local account details in the U.S., in U.K. and Australia. Once they've onboarded to Wise, they can get local account numbers to operate in different local payment systems across the world, simply by clicking a button on their app. No flying to another country to get local accounts, not doing physical verification, no reuploading numerous documents or worse, managing multiple local accounts at different banks with different applications. We have democratized banking like a local for all, something that was not available at this level of access before Wise. And again, all underpinned by this infrastructure built in multiple countries across the world. This infrastructure is global. Today, we have over 70 licenses across the world. We access payment systems around the world via our direct connections. We've got 6 live and 2 more coming soon. Diana is going to talk about that later. And also more than 90 local bank partners. Some of these are the major domestic banks, most of these are major domestic banks in multiple countries. We have over 850 engineers working on this cross-border money problem alone. This makes it the largest engineering team dedicated solely to solving this problem. And we continue automating and building a global servicing -- automating experiences and have built a global servicing team with 24/7 operations across 20 countries. This strong infrastructure is what powers and makes our 4 key pillars possible. Some of you who've been with us for a while have seen these. These haven't changed. It is important reinforcing that as we invest and strengthen our infrastructure, these pillars will remain consistent over time. These are the outcomes that we deliver that leads to amazing experiences, people using our products have. Let's go through a few highlights. Speed, our infrastructure is what enables us to complete more than 65% of payments now instantly, which is less than 20 seconds end-to-end. But I continue to be proud of the other number, which is 95% of the payments on the Wise network are cleared within one day. This is radically different and much, much faster than the corresponding setup, which can still take multiple days to clear payments. We are able to sustainably offer a lower price to our customers. On a blended basis, we are charging 56 basis points. This is because our infrastructure allows us to reduce the underlying cost as we scale volumes. Our infrastructure enables us to process over 2.5 million transactions per day. That is nearly 2,000 transactions per minute everywhere in the world, including weekends. And we do this with the scale that people expect us to have with high uptimes and 24/7 support. Since we started Wise, we have invested almost GBP 3 billion to build this infrastructure. And we will continue to invest even more as we see more opportunities to scale and grow this competitive advantage we have. In fact, over the next 2 years, we will invest an additional GBP 2 billion into this infrastructure. This is because we fundamentally believe whoever has the best infrastructure in this space will win in the longer run. With that, I'll give it to Diana to take us through direct connections and local licenses.

Thank you, Harsh. And indeed, we strongly believe that is the best infrastructure what wins in the long run. And the magic of Wise, the magic of this infrastructure is being able to deeply connect in payment systems to be present independently in countries and not just in one or in a couple, but everywhere. Is this combination of depth and breadth the magic behind Wise. And we're able to do this, we're able to build this infrastructure, not only across Europe and the U.K., but we do it in different regions. We do it all the way from Latin America to Asia Pacific. North America and also the Middle East and Africa. So let me go deep into -- let me go deep into this concept of direct connections and licenses, the 2 first pillars of our infrastructure. For the past 20 years or so, most jurisdictions, most countries around the world have introduced new payment systems, have improved the way in which money moves domestically. And this is why it is so easy to create and send the payment domestically. Usually, these arrives instantly or very quickly. And it doesn't cost anything for the consumer or just a very small amount and it's a reliable network. But these payment systems are unique to each jurisdiction. What we are doing at Wise is we're bringing these payment systems together. We're integrating them under our network with a unique goal of moving money across borders of creating this network for the World's money. And we do this through our connections with more than 90 bank providers around the world. These are some of the largest and more established banks that we operate and that are connected with. But most exciting and most importantly, we access these payment systems as a direct participants. So this means that when someone is funding a transaction in Australia from their bank accounts, they create these payment order and it comes to Wise directly with no intermediary in the network. And similarly, when we are doing a payout. We do it directly. We create this order, and this goes to any of the other bank participating to the payment system in that country. And this is how we get the speed of moving payments of the payment systems, which is instant and we're able to lower the underlying cost of moving each payment, and it's a very reliable and strong infrastructure because it depends only on us. There's no intermediary that we are depending on. Building these direct connections, becoming direct participants is not easy. It's not for anyone -- it's not for everyone. In order to get a direct connection, to become a direct participant, usually, we start by engaging with regulators, with lawmakers, with policymakers to make sure that the payment systems are not reserved only for banks that are also available for nonbank financial institutions focused on payments. When the law allows these, we, of course, required to have our own license, our own authorization. These are usually multiyear projects. And this is getting easier, especially when we first engage with the regulator and a lot of them are already using Wise. And once we get the authorization to operate in the market and to become a direct participant, building these and getting these authorizations to be a direct member requires to pass the highest and more stringent requirements from an operational, and from a technology perspective because the payment scheme needs to make sure but it continues running safely, smoothly with constant uptime for all the participants and all the customers. And the benefits of getting these direct connections are exactly those that we get the faster speed of the payment system, we're able to continuously drove the cost of moving payments, and we are creating a very reliable infrastructure. Let me take one concrete example. One of those examples of the direct connections that we have built, the Philippines. Last year, we went live with our latest direct connection to a payment system, in this case, InstaPay, which is the instant payment system in the Philippines. And as you heard from Kristo, our presence in this market is already significant. The Philippines is just one of the few examples where the opportunity is massive. It's one of the largest receivers of remittances of international pays. And in 2024, 12% of those payments that were going to the Philippines, international payments were already powered by Wise by customers around the world using Wise to send money to the Philippines. Now becoming a direct participant to InstaPay means that 90% of those payments are completed instantly. So our customers, our Wise platform partner sending money from the U.K., for example, to the Philippines are arriving instantly. We were also able to reduce the underlying cost of sending each of these payments by 8x, and now our customers cannot only use Wise to send money to the Philippines, but our customers in the Philippines can also access the Wise Account. And the Philippines is one of the places where we already have these live direct connections. The first one was in the U.K. back in 2017 when Wise became the first direct -- the first nonbank direct participant to FPS, the instant payment system here. And we also have this already in Europe, in Hungary, in Singapore, in Australia and the Philippines. And we're very excited because this year, we will add at least 2 more. We will be directly connected to the payment system in Brazil. This is fixed. And we will also be directly connected to sending the instant payment system in Japan. Last year, we received authorizations for this. In Japan, for instance, we are the first non-bank to receive this authorization to connect directly and we are working and investing towards getting ready this connection this year. And through these direct connections, we're very proud because nearly half of all the payments, half of all the transactions that come into Wise and that we process out of Wise are processed on our direct connection to payment systems. This means that, for example, whenever you create a payment from the U.K. all the way to Australia end-to-end, this is moving in our own network, in our own direct connection on both sides or when our customers need to send money from Australia to the Philippines, this is also powered by our direct connections. So with this, I'm going to pass it back to Harsh to hear about the other 2 pillars of our infrastructure, technology and operations.

Thanks, Diana. While our direct connections are a key part of what got us here. There are other key components that make the Wise infrastructure very unique. Our technology is one of them. This is fully developed in-house that supports our integrations and makes our infrastructure possible. While most financial institutions and large banks release a few times a month, they released their apps, their products a few times a month, we actually released over 5,000 times a month and get our product in the hands of the customers as quickly as we can. This is just one of the stats that we are proud of. But along with this velocity of releases and velocity of change, we can continue to remain very highly resilient and keep our uptimes high. I already mentioned the number of engineers working on this problem and the way we continue to invest in bringing the best talent into the company to focus on the cross-border problem. This is the biggest engineering team that is using the days to make sure we continue to solve this problem. And as we look forward, we'll continue to focus on investing into this team and build the team that will build this infrastructure for moving money around the world to be the best over the next decade. But there are other investments, we continue to use our data to make better and efficient decisions. We have always invested heavily in this space with the use of machine learning models from the earlier days in various parts of our business. But we continue to look at new and exciting advancements in LMs and in the AI space as we invest to make sure we can continue to be more efficient and make better decisions with these new tools. The key here is to make our products much, much better such that we can stop the bad actors faster but also make it more convenient for good customers to use Wise. And finally, Wise Platform. Wise Platform continues to become a bigger and bigger part of our business, and we'll continue to invest into building a great B2B API for Wise Platform partners to integrate into. We'll continue to add features and new features to our API for these partners, including opening up our card issuance, multicurrency accounts and more. But one of the things that people ask me sometimes is, hey, how is this different than a big bank? How have you built the technology stack to be different than a big bank? And one of the key things to call out here is Wise has a single global tech stack. So let me give you an example. If you bank today with a big global bank in the U.K. and then you decide to move to the U.S., for example, you'll actually be using a completely different technology stack. You will be using -- you'll be going through a new onboarding process, a new KYC process, a new account details will be issued to you, new user names and passwords, new apps to be downloaded and new cards to be issued to you. With Wise, what we've built is all under the single global tech stack. This means most of our features are built with a global setup. And then we add local customizations as needed. This makes the products on top of this network very powerful. You want to move countries, no worries. Wise is operating in that region as it was your home country. You open a global business, we operate the same way. But this is also driven by how we are organized as a team. We organize in our local hubs across Asia Pacific, North America, Europe, where we hire local talent with local in-market expertise. One of the examples I give my techie friends is, if you're staying in San Francisco, you have no idea how QR code-based payments are happening and moving in Asia because you're not living and breathing that. For that, you need to live and breath that local payment system because payments are local. So this global local setup makes -- really makes Wise infrastructure and the products we build on top of them a very unique and special. And last but not the least, excellent operations. This is a big part of our infrastructure. Moving and managing funds across borders is hard work. And sometimes things do get stuck. So when our customers need us, we are there. 24/7, 365. We had invested heavily into bringing down contact rates over the years such that customers can help themselves in our product experiences. But when they need to contact us or reach us, we have fast response times. So all of this investment in our infrastructure leads to this low -- leads to the outcomes of low cost, high speed and scale, which leads to better experiences for our customers. and that leads to faster growth. And most of this growth continues to come from word of mouth. But just taking a step back, let me look forward for the next 10 years. And I'll leave you with this. I see all roads in cross-border payments, leading to the Wise network in the longer run. We have build something unique with this infrastructure, which gives us a massive competitive moat. This competitive advantage comes on cost, on speed with the use of our superior technology but also no other competitor has invested in the infrastructure like this, and we will continue to invest given the head start we have. But if you also look at what's happening in the industry, the customer expectations are also continuing to evolve. This idea of 22nd cross-border payments, even 5 to 6 years ago, it actually didn't exist. And now it's becoming table stakes. And this is powered by the Wise infrastructure. It was actually brought to this world with the Wise infrastructure. As these expectations evolve for customers, these customers are not only expecting this from Wise, but they're expecting this from their banks. And this is where we see Wise platform continuing to grow. Because these banks and larger institutions want the same outcomes for their customers because they're demanding it. Once these banks come on, they tend to be sticky. They have larger volumes. And then we can clear payments between 2 partners through the Wise infrastructure instantly at low cost. This eventually leads to the flywheel of the Wise network that I showed earlier, continuing to move faster. Because it brings more volume, more customers at least to better outcomes for everybody using this network eventually making this network. This is the network for the world's money. So with that, I'll invite my good friend and the CPO of Wise, Nilan, to the stage to talk about how we continue to build great products for our customers on top of this infrastructure.

I enjoyed working with for the last 10 years. So hi, everybody. I'm Nilan Peiris. I'm Chief Product Officer here at Wise. I've been here for the last 11 years, building our products and building the teams that build our products. And looking forward, there's still so much left to do. Kristo talked about trillions at the beginning of the day, and I'm going to take you through our path to trillions through how we build -- through building and continue to invest in the world's #1 cross-border experience, the #1 account for people and businesses, and Steve Naude will take you through Wise platform the world's best correspondent infrastructure. But kicking off with the journey to trillions, GBP 32 trillion. That's how much money moves across borders at the moment today. And as you heard from Kristo, a tiny portion on our rails today. And we're enhancing and investing in our product to give us our path to move to trillion. In the near term, continue to invest in building out the #1 cross-border experience contributes a significant portion of why users continue to switch their volumes from their current providers to us. In the medium term, we see ourselves hitting our first milestone of GBP 1 trillion on the Wise network across cross-border and same currency volume and that really will be delivered by investments in the Wise Account. And in the longer term, is the platform that gives us access to trillions, the trillions that are moving between banks and businesses every day. So let's step through these steps and add a bit more color to that journey. Kicking off with the #1 cross-border experience. The products we've built help us address ever larger segments of the market. We started with Wise Transfer, but our customers told us they also needed to receive money internationally, to hold money, to spend money, and for them, we built the Wise Account for people and for businesses. But we know that not everybody in the world will download our app. We know we need to be in the payment flows where they're happening, which is in -- within the world's banks and within other technology platforms and to support them, we built Wise Platform. And Wise Platform is a small part of the story today, but over time, will become an increasingly large part of how we achieve our journey to trillions. And these products would be nothing with that decade of investment that Harsh and Diana took you through. Those billions that we've invested to date, in the licenses, the connections, the technology and the operations. Without that, we'd just be a pretty UX. We really wouldn't deliver on the customer outcomes that matter. Customers have been pretty consistent over the last 14 years on what the challenges they have with their current cross-border experience. These messages haven't changed. They tell us their current providers are really expensive. They're really slow, 3 to 5 days is still the benchmark from when I started at Wise 11 years ago to today, a lot of routes are unavailable. Even here in the U.K., you can't get access to a bunch of countries within South America. And frankly, the current products are really, really hard to use. And what we see, as we've invested in building a product that's an order of magnitude better than the incumbents, we've seen users switch to us in ever greater numbers and be increasingly evangelical about the product that they're using now with Wise, which is why we continue to invest behind this. We continue to invest in price. We continue to invest in ever faster speeds. You heard Harsh talk through us hitting the 60% instant milestone, investing, taking Wise to new corridors and invest in the customer experience. Let me take you through a little bit more detail on our investments in price. Over the last 6 months, we had 6 months of consecutive price drops which positively impacted our volume growth. Looking just at Q3 2025, we can attribute -- we estimate about 4% of the cross-border volume was driven by our price investments. But that's only part of the story. When we look at our NPS, our Net Promoter Score, the primary motivator why people recommend Wise continues to be price. And our investments in price are our investments in user growth. In the word of mouth that Cian will take you through is a primary driver of user acquisition for Wise. And finally, as we are able to lower our price, ever larger segments of the market, we become more relevant for. Today, you can access the price of 0.1% on Wise when you're moving more than GBP 100,000, say, between GBP and euro. But if you're moving GBP 10 million or GBP 100 million, you'd expect a lower price, and that's what we're working to bring these segments on to Wise and to make these segments more attractive. And that's relevant for small and medium businesses but that's critical for our platform partners and the journey we're on there. But it's not just about short-term gains. Price is also a strategic long-term investment. So there's a word of mouth growth I've covered already. But as we drop our price, what happens is we expand our competitive advantage as competitors need to match us on price in order to switch customers. And to do that, they'll need to discount by ever larger amounts or cross-subsidize from their net interest margin in order to do so. And over the longer term, we see access to ever larger parts of the market. So price -- investments in price return over the short, medium and long term. But it's not just price. It's speed, it's corridors, and it's the customer experience. And there's no more convenient way to use Wise than through the Wise Account. When we started Wise with Wise Transfer, it's an incredible product. As Diana talked you through, it's really cheap, it's really fast. But our customers who are doing maybe hundreds of payments from their bank accounts asked us, could they hold money with Wise. And so we began building the Wise Account. The first feature we launched was enabling customers to hold balances with us. But once they started holding balances with us, they've then asked us, maybe can I pay into my account directly? Could I share my account details with my customers? So we start building local account details. These are high-quality local account details in all the markets that we operate with. Once they had the money in the account and the local account details, they wanted to spend the money. And so we launched this unique multicurrency spending card. And the Wise Account today is so much more than that. We continue to see opportunities that deliver high returns that we invest behind that enable our customers to spend more and hold more with us. What are the types of customers that use the account? It's a range. We have some single currency users. They're a small number, and these are people that would use the Wise Account. It works just great if you're using one currency, but they do have other alternatives. We have more customers that will use us when they're holidaying, when they're traveling. And that's normally how our customers -- a principal way in which customers get introduced to the Wise Account today. But say you're a remote worker or a digital nomad, imagine you're an engineer and you're based in Greece and your customers are in the U.S. and you want to invoice them in USD and spend in euros on your card. There aren't many options available to you that are like the Wise Account. And if you're relocating and you're moving from one country to the next, the experience that Harsh talked through, it's pretty hard getting a bank account when you move country, when you haven't got, say, in the U.S. a social security number yet or any of the proofs of ID you need, but you can get going before you leave with a Wise Account. And finally, some of our customers run their businesses on Wise as well. And as we go from left to right, as the international needs of our customers grow, we provide more value to our customers, and our customers on the right are the most valuable customers we have. It's no accident that since we invested -- started investing behind the Wise Account, we've seen tremendous adoption Almost half of our personal customers have now adopted the account and around 60% of our businesses. And whilst our overall income growth has been growing at 34%, Wise Account income growth has been growing at 66%. And most of that income growth has been -- a large portion has been driven by the conversion income because there's no more convenient way to convert money across borders. So it's been a 49% growth in conversion income. But outstripping that commercial income has been the nonconversion income. We've had a 93% growth in nonconversion income, which now makes up 30% of our overall income. And what is this? It's about 1/3 our card income that we earn from interchange, about a 1/3 interest income and about 1/3 in other fees. And the Wise Account overall is operating at a 40% to 50% contribution margin. Our vision for the Wise Account is to build the world's best account for managing and moving money domestic or international by solving the barriers to customers spending and holding more with us. As I've talked through, we've seen really strong returns as we've invested in our products to date. And going forward, we see the potential for strong returns as well as we continue to invest in trust, in local integrations and in convenience. Investing in trust means many things at Wise. It could mean enhancing our security features, it could be rolling out assets that our customers trust to generate a return for them in the long run. As customers trust Wise more, they increased their holdings in Wise and that generates more interest income. Our local integrations, we've heard that banking and payments are uniquely local and we're uniquely set up to deliver on that experience with different payment methods, different verification methods in market that makes us relevant and convenience in the market. And as we do that, we increased our user growth and the types of transactions on Wise. And finally, Wise becomes -- we're investing in making Wise more convenient. And as we become more convenient, we'll see higher activity on the accounts and that will lead to increased frequency and revenue growth. And I want to talk to an example of how all these things trust, local integrations and convenience come together in one product, which is Wise interest. Why interest is an instant access savings products with holdings in government-guaranteed assets. So any of you could open your Wise Account today, and push one button and move, say, your balance of GBP 100 into GBP 100 worth of government guaranteed assets. And what that means is you'll be earning a return of about 3.6% if it's a GBP balance through to about 4% if it's a USD balance. We're able to offer that product through our network of broker-dealer licenses. That product is now available in 19 countries around the world, and customers trust their money is safe in this underlying product. And what's unique about this product is customers have instant access to their funds. It's really convenient. I can spend with my card whilst my money is held in this account. It's no accident as a consequence, we've seen high amounts of customers switching to our assets product from playing cash deposits. And today, we have over around GBP 4 billion in assets. Looking forward, we see many opportunities to continue to invest in the account. All of these opportunities drive returns through customers holding more with us and spending more with us, driving that interest income and that interchange revenue. So that's it for the Wise Account for people. Our focus is on international people, and we invest in trust, local integrations and convenience. Let's move on to talk about something I'm really excited about, which is Wise Business. It's a very big room. I think I walk over this side, to talk about this side on business. So you are not left out. So Wise Business. Wise Business is -- we started Wise Business in 2017, and it's been a significant contributor to our growth. We have 600,000 active businesses on Wise Business. Wise Business contributes 23% of our revenue and 26% of our cross-border volume. It's available in 79 countries but really the majority of our customers today are in the U.K., U.S. and Europe. So there's a lot of white space, a big opportunity ahead of us. Historically, we were an alternate FX account for businesses. And increasingly, you've seen us invest behind becoming a primary account for business banking. The experience of business banking today isn't great. It's really hard to get a business bank account, especially if you're a small business. And the one that you get as default won't come with multicurrency balances, doesn't come with employee debit cards that you can issue or local account details around the world. You can understand why the base features for the Wise Account I've taken you through so far are so relevant for small businesses. they especially love our local account details. If you're a small business in the U.K. and say, you've got a customer in Australia. And if you want to invoice the customer, you'd put your IBAN on that invoice, you send the invoice off and 5 days later, some pounds would turn up in your account, and you're not never quite sure if it's the right amount. What would be cool is if you could invoice that customer in Australian dollars and hold those dollars in an Australian balance and maybe pay your suppliers out of that balance as well without having to bring it always back to the U.K. If you wanted to do that, you need to fly to Australia, incorporate an entity then go to a bank and then they would give you a bank account. With Wise, you can do that into 3 clicks. And it's not just Australian bank account details. It's U.S. account details. It's GBP details, it's euro details. Those debit card we issue in the voice account, become employee debit cards, debit card that you can control your spend on. You can add your team to the account with Wise Business and you can add your accountants. You can run payment approvals. And it syncs with your accounting software. Over 15 accounting integrations to date. And Wise Business is much, much more than that. So you can understand why businesses are adopting wise. Customers like BeeHype, a specialist honey exporter, not money exporter -- a specialist honey exporter switch to Wise Business. So BeeHype is based in the U.K. and it's got customers in Europe, and it wants to get paid in euros. And it's pretty hard to get paid in euros. If you don't have a Wise Account, they switch to us for that. Or customers like Pangolia. This is a business in Singapore, it's an e-commerce business, a pet e-commerce company. And they use Wise really to get paid from Amazon, where they receive a chunk of their payments from but also to pay their suppliers all around the world. They've also adopted our card and issue that to their employees to control spend. So they've really gone full Wise Business with us. Our strategy to support Wise Business is to continue to invest in features that help our businesses move more of their transaction volume to us and more of their holdings to us which generate good income growth and good returns. Let me talk you through how our business proposition will evolve. Today, we are used by micro small and small- to medium-sized businesses. But as we continue to invest, we will see a greater proportion coming from small and medium-sized businesses over time. We invest in 3 areas to support ever larger businesses, number one, in a superior experience; number two, through localizing better and number three, through solving for workflow. Let me step you through each of these. The best support experience is one that doesn't really exist. We've invested heavily over the last few years in our financial crime and regulatory checks. We've developed sophisticated machine learning models, which combined with our deep regulatory expertise enable us to help reduce the friction of payments. So this is an example where a customer is receiving a payment here from Akshay and the payments paused. And the payments pause because it had a reference on it, which would hit a sanctions engine check. And what would normally happen is this in a bank is this payment would get stuck. And at some point, you'd receive an e-mail saying, we need some more details on this and you go back and forth to an agent. And this process could take 3 or 4 days, sometimes a week. We've built a way in which we can collect this information directly from customers within the flow and then run our checks in an automated way to release that payment really quickly with minimal disruption for customers. On to localize better. Business banking is inherently local. I've learned that there are many, many accounting platforms around the world. It's not just QuickBooks and Xero. In fact, almost in every European country you'll find a slightly different flavor of an accounting platform. And businesses expect their account to work with that platform. With our regional teams that Harsh talked you through, we're uniquely placed to build those integrations, integrations into local tax systems, continue to build out our network of local account details as well as local payment methods. That enables us to build a great business account. And then finally, over the longer term, solving for workflow. What we've observed is that the payment job, which here is paying for an invoice is usually part of a much broader workflow within a business with approvals from multiple parties. And the payment step, which is the only part that currently happens on Wise today is a small part of the journey. And in order to capture a greater share of our customers' payments and support them with helping those payments become faster and cheaper and easier, we'll need to integrate into their existing tools or build out our own workflow tools. And let me talk you through what the journey there could look like. So today, we have on Wise Business a multicurrency debit card. You can see us beginning to build the ability for customers to sync their receipts with their accounting platform so that the payments can be approved and reconciled. But over the longer term, this will look much more something like an expense management platform or we'll be integrating into expense management platforms. Similarly, firstly in money, today, you can already pay over 100 payments at the click of a button through our batch pay tool. We've built a great invoice creation tool. But over the longer term, you'll be able to pay hundreds -- thousands of invoices through a bill pay solution that's powered by Wise. We'll be integrating into invoice reconciliation products, too. And finally, payment links, one of the fastest-growing parts of the Wise ecosystem where businesses can send their link out and customers can click the link to pay an invoice. We've already rolled out card acceptance, so where customers can now pay via card as well as via bank transfers. But in the future, that will look something like Checkout by Wise. Putting all these together, you'll understand how we'll be able to capture a greater share of revenue from businesses and support them with more of their international needs. These are the areas that we'll be investing into over the next few years. So that's it for Wise Business. The only account you'll need to scale your business globally, near-term focus on small businesses and investing in a superior experience, localizing and solving for workflow. And with that -- sorry, one more slide. And remember, none of these products will be possible without our infrastructure. And nobody else has that infrastructure, so we're uniquely placed to deliver on this opportunity and step into this market to trillions. And with that, I'll hand over to Martin.

Thank you, Nilan, and thank you to our other speakers so far. So you've heard from 4 of the team so far and we have 3 to go. We're going to take a short break now and come back into the room for a start at about 10 past 4. If you need the bathroom, it's out into the left. If you'd like a drink, it's out and into the right. There is free WiFi if you want to download the Wise Account. And the slides are also available on the Owner Relations website now. Thank you. [Break]

Thanks, everyone. Okay. So we're just over halfway through our presentation. And next up, we have Cian, who is our Chief Marketing Officer, to talk us through how we let even more customers know about Wise. Cian will be followed by Steve Naude to talk to you about how we're growing through Wise Platform. And then Emmanuel will step up to talk through the story from a financial perspective as well. So with that, over to you Cian. Thanks.

I hope everyone had, while it was quite loud, a good break, enjoyed our drinks. I'm Cian. It's not a great photo of me, but despite that I'm Chief Marketing Officer at Wise. I've been here for over 4 years and I have nearly 25 years' experience in marketing, brand, analytics and technology. I'm here to talk about the best-in-class marketing engine we've built here at Wise, which powers our mission around the world. I'll cover 3 things today: our investment approach, the capabilities we've built here and the 3 focus areas we have for the rest of the year to help drive our mission. I've also been a customer for 10 years, and I was going to talk about my favorite feature and talk about interest, but Harsh stole that from me. But the feature I've been using most recently are our account details, our local account details. These are like these little magical things inside the Wise app that give you, as a Brit here, a U.S. and European bank account. And I recently used it when I was getting a refund from a car hire company who wanted to send me euros to my Barclays account, I said, no, stop. I have an IBAN. I don't know what an IBAN is, but I have one. I gave it to them. I received my euros, I converted them into pounds and I saved some money. It's a small victory, but it was still a victory. So I do encourage you if you do have a Wise Account, log in, look at that balance, click, get local account details and have a go for yourself. So hopefully, I demonstrated a little bit of the word-of-mouth magic because there is a real moment of delight when a customer uses Wise, that moment of magic, which means they just can't help tell their friends about what problem we solve for them. And it's this moment, this experience, which drives our high Net Promoter Score. And it's these conversations that drive 70% of our new customers to come from a recommendation. This means our customer economics are highly attractive. We deliver a 5x return between the lifetime value of the customers and how much it costs to acquire them. This is low cost, it's profitable and it's scaling. But at the same time, my job title says Marketing Officer, we invest in marketing and we continue to increase this investment. As you've seen throughout the day, the TAM is huge as we expand our products around the world. And we have the opportunity through marketing to explain our proposition and sell our evolving and more comprehensive product to new audiences. And in doing so, we get to accelerate word of mouth. So imagine those conversations when I'm trying to explain to my brother about Wise if he's already heard about Wise through some advertising. And as a result, we can scale adoption across more regions and segments. So how have we done this? We've built a marketing capability that drives growth in a highly efficient way. Me and my team work really hard to spend as much money as we can on attracting new customers so long as it makes sense in terms of the return it delivers for our owners. We do this with a set of guidelines supported with a few principles. The targets we set ourselves means we deliver a 20% return on our investments. And what that effectively means in terms of payback is that for each campaign, we're delivering and targeting less than 15 months return. And we use this framework to maximize our spend across regions and products. And this is supported by a bottom-up, data-driven, budget-setting approach. We remain nimble to reallocate spend where we see the best returns, and this is supported by an incredibly diversified set of marketing channels we operate in and our in-house strength in execution. All of this is underpinned by a data-driven analytical framework that allows us to make great decisions. Let me dig into that a little bit. We use a sophisticated in-house machine learning models to do -- solve 2 hard marketing problems. One is how effective is our marketing? What's the true incremental impact of that campaign on driving a new user? How much is that true cost per acquisition? And what is that elasticity as we spend more or less? But that's only half the problem. We also have to predict the lifetime value of a customer quickly and accurately. These models can predict the 12-month lifetime value, multiple revenue streams and costs to a 96% accuracy in that period. These underpin the ability for our channels, which we operate across all these markets to have the data and instrumentation to scale and allows us to unlock new channels and quickly invest as they grow. All of this is supported by a dedicated large marketing analytics team who build these predictive models, lifetime value predictions, churn predictions, propensity to convert. They help us use our internal data about our customers to optimize these campaigns to focus on returns. And we're onboarding AI and LLM technologies to help us automate our workflow and build those strong insights on creative and data. And how do we do this? It's pretty complicated. You have to imagine the marketing complexity we face being a truly global product across segments. Just on Personal, we advertise in 72 countries, 14 languages. A new campaign will result in thousands of new assets. And we operate our marketing engine across the funnel, whether it's raising awareness using television, YouTube or PR, making us highly relevant in Google or on the podcast you might have listened to on the way over or partnering with influencers. And then when the customer is in market, we're making sure we're there, working with affiliates or bidding in paid search. But marketing is not just about acquiring new users. It's about making the most out of the existing users we have. We want to make sure they know what else they can do with Wise and make sure they have more reasons to recommend us to their friends. So we have an advanced CRM capability that allows us to communicate with customers over e-mail and push. I'm not sure how many people are on YouTube and TikTok right now. Hopefully, everyone is listening to this, but we've made some really great strides in unlocking influencer marketing where you get to partner with trusted voices, especially in Brazil, and reach their audiences. We've captured the way to advertise on vertical video on TikTok and we're advertising in these expert networks and communities such as Reddit, where we can find our specific audiences with interest targeting. But that's just the start. There are 3 things we're going to focus on going forward. It's clear that awareness of Wise as a solution to this problem that people face worldwide can be a rate limiter to growth. The more people who know we exist, the more likely they are to consider us. So we're investing more in awareness marketing going forward. As you heard from Nilan, Wise Business is a credible primary account for these larger business segments and we continue to focus on business marketing initiatives to unlock this opportunity. And finally, with so many customers, our customer base is not one segment. My use of Wise, I'm sure is pretty different to Emmanuel's and it's pretty different to Steve's. What's clear is that each segment needs a different set of tactics to reach them, whether it's in terms of how they use Wise or based on what country they're in. We're building these capabilities in the team to tap into these audiences as we grow. So on awareness, this is -- I'm a lapsed economist, so I'll try to explain this as best as I can. But generally, what you face with marketing is as you spend more on the horizontal axis, returns decrease. You face diminishing returns in the short run. But by raising awareness in your audience who aren't in market now, like I said, but in future we'll be able to spend more against them, we can increase our spend profile now and into the future within our return constraints. And it makes all our marketing and word of mouth more effective. This is one example of what we've been doing in Australia. If you've been in Sydney, you might have seen this. I like it a lot. When we speak to our customers, it's really resonated with them. We've told a story about how Wise makes people's lives easier when they're sending money home and what it's like to open many balances. What's really exciting is how effectively -- how effective we've been at raising awareness. You can see there it's nearly 30%. It was only 17% a year ago of people in Australia knew who we were. That's 2 million more Australians now know who Wise is. But what's really cool about our approach is we've built a unique approach to understand the true commercial impact of investing in brand, how much it costs and building a muscle to do more of this. I don't think many other businesses have achieved this. And then we've combined this with the ability to build the best localized creative to really find our audiences in an effective way. We've learned from Australia and we're scaling this to more markets with real conviction, like I said, how to invest behind brand to drive growth. On Business, you've heard the opportunity is massive. Wise Business customers love using us as a primary account. The LTVs are super attractive. And a product with so many features can be incredibly sticky. We're using a large number of tactics to approach this segment of small businesses, whether it's lead generation, awareness campaigns or partnering with VCs. What excites me most about Wise Business and the marketing opportunity is we've built products that truly solves the problems for businesses who are going global. We've spoken to the owners of these businesses, and we've used their insights to position and sell Wise Business as the best primary account for business banking. This is what we are running in New York and Texas, where we're sponsoring South by Southwest this year. We supported this campaign, which really highlighted how Wise can bring order to the chaos a small business might face when managing their international finances. And this was supported by PR research around the pains that businesses face when expanding globally. And finally, new segments. It's really clear, like I said, we have an audience within the Wise customer base that love to move large amounts of money with us, whether that's one-off over a period of time. And for them, our mission is so relevant, especially on price. To acquire more of these customers, like I mentioned, require specific tactics and we've been investing successfully in partnerships with many opportunities here, relocation companies, migration agencies, wealth managers and more. What's been really exciting is when you pick up the phone to speak to these partners, you discover that almost always someone there is a Wise customer and loves the product and will not hesitate to jump on the opportunity to promote it to their clients. So in a few -- last few months, I've been speaking to the stock equity teams at a number of large U.S. listed companies. So imagine the world's favorite search engine or auction sites or e-commerce platform. But when you have these calls with them, the person on the call already uses Wise, loves it and is happy and want -- has been recommending it anyway to the staff and wants to formally partner with us so that we can be promoted to their staff, and they will want to use us as a brand that their staff can trust their money with. This is super exciting that the advocacy of our product and the strong word of mouth is unlocking these partnerships. And actually, on that last note, if anyone sells U.S. stock, I don't know whether it's the right time to be selling U.S. stock, do use your Wise Account in USD account details to receive it in dollars. Do not let anyone else convert those dollars for you and use the Wise Account to save money. So to sum up, we've built a best-in-class marketing capability over many regions, brand performance, CRM. We'll invest in scaling of what we're doing across further brand campaigns, we'll capture more Business customers, we'll unlock more segments. And in doing so, we'll continue to deliver high returns on our marketing investment and drive customer growth. On that note, I'm very pleased to hand over to Steve Naude, and he's going to tell us all about how he's been scaling Wise Platform. Thank you.

Cool. Thank you so much, Cian, for taking us through the marketing. And hi, everyone. My name is Steve. I look after Wise Platform here at Wise, and thanks, everyone, for coming today. I've been at Wise, like others you've heard from today, for about a decade. And like others, Diana and plenty of other people that work here at Wise, I was a customer first. My family is in South Africa. And anyone here that has relatives or friends or family in South Africa and has tried to send money there will know it's been so hard and expensive and painful and slow. So I heard about this thing called TransferWise back in the day, used it and it was incredible. And very quickly realized I wanted to come and help build this. And 10 years later, just as excited about the future, in particular, Wise Platform, of course. So you've heard from us today this about infrastructure. It's a word we've used a lot and I'll keep using as well because this is really the backbone of Wise. It's what we're really, really building here is this, the next generation of global payments infrastructure. Today, this mostly powers the Wise Account and Wise Business, which Nilan took us through, but it's increasingly valuable and increasingly used by many others through Wise Platform. The TAM, the number you've heard today, this massive GBP 32 trillion, is enormous but we're not going to access the hundreds of millions of customers and businesses that are making up moving this amount of money by making them all download our app and sign up to Wise. We're going to reach them by taking our infrastructure to the tools, the platforms they're already using through Wise Platform. So today, I want to share a little more about the need for this infrastructure, who's using it and what is next coming for Platform. But to start with, why do companies come and talk to us about this infrastructure today? Well, a lot of these providers are running solutions and services on existing rails and infrastructure that they already use. And we talked to them about the problems they're facing, the things they're trying to solve and why they're interested in talking to Wise. And we see the reasons kind of fall into these 3 buckets of the problems providers face when trying to provide cross-border payments to their customers today. The first problem is this quite inefficient operations, right? Cross-border payments are hard. They're complicated. And providers struggle with poor visibility, slow payments and see quite a low, what we call, straight-through processing rate, which is the number or percentage of payments that are made without any human interaction and automatically reach the recipient. Some real world-class leading banks may have 70%, 80% straight-through processing rate. I've met banks that have 0%. Every single payment is processed by a human. And all of this manual operations, which is increasing as regulatory expectations increase, more checks, more needs to manage risk, more specialized rules adds up to a huge amount of manual work for providers today. This huge cost of managing claims, exceptions, et cetera, makes this very expensive. And because the costs are high, this drives prices to be high. A lot of the high pricing that we see in the market aren't driven by insanely high margins, it's driven by a very high cost base. And this drives pretty poor customer experience. Customers have to contact, they get limited visibility, transparency and delays on payments. Creates a poor experience with quite a low NPS. And providers tell us every day, this is driving customer churn and blocking growth that they would like to drive into new segments. This customer experience is really critical. SWIFT did some research recently that showed 2/3 of customers and businesses would leave their current provider if they had a failed payment or they have to contact more than once. And we see this through the growth of the Wise Account and Wise Businesses, customers are churning from their current providers and seeking alternatives. As well as providers struggling to access these new growth, I speak to banks all the time who want to support new use cases for their customers, they want to open new markets. They want to do new things, but they're limited by the infrastructure they have today. And this is why they come and talk to Wise Platform and more are choosing Wise Platform. And these are the pain points that we solve. You've heard today our infrastructure is incredibly efficient, automated, low cost, supports those great customer experiences and drives incredible growth. And we have a really good track record of showing what's possible with the infrastructure we've built. So this is the goal: to power the world's money through Wise Platform, help the world's largest banks and companies manage their and their customers' money in the lowest cost, most efficient, reliable and secure way. So our infrastructure is incredibly powerful. You've heard all of the amazing products and features and things that it supports: sending money, receiving money, multicurrency accounts, card issuing. And whilst we expose all of this through Wise Platform, we see the primary and immediate opportunity in the send money space. This is where most of the volume is, most of the demand that we see. So we've had some good early successes in the other areas, but this is where we see that primary and immediate opportunity. So who are our customers? To kind of help explain this, we segment the market into these 3 broad verticals, and these also help show the growth journey we've been on and are going on. So we initially started working with large digital banks. We've seen these leaders emerge in certain markets, Monzo in the U.K., banks like N26 and Bunq in Europe, Nubank, of course, in Brazil, EQ Bank in Canada. And we've had pretty proven success here. We've worked with many of these partners for many years, grown with them, scaled with them and built really strong partnerships with these leading digital players. This segment has driven a lot of that initial growth of Wise Platform. We power a really large chunk of this market, a large percentage of these leading digital banks, but there's not hundreds more at scale around the world yet. So our growth here is really going to come from these partners continuing to grow and us continuing to grow with them. But it's really exciting to see in this space some of the world's most innovative tech-forward exciting companies choosing Wise Platform. And we can move really fast with them. We can get solutions live in weeks, not months or quarters. So we then expanded to a pretty broad space that we call online platforms, which is focusing on kind of digital online players in segments where we believe there's a really strong cross-border need. So there's a lot of business payments here. We work with the likes of Brex and Ramp, 2 mega U.S. fintechs, on global invoice and employee reimbursement use cases; major payroll companies like Deel and Remote on global payroll and global contractor payments. And also travel, we work with Asia's largest travel booking site, Agoda, they're part of the Booking.com Group, who use us for a number of use cases. But also consumer payments. We help people around the world fund their interactive brokers accounts at a much higher speed and lower cost than alternatives. So there's like lots of opportunities and lots of existing flows here, but we're trying to be hyper focused in these sectors where we see strong cross-border need and great fit. But it shows this flexibility of the infrastructure, right, supporting business payments, consumer payments, high-value payments, low-value payments, send and receive. We can do a lot with the infrastructure that we expose through the platform. But the reality is the vast majority of cross-border volume, about 90-plus percent of the market, is with the major banks, Tier 1, Tier 2 banks around the world. This is still where most people and businesses use to move their money. So this is a segment at which we're going to scale to that trillions in volume number that Kristo has been talking about. And this sector we've been proving out in, let's say, 3 main steps. Can we convince these banks to run on Wise Platform? Can we get them live and starting to process volume? And then can we scale volume with them? We started to see some exciting wins here. We announced, of course, the likes of Morgan Stanley and Standard Chartered partnerships at the end of last year. But even just last week, we announced our partnership with Banco Itau, Latin America's largest bank by assets. They have almost 100 million customers in Brazil. So we're showing we can get these banks signed and we can get them live and starting to process volume. And now the next stage is showing we can scale the volume from these partners. As you can imagine, we start with an initial use case. We start with kind of a very small first sector of an initial problem that our partners is trying to solve and then look to increase the amount of use cases and flows that we support from that bank over time. As many of you in the room here will know, banks can sometimes be quite large, complicated organizations, multiple entities, different tech systems. So that growing this share of wallet is a multiyear journey in most cases. But these initial use cases we're going live with show this power of that infrastructure really well. I just want to step through a few here today. So first of all, Nubank, one of the most incredible digital banks in the world in Brazil and other countries expanding in the region, 100 million customers and a real tech leader. For them, we're powering multicurrency accounts and their international debit card product, helping them take this product they've made in Brazil go truly global. For Standard Chartered, an enormous retail banking brand in many countries in the world, we're going to be powering a remittance product out of a number of countries in Asia and the Middle East, helping retail consumers send money at high speed and low cost. Morgan Stanley, obviously, a major name in the U.S. and globally, powering fast corporate payments for some of their largest corporate clients. And Itau, as I mentioned, the initial use case is supporting payments into U.K. and euros. But we've already announced we want to launch 12 more currencies by the end of the year as we continue to expand the use cases that we can support for Itau and their clients. So these are just the initial use cases that we go live with. As you can imagine, there's huge, huge opportunities of flows with each of these partners and many of our others of the ability to increase the amount that we can support for them. But once we're live and have proven and successful with some of these use cases, a lot of that heavy lifting of the technical integration, the governance, the contracting, the commercials, all of the big chunky stuff is done. We front load a lot of that effort. So whilst it will take time to scale some of these, a lot of that execution is done upfront. And even these initial use cases can have amazing impact. We helped Bank Mandiri, who are Indonesia's largest bank. They have 35 million customers in Indonesia. We helped them launch a new remittance solution for their retail customers. And in the months following this launch, where they were trying to reclaim some of this market share, they saw a 20% month-on-month growth in the volume that their customers were doing with them. Like an incredible success very, very quickly. So they saw these very quick signs that by using Wise Platform, they were really solving those customer pain points that had led them to discuss with us in the first place. And these use cases really help unlock those conversations on future growth and what more we can do together. So these partners and many, many others are making up this growing global network of partners that run on Wise Platform across all regions globally. And it's really exciting that more and more of the best companies in the world are running on Wise Platform. This becomes that increasingly powerful network of customers and accounts and partners connected into one network, into one scheme of Wise. Once connected to the network, we can really simplify and improve money movement between, say, a customer of Monzo in the U.K. and a customer of Nubank in Brazil, we can really make those transactions truly instant always, efficient, lower cost and far more secure, clearing and settling directly through this Wise network. And as this network grows and the number of partners grow and the number of connected customers grow, it becomes an increasingly powerful effect. And this is ultimately that next generation of global payments infrastructure that we're building and are talking about. And it's growing pretty quickly. We expect Wise Platform to be approximately 10% of Wise's FX volume in the medium term, and that's up from approximately 4% today. But long term, we expect this to be the majority of our volume. If we're going to capture a large part of that GBP 32 trillion market, the majority is going to need to come from using this infrastructure in the tools customers are already using in their banks, in their platforms. But that is a long-term play, right, especially to capture that big opportunity of Tier 1 and Tier 2 banks. But there's still obviously a very exciting short- and medium-term growth that we're going to see. So what's driving that? And how do we increase that? So firstly, the market is growing. The market is really growing here. More and more banks and platforms are looking to invest in cross-border. Bank's openness and willingness and technical ability to work with third parties is also changing very fast as they modernize tech stacks and approaches to partnering versus buy versus build start to change, not just for cross-border, but for any solutions they're offering their customers. And our recent announcements show that this is shifting, but it's an ongoing shift, right? It's not a big bang that happens at once. Banks offer hundreds of products to their customers, typically domestic customers and typically domestic-focused products. So cross-border isn't always priority one. It's not always their key focus, but it starts to shift as we see the growth cycle drive. And this is the really interesting growth cycle. As we invest in our infrastructure, we make it lower cost, we make it faster, becomes more efficient. This drives the growth in key markets that Harsh talked about and drives more customers to switch to Wise. But interestingly, this really then drives banks' propensity to invest in cross-border. They see their customers seeking out alternatives, and they see it's the proven Wise infrastructure providing those customers a solution. These banks then starting to invest, drive other banks to invest as that network effect gets stronger. And we see this allows us to invest back in the network and continue that loop. And it drives these more customers, more accounts and more endpoints connected to this Wise network, helping us build the best correspondent infrastructure in the world. And really importantly, in this conversation, we help banks understand how many of their customers are using Wise today, what for, why they're using it, how they're using it and also how to get them to switch back to the bank's own solutions once we've helped them build something amazing for their customers. That's a really key number we track on each partnership is how many customers switch back once the bank has built something incredible and that we've built a really good offering. So can we speed up this growth cycle? Of course. So firstly, everything you've heard today that we've discussed about Wise Account, Wise Business and the investments in marketing help drive this faster. And because of a lot of those investments and the awareness that we drive, we have really strong brand awareness amongst buyers. Cian said if he picks up the phone to HR teams of major corporates, a lot of them are Wise Account customers already. And it's the same with a lot of the banks we talk to. A lot of the decision-makers and buyers use Wise in their personal lives and have had that amazing experience with the infrastructure through the Wise Account today. So they already know what it can do. It's proven what it can do. So it kind of means we punch above our weight quite a lot in awareness with decision-makers, but we're really ramping up investment in awareness of Wise Platform as a solution that Wise offers, it's the newest part of our business. And we do this, as Cian said, in a lot of the marketing channels, but through those channels that drive strong and scalable ROI. It's a pretty relationship-led sale here. There's not that many decision-makers in a lot of these organizations, and particularly with banks, it's a fairly small community. So we're being very intentional about building out this community, creating and cultivating the network and relationships. Not everyone might be buying now, but they are going to be buying in the next few years, and we want Wise Platform to be front of mind today and when they're taking those decisions in the years to come. So we do some really exciting things like hosting our own flagship conferences in 3 different regions around the world, where we get hundreds of decision makers from our key target customers to come together, to share learnings, to talk about what we've been up to and to figure how we can make this better for customers as a whole. And they come to learn more, and we do this to keep people really engaged through that multiyear sales cycle. We keep this ongoing through other roundtables, smaller forums and ramping up our presence at major industry events, some of the large payments conferences or relevant conferences for our sectors, how we're increasing and investing in our presence at these events to always be front of mind for decision-makers. We're also really rapidly investing in and scaling our go-to-market and delivery teams. We're going to double this year, hiring across the globe and investing aggressively to meet and drive this growing market opportunity. So not just investing in the team, but the team efficiency and our coverage and footprint globally to have more and more of these conversations. And as this growth cycle drives the market growth, we're going to continue to scale quickly here to meet and drive that, too. And that all is built on our scalable infrastructure. And this is the infrastructure that's key. All of those investments that we've talked about today continue to make it stronger. And excitingly, as this infrastructure gets stronger for ourselves, it equally gets stronger for our partners. Everyone benefits from this moat that we're really building, increase speed, expand coverage, our direct customers benefit and our platform customers benefit. And our network continues to get stronger. And you've heard this same message today because it's the same underlying foundation: to solve this cross-border problem for anyone anywhere. Whether that's an individual buying an ice cream on a holiday, a small business paying an invoice, a large bank serving tens of millions of customers, our infrastructure and investments in that will benefit them all. And this is how we will reach those hundreds of millions of people and companies around the world with that cross-border need and truly create this money without borders. So thank you very much. And I'd like to hand over now to our CFO, Emmanuel.

Thank you, Steve. Great. Good afternoon, everyone. Thank you for being here today. My name is Emmanuel. And in 2024, I became wiser -- much more wiser. The mic's not on? I'm saying wiser, but it's not going to end there. Better now? And the reason why I became wiser is I joined Wise as Chief Financial Officer. That was the first reason. But the second one, I moved from the U.K. to Germany and on the Wise Account. Yes, I was [indiscernible]. But this one since then [indiscernible] only that I don't need a bank account in the U.K. all my businesses in the U.K., in Europe and [indiscernible]. So yes, I'm wiser. And now 6 months in, I have to say that I have the privilege to join this company, but also on the management team that basically is supporting Kristo for so long. You heard about [ decades ], and it's a real privilege to join this team. I don't see my slide. So maybe, Jack, you can help me here? Yes. Thank you very much. So listening to my colleagues, you heard about how much have been built over the last 14 years. And [ Kristo ] and the fantastic infrastructure, the innovative product backed by a brand that customers love. And this company continue building a unique network to move trillions in volumes across borders while being highly profitable. And I'm very grateful and proud to be part of this journey. Before exploring our financial expectations for the coming years, I'd like to start with the financial year 2025 on the next slide. So as a good CFO, please keep in mind that these numbers are preliminary and they are pending to our [ then ] growth process. And we are very, very pleased with our performance last year, continued double-digit growth and high margin. This is a result of our investments and hard work from our teams that we see strong growth across active customers in volumes, but also in balance. And this -- all this is driving our strong underlying income and attractive margins. This is the result of more people and more businesses opening -- joining Wise, using us more and staying with us longer. With 25% year-on-year, our growth of active customers remain healthy, is driven by trust in our low-cost, fast and reliable products that basically delight our customers. Customers holding grew by more than 30% year-on-year, including money that they held in their balance, but also in our Assets products that is so popular. And cross-border volume grew by 22%. And these both metrics continue to scale as our people and businesses move money with us. Underlying BPT (sic) [ PBT ] is expecting to come around 20% while continuing to reinvest significantly in our products, in our infrastructure, in marketing, but also in services and price. And this is pretty amazing to continue to generate this margin as we continue to invest so massively. As Kristo mentioned, our reporting BPT (sic) [ PBT ] will be slightly above GBP 0.5 million for 2025. So more to be announced about in June 2025 about the financial results and the publication of it. So now let's look at the impact of our vision on our financials. We are highly confident that our proven business model is going to drive strong and long-term shareholder value. And this will only compound over time as we progress on our vision: Money without borders. And since Wise was started, we are following the same principle -- the same financial principle to drive sustainable value. We are disciplined and return-led in our investments. We are constantly investing. And through this, we drive down our cost. We drive down our cost. We are done and this is deepening in our moat and also driving strong growth at attractive margin. And we expect this growth to continue for the long term because the total addressable market, the so-called TAM, is so huge. You heard it already from my colleagues how exciting we are for the years ahead. The opportunity is not only huge, it's growing. Today, our cross-border volume equal to GBP 145 billion when you compare to the GBP 32 trillion that we're talking about and tomorrow, the GBP 38 trillion. And as importantly, the Wise Platform business grows and significantly more of this, we will access more of this, of the TAM, is accessible to us. So again, a massive opportunity ahead of us. So now let's look how we have grown this opportunity over the recent years. So compared to 4 years ago, we are now serving 2.5x more customers and moving over 2.5x more volume. And our customers are trusting us with 6x more of their deposits and the investments. And we have grown our underlying income faster than the cross-border volume, reflecting, one, our continuing investments, as we discussed before, but also in lowering prices and also because of the growth of income generated through the Wise Account that we discussed before. So this is a proof that our investments are making the difference to our customers and drive value for our owners. And our customers love us. They love our products and we're really proud of it, and they are evangelical of it. And this is also what drive our growth. We are proud of our NPS score, and we are still hungry to have it higher. And because we delight our customers with great products and experiences, they recommended us to others. And this is by far the best way to attract and retain them. And this is true across the globe. Our active customers are growing strongly across all regions, and we -- there are newer markets that actually are obviously growing faster than the most mature market like the U.K. And once they join, well, they stay with us. Our cohorts are the best evidence of our success. Our customers love our products, and they are sticky and grow with us over time. Every year, we are adding a new cohort, a new one. And the cohort data shows strong and consistent retention across both personal and business customers. All combined, the growth and -- this is driving our growth and diversity of our income. And our income is highly diversified with almost 1/4 coming from business customers. Our geographic footprint is also very diversified, limiting the impact of any specific political events. This footprint gives us a broad base to grow. And as you heard from Nilan, looking at the third graphic, we see how the Wise Account has significantly diversified our business. Today, the Wise Account makes up to 40% of our underlying income. And this should drive our medium-term growth as we will cover with the next slide. We continue to expect an underlying income growth by 15% to 20% over the medium term and this net of investments in price. And the key drivers for this are the growth of our active customers, the impact of our Wise Account on customers' activities, but also on their holdings, driving more underlying interest income, and last but not least, the scaling of our Wise Platform that we saw just now with Steve. So now let's take a closer look at each of this pillar, starting with our customer growth. In line with our growth that we've seen over the last -- the past years, we expect the numbers of new Personal and Business customers to grow. Customers are choosing us, are choosing Wise today for the quality of the product, for the strong brand and the transparency of our attractive pricing. And this is all based on the resilient and efficient global infrastructure, as Diana and Harsh presented previously. Since the launch of our Wise Account, we see also an acceleration of the income diversification. As customers adopt the Wise Account, they use it more and more of our product, leading to increased account activity and retention and solidifying our cohorts. And furthermore, we have seen that the adoption continues to drive very strong card revenue growth. Obviously, today, in order to use the card, customer needs to hold money with us. So with the adoption of the Wise Account by both Personal and Business customers, we see a dramatic increase of almost 50% over the past 5 years in deposit. Customers now hold more than GBP 17 billion with Wise. And some of these customers also decide to invest part of their holding balance in our Assets product. So from 0 5 years ago, Assets now stand for more than GBP 4 billion. And as a result, and in combination, our customers trust us with over GBP 21 billion of their money. So alongside serving more customers directly, we also expect Wise Platform increasingly to contribute to the underlying income growth. As you heard from Steve, increasingly more banks and more online platforms are outsourcing part of their service to Wise. This volume represents today circa 4% of our cross-border volume today. Over the medium term, we will continue to onboard new partners, but also ramp up the volume of the existing one. And as a result, Wise Platform is expected to represent 10% of the cross-border volume midterm. In the longer term, Wise is expecting to generate the majority of our transfer volume via our Wise Platform partner. And price will surely continue to be a weapon to gain market share in the future. You've seen this slide already with Nilan before. Investments in lowering price is a driver for our growth. In the short term, we see a response from price-sensitive customers. It's also an investment in our brand, fostering the advocacy and also encouraging our customers to stay with us because in the knowledge that they will always, always get the lowest price possible. And over time, our [ investment in ] reduction of unit cost and price will make it harder to compete with us, to compete with Wise. This, in turn, will make it increasingly logical to partner with us as the best infrastructure available for moving money around the world. Lastly, the sixth pillar represent the foundation of our medium-term growth. The growth you see in our customers and partners using Wise is a function of many years of investments in our infrastructure, products, marketing and services. And we plan to scale our availability to invest behind everything that you heard today to fuel for many years of growth. Over the medium term, this will approximately represent a doubling of our annual spend into the running and growing of Wise. And this will include the tripling of investments in marketing, increased hiring into our products and engineering teams, particularly to support initiatives across Wise Business and Wise Platforms that you heard about today from Steve, Harsh and also Nilan. And of course, the investments need to support a larger business with an active customer base that will be twice the size of the 15 million that we serve today. It is our intention to grow into the TAM as much as possible and this requires us to focus on investing quickly and effectively. Our investments fuel growth and efficiency in a virtuous circle. So while we may start by targeting an underlying BPT (sic) [ PBT ] margin of 13% to 16%, this soon rise as a positive result from previous investments, but also from our cost as well as operational efficiencies. We then reinvest this incremental margin into everything that we heard before, relevant investments such like enhanced products, a more even powerful infrastructure. We increase our marketing, effective services and also lower prices. Today, we feel comfortable to reiterate our medium-term guidance. Underlying income is expecting to grow at 15% to 20%, driven by continuing investments. And underlying profit before tax margin is targeted at 13% to 16%. However, for the upcoming fiscal year 2026, we expect our underlying BPT (sic) [ PBT ] to be around the top of the guidance -- thank you, as we expect the ramp-up of investments. So how does their underlying BPT (sic) [ PBT ] convert in free cash flow? Over the last 5 years, our capital-efficient business model leads to high cash generation and a free cash flow conversion of over 100%. Due to our strong business performance, Wise is and will continue to generate excess capacities. As a result, we have defined a capital allocation framework on the next page. So we follow a disciplined capital allocation framework built on 3 pillars. The first one, we maintain a strong capital position to ensure resilience and also flexibility, but also to meet all requirements from regulators. Also as part of our corporate strategy, we recently underwent a credit scoring process. And today, we are pleased to announce that Wise received investment-grade BBB from both S&P and Fitch. And this will allow us to optimize of the funding of our working capital. Also today, we initiated an additional share purchase program of circa 25 million shares starting in this year, the fiscal year 2026. And this would ensure that the employees benefit for us is fully fund from all historic unexercised option. It will also ensure that no shareholder dilution occurs as a result of this employee stock program. So as today's share price, depending how the market is evolving today, this will represent around GBP 250 million of capital being used for this purpose. Yes, and this is on top of our ongoing annual repurchase program, which we saw so far this year we repurchased 9 million shares. So we put our focus on all organic investment opportunities. However, we will also consider selective bolt-on M&A to complement our growth strategy and also -- and strengthen our market position. So to sum up our financial key takeaway. The first one, we have strong long-term potential for sustained customer growth. And our business is evolving, bringing high-value customers. A profitable model -- business model supports growth investments at attractive return and margin delivery. And we generate strong cash to fund growth, but also we will follow a disciplined capital allocation by focusing on long-term shareholder value. So with that, let me return the mic to Kristo for some final words.

Thanks so much. It is really only going to be a few words before we launch into the Q&A, start a bit little later. So thanks for bearing with us. So I wanted to say a few things at the back of all of my team. So we have every reason to be enthusiastic about this relentless expansion that Harsh and Diana talked us through and this geographic reach. These are improvements in cost and speed through infrastructure and the direct network build-out, this increasing adoption through marketing that Cian talked about, the benefits of scale that play through to the financials and more. It's a really good time to be here. But we are not in this position by accident, it is a result of over a decade taking the hard options over the easy ones. It's building infrastructure over gimmicks. It's avoiding distractions, embracing local laws and regulations. Financial prudence and steady prioritization of customer outcomes. And the success that we talked about today, it didn't really come overnight. It came over a long term. And it comes through us maintaining our focus on this mission. I think the next 10 years are not going to be easier than the last 14, and they will demand no less discipline in adhering to our principles. But you are in a company like no other in recent history, one that has set the foundations to eventually fix how money works across borders, across national borders for people and for businesses. And it's your support as owners we will keep our focus on becoming the network for the world's money. And this will be at the point where -- the point at which both customer and shareholder value are at the greatest and the most aligned. So I'd like to thank you for the time today to everyone who traveled. We have our -- one of the first Board members here, our current Board members here. We have a lot of owners in the room, quite a lot of people on Zoom. Thank you for coming. We are now open to questions. I will invite Martin here because Martin will kind of facilitate the questions and my team back as well. Thank you.

Thanks, Kristo. Okay. So we've got 45 minutes for Q&A. And what we'll do is we'll start in the room before moving online for some of the questions. We've got a couple of mics that will be passed around. If I could please ask you to introduce yourself and the company you're representing. Please do limit yourself to a maximum of 2 questions, please, so we can get around everybody because I can already see a lot of hands in the air, a lot of the questions you'd like be asked. And once you've asked your question or questions, please do hand back the microphone so we can get it to the next person and keep things moving. Thank you. So if we could just start at the front here with Hannes, please. Thanks.

Do you hear me? Yes. Hannes Leitner from Jefferies. I've got 2 questions. The first one, maybe on Wise Platforms. Can you -- where is it sitting here? Can you maybe talk a little bit about the current costs associated and the people working in their projects, and as it scales, how the funding is working? And then the second question is to Kristo. As we have talked today, thank you for the presentation, especially on Wise Platforms. But when you think about the Personal business, you pitched that basically you are going now to the banks to enable them that they can compete with a better infrastructure. How should we think about the trajectory of the core business up to today? How does that continue to grow? And how you will service that without cannibalizing it?

Very cool. Let's start with Steve.

Cool, I can start if this microphone, is it working? Yes, you can hear me. So we have a global team who work with talking to the partners, delivering the solutions, working with their engineers, their product teams, helping them build an amazing product. This is the sales and delivery functions that I mentioned we're doubling in this year. And this is -- this growth in investment is based on the growth that we see in the demand. So we have a lot more partners wanting to talk with us, as I shared, a lot more banks particularly looking to invest in this space. So as we see this demand, we'll continue to grow these teams out, out of Singapore and Asia Pacific, out of London and Europe and out of Austin and New York in the U.S. to serve our clients in the markets they're in. And as this continues to grow, we'll keep hiring and scaling in this space and building this team out to support that number of partners that we have. And yes, we charge, obviously, our partners for using the service. We can charge based on the costs that we incur. So thankfully, with Platform, we have a lot lower costs than we do on a direct business, the cost of customer acquisition, the cost of onboarding and servicing are we don't always incur. That means we can give our partners a good low cost for the service that they are buying from Wise. But we -- yes, we still need to make a good contribution margin and run it at the same contribution margin as the rest of the business.

And I'll take the second one on the really direct-to-consumer business. Actually, that was still quite a bit of most or almost what you talked about. We're building both for our people, for businesses, for banks, for platform, but it's all leveraging the same infrastructure. So I think one kind of frame to keep in mind is a lot of our investment goes into what Dana and Harsh were talking about and kind of the other infrastructure around this. But every time we add like a new segment or a new go-to-market, that kind of gives more leverage to the investment that we're making. So we kind of see more payback on the things that we've already invested in. So this is not going anywhere. And we see that it actually works quite well with the Platform business together.

In the front.

[indiscernible] from Goldman. One for Steve and then one for Kristo and maybe Emmanuel as well. Steve, just on the Platforms. You talked about the contribution sort of now rising to -- from 4% to 10% in the medium term, suggesting you're going to grow twice as fast or more than the group. How much of that growth is kind of covered by perhaps some of the recent scale wins? And if we start to see more references, would that be just simply on top? So I just want to understand that visibility. And how much of sort of this growth is obviously not all in your control because it's down to the -- how you quickly can integrate and you talked about some of the antiquated versus the modern systems. And then obviously, the customer's choice to use different kind of products as well. So just maybe help us kind of understand those moving parts. And then the one for kind of Kristo and Emmanuel is, obviously, you talk about a sizable TAM still in front of you. Absolutely makes sense to keep investing back in the business, but we're already seeing some of the operational leverage and sort of perhaps the short-term overshoot in the margin. At what point do you sort of have the decision to make around perhaps letting some of that operating leverage drop through? Or maybe Kristo, are there any other areas of investment that we're missing?

So again, start with Steve.

Yes, I can kick off. So I think if you look at the partner base we have today, the map for the logos, we work with a number of really, really exciting businesses and partners. Some of them are very fast-growing themselves, which of course, will drive a lot of growth in the short and medium term. And then some of those much larger logos, the Standard Chartered to the Morgan Stanley, where we will see that ramp-up, which will take kind of over that medium-term time frame. Of course, we have partners at every stage of the pipeline from ones that have just launched and announced, the Itaus and we announced partnerships with Spendesk last week and Zempler Bank in the U.K. So they will continue to ramp up. So there's a lot of growth from this existing customer base as well as that pipeline continuing to move through.

And then moving outside and I'll hand over to Emmanuel. So from our perspective, I hope this came across a little bit today, but the opportunity is so obvious today that we're investing behind. And you can do a little bit of a return analysis or ROI kind of analysis then on behalf of shareholders, we kind of have to invest behind them. And at this point, that's kind of looking at the medium to -- medium term. We have struck this balance of we invest everything we can, but we still keep a really good profitable business that's growing its balance sheet, is becoming very attractive for credit rating agencies. And I think we have a really good balance of capturing that future growth and at the same time being a really, really sound, profitable business.

[indiscernible] Kristo, I mean we've seen the massive opportunity in front of us. We are investing while we're still generating quite sizable profit. We guide the market 13% to 16% midterm. We already announced today that 2026, we'll be around the top of the range so -- as we ramp up the investment. So as we see these investments paying off and it's a good return, I think for the foreseeable future like midterm, we continue to invest while generating this profit for 13% to 16%.

Alexandre with BNP Paribas Exane. A couple of questions. One on Personal, one on Business. I think on Personal, you showed that slide and you commented that basically the typical Wise users on the left of the slide were maybe less profitable than heavier users on the right of the slide. And I suppose you want to focus on expatriates, as you used to, and price modifications sort of indicate that. I mean, from that standpoint, should we really still care about Personal net adds that you continue to disclose? Or do you want to supplement that with other sort of disclosure around higher amount users or anything like that we should expect from you? And on Business, I think you also talked about maybe moving up the ladder, addressing slightly bigger SMEs. Do you think you need to complement what you provide with maybe FX hedging services? Is it something you would consider or you don't want to go there? How should we think about that?

I think it's quite few product questions for maybe Nilan and then there's a bit of a disclosure of like what do we flow in disclosing new adds?

Thanks for the question. So yes, the slide showed the range of customer segments, I think they're all -- we don't have -- I didn't comment on the profitability of the same. So I commented on the value of the segment. So we strive to serve all our customers profitably. And as I said, where -- our Wise account customers now are operating at a 40% to 50% contribution margin, and that's with no conversion income -- am I on? I thought I was on, I'm on, okay, sorry, hello, hello, yes -- at a 40%, 50% contribution margin. So yes, so that's point number one. And so -- and then on to Business and then I'll hand back to -- sorry, on the high-value segments, we continue to see -- as our price drops, we continue to see customers moving ever larger amounts with us as we become more relevant for those -- for that customer base. And I'll hand over to Emmanuel in a minute to talk about disclosures around that. Your question around Business, remind me, was around hedging. Yes. So we already offer pretty good getting started product, which is our guaranteed rate product. So when you come to Wise, you can guarantee the rate. We don't yet see actually that much demand for hedging yet from our current business base. Even from our Platform customers, it's not yet a requirement. They use hedging solutions alongside Wise. So at this stage, no plans. Over to you, to Emmanuel, to talk about disclosures.

What was -- sorry, can you repeat the question on disclosures?

I think changing the disclosure because maybe it does not matter to think [indiscernible].

Now at this moment, we don't foresee to change disclosure, but it might change in the future. But right now, we don't think so.

Yannis from Aperture Investors. Two quick questions. The first one is on the financial targets. On the margin, where you've guided to 13% to 16% over the medium term underlying PBT. Today, you're at 20%. And then you had this slide saying point one, 13% to 16%; point two, margin expansion. But today, you're already above 13% to 16%. So just in terms of the shape of that margin over the next 5 years as you ramp investments, would you expect it to come down to the 13% to 16% window but then maybe 5 years from now be back up to 20%? Or would you expect a steady-state after your through the phase of investments to be even higher than 20%? Also bearing in mind that, I guess, Wise Platform has a higher operating leverage because you're not acquiring thousands of consumers, you're acquiring 10 big banks. So that's the first question on the financials. I'll pause there.

So yes, so considering the margin, I mean, like we report 22% half year. We're end of the year at 20%. So you can already see that the investments we continue to do are paying off in terms of we are able to invest. We guide the market midterm for 13% to 16%. However, already for next year we already announced that we would be at around the top of the range. So it will depend on our capacity to invest. We see that we have the capacity. We announced today that we invest year-to-date GBP 3 billion in our products, and we will accelerate the investments. So this is also what we announced. And hence, we feel comfortable to guide the market with this midterm guidance. Long term, it will depend on our capacity to invest and also how much of the TAM we have been getting or market share we've been getting. So I think long term, I will not pronounce myself on the margin, it will really depend on our capacity to invest at a good return. I mean, that's obviously important. I mean, I mentioned several times today the discipline, the framework that we are using and that you consider that we will continue to do so.

Okay. Understood. And the second question is on understanding your cost differentiation and scale leadership. So you were saying how the bigger the network, the greater the cost differentiation. Just to understand, so -- is it a kind of asymptotic curve until you hit the spot FX rate in -- I'm wondering if in certain corridors where you have enough liquidity pools, to not use the correspondent banking system, it's essentially 0 cost. And so is it the cost curve that you're writing down? Is it more of a binary question? In this currency corridor, you have enough liquidity pools to not need to use the correspondent making system at all. In another corridor, you don't. So in that case, are you writing down a cost curve after a certain point? Or is it just the kind of -- is it a binary after a sudden level of liquidity you're there, it's kind of as good as it gets cost-wise for that corridor?

It's quite a numerical question, but maybe Diana or Harsh, you want to kind of think -- how do you think about costs?

Yes, I can get started and Harsh might add. So when we think about the underlying cost, it's not only the FX, it's also the cost of moving payments. So this is what we continuously are able to drop. On one hand, from the FX perspective, as we are present in more markets, we have the ability to keep liquidity in these markets. And we also have our own treasury system that enables us to predict how much money needs to be in every market to complete payments instantly. The faster that we can move these payments also means that we are maintaining FX risk very controlled. Then the other bit is whenever a customer initiates a payment or whenever we are initiating a payment to move money to another bank account, this has an underlying cost. And as we replace intermediaries with our direct connection, the cost drops, becoming almost 0, which is the underlying cost of moving these payments in the national payment system.

Yes. I think Diana covered most of it. I think the key to think about and what we try to communicate if you think longer term about -- as we talk about moving trillions and becoming a network for the world's money, eventually as these nodes, as we get more users -- more of Steve and team's work comes on with live on the network with more bank partners and the financial institutions, eventually the closed-loop nature of the network should even drive the cost further down, right? So because eventually, if you're onboarded to the Wise network on both sides, then the cost of moving that transaction is very, very minimal, right? So -- and that should then, in the longer run, drive that cost curve much further down.

Alex Rohr with Emmett Partners. One for Kristo. If underlying income growth before any pricing activity over the next few years is 15% to 20%, would you still look to cut the cross-border FX take rate even if it takes you below the target underlying income growth range?

We don't really guide gross or what's before, so we guide to 15% to 20% in midterm. And that already expects that we will make also progress in tightening the screws in pricing. So that's already kind of part of the assumption.

Understood. And on the buyback, obviously, it's very encouraging to see the incremental buyback intention. Would just love a little bit more context, why now? Is GBP 1.3 billion just a number that you sort of had in your head that we have real flexibility to deploy capital because obviously you're generating so much cash every single year. So just what's going to happen with all that cash and what's going to happen to that?

Okay. So the capital buyback that we announced today is one step. So we announced one step to the share buyback that we do today. It doesn't exclude to do further down the road with excess capacity that we need to generate. Keep in mind that this is 25 million shares that we are talking about, plus 9 million shares that we buy back already per year. That's around 3% of our total shares that we are buying back -- that we announced today. After this one, we will see what we do, but we felt comfortable to announce the first step first.

Sven Merkt from Barclays. I have 2 questions on Platform actually. Maybe first, I'm interested to have your perspective on what the financial incentive really is for banks to partner with you. Obviously, we heard in the beginning they have very high fees. And if they partner with you, they potentially cannibalize their own business. So just interested to hear what you think, how you can overcome that and how you can make the financial model attractive for them. And then secondly, if we think about the very long term, you're obviously aiming to get the majority of your volumes from the Platform business. What other obstacles you might need to overcome besides these financial incentives to get to that figure?

Thanks for the question. So on the financial incentives, I would look at this from more the cost angle than the fee-to-customer angle. So if you're a bank, you look at how much is it costing you to serve this segment today, right? You have all of the costs I've kind of touched on of these payment contacts. You have operational teams trying to answer customer questions, figure out where money has maybe got stuck or is missing and why it hasn't arrived. And this is operationally expensive and painful. And if Wise Platform can come and help and say, we know where that money is every step for the way, more than 60% of it arrives instantly in 20 seconds, that drives a significant reduction in customer contacts in these kind of "where is my money" questions because it's already arrived. And if you can take a lot of that cost out for the bank and for our partners, which is, of course, what we aim to do, that provider then has flexibility on their commercial model, right? They could look to expand their margin. They could look to reduce their take rate and pass some of those savings on and be more competitive, which is their commercial decision I wouldn't comment on. But our goal is to help make this more efficient, a better experience, drive that customer growth, reacquisition, prevent the churn and lower that cost base for the partner. And if we can do that, you can get a pretty compelling business case and financial model together. In terms of the long-term scaling, I think it's all the things that we've touched on today. I don't think it's much else that we need to keep investing in that infrastructure, in the direct connections to schemes, in more efficient operations and scalability and automations, in growing and expanding our treasury and the technical infrastructure, all of these things we're continuing to do we'll keep making this infrastructure the most scalable, efficient, low-cost and effective secure way to move money.

Can I add to that just a little bit? Just think about from the, let's take a traditional bank, from their perspective. In many countries, they now have pretty formidable challengers as well. Steve already serves these challengers. And the customers that are using the challengers get like instant cross-border payments at a very low fee. So the one -- I think the smart way that many traditional banks think is they don't want their customers to go on to the challenger, they'd rather be the challenger themselves to the maybe slightly more sleepy peers. So I think the other dynamic that you shouldn't ignore is just the competitive dynamic for banks, not just in cross-border payments, but for bank accounts.

My name is [ Greg Rhodes ]. I'm sorry to pick on you, Steve, this one's going to be for you again. But also maybe a bit of Harsh, a bit of Diana, too. What makes your offering different from Visa Direct? What makes your offering different from JPMorgan Chase and Citi, love to hear.

I'll actually pass this one to -- more to Harsh and Diana because the way I would answer this is just to tee up the answer then you can jump in is we fundamentally believe the winner in this space over time will be the play with the best quality infrastructure. And so the word we use with our partners a lot is look at that infrastructure quality, right, not just the headline numbers on how many countries you can send to and how many current -- like these are nice, but what is driving that behind the scenes? How the straight-through processing rates, the effectiveness and efficiency of that infrastructure. And this is Harsh and Diana's piece on what we're building there to make that the most highest quality infrastructure. So let me...

Yes. I mean, look, this is a space where we have different operators like you named, Visa is obviously deployed in a lot of -- the one thing I see about Visa is like they've got a lot of good distribution, right, and great relationships. But this is one part of their larger business. Like if you're going -- if you're in Visa, like you're looking at issuance, it's the behemoth that always gets all the focus and then these are side businesses, right? But they'll grow and we'll see how they'll do. But if I were to compare directly, I would say, if you look at our infrastructure connections like how many we have already and the head start we've had, all the investments we've made in the last 14 years, I think we are already ahead on direct connections than like [indiscernible]? And we'll continue to invest in those today. And then JPM. Great team, we work with them across the world, too. But again, one of the things that sometimes I think people don't realize is what makes Wise Platform better is the fact that we build a consumer business first. If you're just running a B2B business, you're giving an API to somebody else and say, here, as you said, like there's a number of connections in different countries. We can do that for you, too. But they've actually not figured out like how many RFIs happen every day on that network? How do you make that loop faster? How do you serve a guaranteed rate that nobody else did before Wise came around? And we said, like we'll give a guarantee rate for 24 hours. Nobody does that, right? How did we figure that out? There's a big liquidity model behind this, how do you manage FX risk. All of this, if you're just connecting to a B2B provider with an API, it's fronted to the bank, right? This is what makes this product really powerful. Then we've done things like the data models we run on delivery estimates. Like how do we get to the point, like why -- as Kristo said, Wise should not have existed, right? Somehow we figured out a way to get money from one point to the other side of the planet in 20 seconds and with the liquidity being there and the fraud checks being there, all of these processing. It was because we built it first for our customers and saw the pain points. They call us, they tell us where the money is stuck, what's going on and those learnings are now all packaged in this API. So that I think -- and it's not like we had this vision. I would say it is like incremental learnings as you go along and you build the business and that's, I think, a pretty good model for us.

Alex Short from Berenberg. Just a follow-up to that. Does all the hard work that you've done in getting these direct connections, that you're up to 8 now, reduce the barriers to entry for your competitors in doing the same thing? If not, why not? Why would they not take that same approach given all the benefits that you've told us about? And then secondly, in terms of the U.S., getting a direct connection there, has the new U.S. administration, or indeed, the deal with Morgan Stanley provided any opportunity or changed the state of play there in any way? I'm sorry, just -- and how much do you think that would move the needle in terms of being able to share operational scale efficiencies with your customers?

So the first part of the question about whether the progress that we make in these direct connections, is this making it easier for newcomers? The answer is yes and no. Yes, in the sense that all our efforts with policymakers, with the regulators at the G20 level as well is making progress towards removing these barrier entry to their payment systems that traditionally was reserved only to banks. And of course, when the regulation changes, when the law changes, it changes for everyone. It changes for everyone that has then the ability to get this authorization. And as I was explaining, it is not for everyone. It is not for every nonbank financially regulated institution. That is the first step, getting this license. And once this license comes in, it goes -- we go through a process with a payment network that requires really high standards from a technology, from an operational perspective, requirements around the type of servers or cloud based around our resilience, our business continuity plans. So it doesn't mean that the fact that the law changed and that we were the first nonbank to do it, others will follow. Whether others might follow, they might. Also the difference is we already have a very strong head start. We have done this in 6 countries. We are about to go live into more. And we have proven that we are getting faster at doing this. We're able to do it in parallel. I think it's a very good example that this year, we are delivering to one in Brazil and the other one all the way in Japan. So it's the scale of building this.

I'll just add one more thing to that. Sometimes you tend to forget like all of this is also driven by the profitable business model that Emmanuel talked about, right? You need to generate that free cash flow. And you need to generate that ability to then invest back, right, and run these teams in parallel. Like Diana's team is out there in multiple countries changing laws and doing this. So it has -- you have to have longer-term vision and the ability to invest that much money and have this financial model that's running and taking off the ability to then invest, like we're talking about investing GBP 2 billion the next 2 years. So I don't think there's a lot of providers with this level of focus to just in cross-border to do this, right? And then I think I didn't answer your one question?

The U.S.

U.S., thank you. Thanks for the reminder. So U.S., obviously, is one of the big markets we're focused on, which is not directly connected. I won't comment too much in the politics of it, but we'll see how it goes. Obviously, there's some interesting changes and desire to show that the U.S. is being more innovative. We are very heavily engaged, I was in D.C. yesterday. The point here is I think there might be an opportunity where the lawmakers are actually looking to open up to more innovative ideas. I'll leave it at that. It is a big market for us, of course. We do -- a large part of our business is USD clearing.

Great. Thank you. If you'd like to raise your hand just so I can get a sense of how many more questions in the room. And if you were joining via Zoom, if you want to digitally raise your hand as well, that would be great. So if we could just go to the back initially here.

[ Celia Duncan from Metis ]. It follows on from the last 2 questions. Is there anyone you see who is following you and doing a good job of it? It's competition that bothers you.

Particularly in the Platform side or everywhere?

Everywhere.

I mean, we're -- and I'm trying to paint a picture. We're now one of the 50 largest companies in the U.K., we're very profitable and we're doing well. There's a lot of people who are kind of trying to see could they do this as well? Of course, they can. And we did it. It can be done, it's clear. But we don't really see that much following. I think if you look at niches, if you look at some countries and if you look at Nilan's, so Nilan had these different use cases across the top of who we serve. So I think we will see in different use cases, competitors emerge. In different countries or different routes, competitors emerge. I think it's kind of hard to see someone with that breadth of functionality. And I think what's especially unique is we hear competitors on the Platform side that our audience members mentioned, but they won't be competing on the Business banking side, for example. So it's quite fascinating that we have kind of that breadth of proposition. And of course, we'll have competitors in each of those. But I don't see anyone coming at that scale.

I'm going to pick on Steve again, I'm afraid, and also one for Cian. So Steve, if you were to take all of your platform customers today and consider the addressable FX volumes at those customers, can you give us a sense of how big they are? And then, Cian, you're talking about investing more in brand marketing. So do you mind talking us through the framework for how you analyzed the returns on that part of the spend.

Yes. So I think if you -- I mean, if you look at the list of names and logos, you can start to back calculate to the TAM potentially a little bit so what is Morgan Stanley's share of corporate customers in the U.S., what is Standard Chartered's retail bank market share. If you assume these have like a relatively even distribution of the cross-border need in the cross-border market, which I think is a fair assumption, you can start to get a feel for what share of the TAM that might be. Obviously, like I said, we're serving a number of use cases, different initial use cases for these partners today. There's a huge amount of scaling we can do with all the partners that we have, particularly those bigger banks and bigger logos. So there's a massive opportunity with a huge number of these partners as well as continuing to bring more through the pipeline.

I guess I was also thinking about your [indiscernible] is all of that volume addressable? Or is that something that...

I wouldn't say anything is never addressable. There's always segments that perhaps we're still working towards serving. There are certain corridors perhaps we're not live with yet that we will be launching and bringing online. But again, as we improve and deepen that infrastructure and expand the use cases, expand the markets we operate in, unlock more and more of that coverage, the addressable percentage of that increases a lot. But if you look at the 160-plus countries we sent to today, we can address a huge chunk of this volume already.

I think often people say it's impossible to understand the impact of brand marketing and it's -- you have to just trust it. The way we approach it was fairly scientific. For example, in Australia, we split the country up into various test cells. We held for nearly a year now the activity we're doing in half the region and we exposed the other half to the advertising you saw. And we're able to see awareness lifting, to start with. And then emerging this lift in new registrations, which then held even after we stopped the activity. So we started to triangulate this relationship between awareness, this type of marketing and then the long-term effects it can have on growth and we can then square that back to the cost of investment as well as being to isolate some of the different activities we tried such as television versus out-of-home and build this framework of how to test next. I think that bottom-up approach allows us not to fall in the trap of having to say half of my marketing isn't working, I don't know which half. I don't think we have to be bound to that.

And those awareness steps, are they going to be part that have seen the brand, that sort of the whole lift.

Yes. So where we exposed, we saw that lift.

Okay. Thanks, Cian. So we're just coming to the front here, yes, and then we will pass the microphone over to the left. Thank you.

[ David Hampton ]. I'm sorry, Steve, this may be for you. I'm not sure, maybe not. So if -- and it makes sense that to get to trillions, you'll have to work with the banks, that makes sense. But surely, if you look through those banks to why they're moving trillions, it's got to be large corporates for a lot of that. And I guess I'm just curious, why isn't that an available business for you? I mean, I understand they probably have their own treasury department, but they can't be as sophisticated as you are. Just like you built a $1 billion consumer business as an app you said for banks. Your own business serves as a global business where nobody can be as sophisticated as you and I would have to think some tech companies that are global will be open to working with you directly.

Maybe actually, Nilan, you should start answering from a Wise Business perspective on the corporate segment and then I can come back to the banks, please.

No worries. So I will hit it hard on the Platform as well, help you out at some of the platform questions, Steve. So if you think about onboarding a corporate as opposed to onboarding a business, just picking up on what Steve said, the banks go through the process of onboarding a corporate, which is similar to onboarding a business from a KYC perspective. But then you just think through the infrastructure you'll need to build out to support onboarding that corporate. And that's not just from supporting their organization, but also what kind of features would they need, what kind of FX products would they need? And the bit that becomes the pinch point is how large are the flows they're moving and what are the fees they're currently paying their current provider. And when I talked through, as we drop our price, we become more relevant to ever larger segments. These are the types of segments I was talking to.

The only thing I'd add there as well is when we talk to banks that are serving corporate clients, there's a lot of stickiness in the wider relationship and those workflows, which Nilan touched on, right? So it's not just the case that this corporate is someone is one thing to send $1 million payments and they're kind of clicking through. They've built automation, workflows, their users, their processes, sometimes quite deeply connected or have very specific use cases and flows that couple those corporates in some of their cross-border flows to that bank. And that's the segment where Platform really serves well where all of that is set up and working today, and we can kind of sit on the back end managing that cross-border flow. As the business account grows and expands and we support more of those workflows and features, yes, we can start serving more than directly as well.

Richard from Inflection Point. First question, maybe just on M&A. So I understand it's just a slight change in posture, but obviously you've historically grown organically. So why change now? And what type of acquisitions would you make? Is it to acquire licenses to accelerate growth? That's the first one. And second one is there was a brief mention of Wise Checkout. I understand it's a long-term project, but obviously, you're a latecomer in this area. It could be quite a big opportunity. But like what's your vision for the unique value proposition that Wise is this going to offer to merchants down the line?

I would say the thing -- let's try and do this. So Diana has been buying companies here. So she's on the M&A. Maybe -- you've been buying lots of companies in your previous life. And then maybe you comment on the Checkout, so let's do this.

Yes. So when it comes to M&A, we -- you're right. We have done our expansion and our deepening of infrastructure organically. Primarily, we have bought 1 small company in India to acquire a license. Would there be other opportunities like this? Maybe. From a speed, from a building relationship with the regulator explaining our business plan, there's not dramatically -- it doesn't get faster. We've done it and we might continue evaluating potential targets, at least on the expansion area.

I think -- I hope you can hear. There is no concrete plan on M&A. This is something that we want to consider, for sure. There is also no, we say, track record of legacy and knowledge that we have. But we want to start to understand is there M&A out there that would be interesting for us, but there is no concrete plan in the short term. That's something that I think we should look at the company. And it's in one of the capital allocation framework that you -- I mean, one of the part of the capital allocation framework. Clearly, we concentrate, as I said before, on organic investments, but why not considering M&A potentially. And we would be very careful before doing one because I know the price to pay in terms of integration efforts, in terms of distractions. So that's something that we will be looking at in a very solid manner despite the due diligence and everything. But the integration is -- the success of an M&A is the quality of the integration. And for that, you have to build knowledge teams before you start to do everything.

Yes. So the Wise Checkout example was kind of illustrative of how within Wise, we've got the building blocks for building stand-alone products and those stand-alone products could be in the future, things like expense management or things like checkout. So today, you can send a link to somebody to get paid and they can pay you from their Wise Account. They can pay you from their card as well. Over time, merchants are already asking us, well, can I embed this directly on my platform? And that's quite a big step up from where we are today, and we'll look at how we build towards that over time. People would choose us only where our infrastructure enables us to differentiate. So where merchants have a significant cross-border volume and cross-border customer base, we should and we can offer those -- settling of those payments much cheaper than anyone else in the market.

Any further questions in the room that we got. At the right-hand corner, the next guy. Just a quick reminder, while we're getting the mic over. [Operator Instructions]

It's Adam Wood from Morgan Stanley. I have both kind of 2 follow-ups. Maybe just on that one, really interesting to see the broader vision for Wise Business. I guess as SMB is digitized, there's a lot of opportunities for more modern companies just to improve the services they get. But what you're looking at starts to move into what accounting software providers are delivering. We just talked about acquiring there, I guess, there's vertical SaaS companies in there as well. How broad is the vision? And what would you want to do in that SMB world as you go forward over the next few years? And are there areas that you would kind of draw the line and say, no, no, we wouldn't go into that space. And then just secondly, going back to the large enterprise opportunity. I think at direct listing, the idea was that it was difficult to compete in large enterprise because what they were paying for FX transfers just wasn't very big. And the opportunity was more with personal and with SMBs. I guess the Platform solves the distribution challenge for you. But from the point of view of being able to execute at lower cost than the big banks and then being able to manage much higher scale transactions on your treasury platform, how do you think about that? Is it -- what's making the difference now for you to go after that opportunity much more aggressively?

I'll start with Business and then tuck it as, but do you want to take...

Yes. Yes. I think -- the only thing before Nilan starts on Business, I kind of like your question because you're right that the small business interestingly has been, I think, the most underserved by traditional banks because they kind of get the slightly worse version of the personal products. So I think that's also not just from foreign transfers or international banking perspective, I think this is just like business banking opportunity there and technology or the more digital solutions can help there. And so I think the question is very valid and I think Nilan is not hesitating on the scope of that.

Yes. Let's start there. So the metric we look at is how much of that business' revenue have we captured. And that really is a measure of how much are we able to help that business in managing and moving its payments. So -- and that breaks down to accounts payable and receivable like -- and as you start to work through that, you start to understand, well, what are the edges of what we need to support, simply enabling a business to receive a payment we've learned isn't enough. We need to support the invoice creation flow and that needs to be able to reconcile back to the accounting system. And similarly, when they're making payments on their debit cards, they need to be able to reconcile that back. And as you work through each of the transaction types, we will build out the -- start off with the minimal infrastructure needed in order to switch that volume to us. And in places that may be partnering with and embedding ourselves in the tools business they're using already. In other areas may be building out our own workflow in order to capture it. But quite simply, we'll be prioritizing behind the next incremental volume of business revenue that we can switch to us. Then on to your question on corporate, I'll start and maybe tuck it to Harsh and Diana, but overall, I think you were just paraphrasing what Harsh and Diana already covered. What we've proven as our prices dropped from when we -- it was like over 0.65 down -- all the way down over the last few years. And today, you can get 0.1% moving GBP 100,000 in GBP-EUR payment. What we didn't cover was how we did that. When you look at the cost within Wise, it breaks down to servicing costs, the cost of risk, which is principally FX and fraud, our COGS, our bank fees. We have velocity on all 3 of these costs. Every year, we invest in bringing these costs down. And the way I think about this is as long as we deploy more capital than anybody else in the market, and we execute better than anyone else in the market we'll have -- we'll grow the cost down faster. And hence, we'll get to the point where that next marginal segment because that all it becomes is a cost play or a distribution acquisition challenge from a platform perspective to switch the volume to us.

I love how everyone is getting excited about enterprise. But I think the message we're trying to get across is like it's not easy. Banks like big banks who serve Shell and -- or at least, well, national corporates, it's not an easy job either. So let's not get ahead of ourselves.

Okay. So we've got time for about 2 more questions. So Alejandro, first, please. Just in the front, thanks.

Just a question on the hiring pace that I mean you're going to accelerate hiring again. You did quite a bit of hiring in the last few years. I'm curious about your ability to retain the talent that you brought into the organization. And yes, basically, what type of churn do you have? And what is the return that investment.

I can ask that. We don't have people upstairs in the audience. We have an amazing attrition rate. It's very good. I don't want to say what it is to leave you off. Trust me, it's very low. So the challenge, I think you'll find that we are very -- we don't pivot. We take something on and then we execute on it. We're saying with people, like we don't really hire people and kind of remove or kind of change the people too often. But therefore, we take the care when we hire. We hire slower if needed, but we also retain amazingly well. Thanks for the question.

I'm afraid we're actually up on time. So that was the last question for today. Any final words, Kristo?

So for me, really big thanks for coming over. I really enjoy the questions, very thoughtful. I think Steve enjoyed most of the questions, but we all love it. Thank you so much. Thanks for coming, and onwards. And thanks for Martin for organizing another Owners Day.

So if anybody is able to join us, we've got refreshments just out the back of the room here. So thank you very much.