Wise has reported record quarterly transfer volumes from its UK customer base, processing more than £32 billion in cross-border payments between January and March 2025. The figures represent a 41% increase on the same period last year, with the fintech attributing growth to rising demand from freelancers, gig economy workers, and small businesses engaged in international trade. Chief executive Kristo Käärmann said the results demonstrated that consumers and businesses were increasingly rejecting legacy banking fees for overseas transfers.

The London-headquartered firm, which now holds a full payments institution licence from the FCA, said its average transfer fee had fallen to 0.62% of the transaction value, down from 0.68% a year earlier. Wise also revealed that its multi-currency account product had surpassed 3.2 million active users in the UK alone, with GBP-to-EUR and GBP-to-USD corridors accounting for nearly half of all volume. Analysts at Berenberg noted that Wise's infrastructure investments, including direct connections to local payment rails in 48 countries, were creating a widening moat against challenger competitors.

The strong performance comes as the broader UK remittances market faces renewed scrutiny from regulators. The Payment Systems Regulator is expected to publish updated guidance on transparency in cross-border pricing later this year, a move that Wise has publicly supported. Industry observers say the company's advocacy for fee disclosure requirements could further entrench its competitive position, particularly against high-street banks that continue to charge markups on foreign exchange rates averaging 3% to 4%.