[vi] Wise (WSE) 2027财年第二季度业绩电话会议：净营收增长21%，业绩指引上调

[vi]

[vi] Wise（WSE）公布2027财年第二季度客户数与交易量持续增长，这得益于企业账户、银行卡使用以及在美国和亚太地区的业务扩张。然而，价格下调和毛收益率下降部分抵消了上述增长。

[vi] 核心要点

• [vi] 净收入同比增长21%至7.39亿美元。管理层表示，有5200万美元的净收入来自跨境汇款以外的业务。
• [vi] 活跃客户数增长20%至1250万，其中活跃企业客户数增长26%。
• [vi] 跨境交易量增长22%至720亿美元，其中来自Wise Business客户的交易量增长32%。
• [vi] 跨境业务收入增长16%至3.55亿美元，跨境交易变现率从上年同期的52个基点降至49个基点。
• [vi] 银行卡及其他收入增长34%至2.06亿美元，主要受美国企业卡支出增长以及美国和亚太地区个人卡普及率提高驱动。
• [vi] 管理层目前预计，按固定汇率计算，2027财年净收入增长率将位于15%-20%预测区间的高位段。

[vi] 核心财务数据

[vi] 指标

[vi] 2027财年第二季度

[vi] 变动 / 点评

[vi] 净收入

[vi] 7.39亿美元

[vi] 同比增长21%

[vi] 交易收入

[vi] 5.61亿美元

[vi] 同比增长22%

[vi] 跨境业务收入

[vi] 3.55亿美元

[vi] 同比增长16%

[vi] 银行卡及其他收入

[vi] 2.06亿美元

[vi] 同比增长34%

[vi] 利息总收入

[vi] 2.38亿美元

[vi] 同比增长18%

[vi] 跨境交易量

[vi] 720亿美元

[vi] 同比增长22%

[vi] 跨境交易变现率

[vi] 49个基点

[vi] 低于上年同期的52个基点和2027财年第一季度的50个基点

[vi] 活跃客户数

[vi] 1250万

[vi] 同比增长20%

[vi] 客户银行卡刷卡支出

[vi] 140亿美元

[vi] 同比增长30%

[vi] 客户资产持仓总额

[vi] 440亿美元

[vi] 同比增长28%，其中包含 Wise Assets 中约115亿美元的资产

[vi] Wise账户余额

[vi] 320亿美元

[vi] 截至2026年9月底同比增长22%

[vi] 业务与运营表现

[vi] Wise Business依然是主要的增长引擎。企业跨境交易量增长32%，活跃企业客户数增长26%。管理层重点指出了主动式客户支持以及深化融入小微企业工作流的举措，包括与当地财税会计软件提供商实现对接。

[vi] 美国是Wise增长最快的地区，其次是亚太地区。管理层将美国的增长势头归因于市场营销活动以及企业客户的强劲需求。然而，与第一季度相比，美元适度贬值减少了美国的大额汇款交易，而这类交易通常变现率较低。

[vi] 银行卡支出增长30%至140亿美元。“银行卡及其他收入”34%的增长反映出美国企业卡支出的增加以及美国和亚太地区个人卡普及率的提高。

[vi] 业务运营拓展方面，包括Wise在马来西亚完成第九次直接网络对接、在泰国推出Wise账户和银行卡，以及在新西兰引入Wise Assets。管理层还提到了加拿大支票账户、以色列和泰国的旅游卡以及eSIM卡服务。

[vi] Wise在引入新合作伙伴的同时，继续为既有平台客户增加线路和功能。管理层表示，截至季度末，平台业务占比为6%，仍稳步迈向10%的中期目标。平台平均变现率约为40个基点，但定价因线路和服务级别而有所不同。

[vi] 管理层业绩指引

[vi] 按固定汇率计算，管理层将2027财年净收入增长预期上调至15%-20%区间的上半段。该预测反映了美联储和欧洲央行最近的加息，但不包括今年剩余时间内可能追加的加息。

[vi] 对于上半财年，管理层预计按固定汇率计算的净收入将增长约22%，息税前利润率约为23%。该利润率包含相当于约2个百分点的一次性费用，其中包括与Wise双重上市相关的约1500万美元费用。管理层指出，单独的行政、法律和财务相关一次性费用规模可能与之相当。

[vi] 公司继续预计2027财年的税前利润率将接近其既定区间的上限。在假定将目标利息收入返还给客户的前提下，其中期框架设定的税前利润率目标为15%-20%。

[vi] 在效率提升和投资能力允许的情况下，Wise意图继续降低定价。管理层表示，在保持目标利润率的前提下，未来两个季度可考虑各进一步降价约1个基点。

[vi] 风险与关注焦点

• [vi] 由于Wise持续降价，跨境交易变现率同比下降了3个基点。未来能否继续降价仍取决于能否取得可持续的效率提升。
• [vi] 客户余额的毛收益率从一年前的3.1%降至2.9%，限制了余额增长向利息收入增长的转化。
• [vi] 管理层指出，降价对交易量的提振作用体现为长期趋势，而非预期能在下一季度内显现的效果。
• [vi] 受美元走弱和交易组合变化影响，美国大额汇款业务有所放缓。
• [vi] Wise已完成与未结美国监管同意令相关的整改工作，但仍待州监管机构的反馈。管理层未就潜在的美国银行牌照申请提供明确的时间表。
• [vi] 管理层表示，外汇市场和地缘政治的发展走向依然难以预测。虽然外汇波动能刺激客户交易活动，但也可能影响交易组合。

[vi] 分析师问答要点

[vi] 关于定价，管理层重申了其成本加成利润率的定价策略。效率提升带来的收益可能会重新投资于运营支出，或者通过降低费率让利给客户，但前提是公司认为其目标利润率能够持续保持。

[vi] 关于美国市场的投资，Wise表示其市场营销活动旨在提升品牌知名度。管理层补充称，缺乏美国银行牌照并未对当前运营构成限制，尽管随着交易量的增长，获得牌照最终有助于降低成本并提高效率。

[vi] 关于合规方面，管理层表示已提交与美国监管同意令相关的全部整改措施。Wise继续将持续投资中的约三分之一用于合规、了解客户（KYC）和了解企业（KYB）能力的建设。

[vi] 关于Wise Platform，管理层报告称，既有合作伙伴的外汇线路持续扩大，并上线了更多新合作伙伴。管理层对项目储备和竞标胜率作出了积极评价，并表示并未发现平台业务存在客户流失情况。

[vi] 关于利率上升，管理层表示可能会将部分新增收入进行再投资，或将更多收益返还给客户。公司无意让运营投资依赖于周期性的利率变动。

[vi] 业绩电话会议完整文字记录

• [vi] * *

[vi] 完整财报电话会议逐字稿

[vi] 管理层陈述

[vi] Sarah Lewandowski

[vi] Good evening, everyone and welcome to our Q2 FY 2027 results call. I am Sarah Lewandowski, Director of Investor Relations, and I'm joined by our CFO, Emmanuel Thomassin. Emmanuel is going to run through the results before we go into Q&A. Before we start, just a reminder that we will be making some forward-looking statements today, including statements regarding Wise's future performance. These statements aren't guarantees and can involve risks and uncertainties and other factors that may cause results to differ.

[vi] Please refer to our SEC filings for more information on these risk factors. All forward-looking statements made in this call are based on current expectations, assumptions, estimates and beliefs. And we undertake no obligation to update any forward-looking statement, except as required by law.

[vi] And with that, I'll now hand over to Emmanuel.

[vi] Emmanuel Thomassin

[vi] Hello, everyone, and thank you for joining us for Q2 '27 results call. I'm pleased to present our financial results for the second quarter of our financial year 2027. I'm going to focus on the number today, but we've made great progress operationally with this quarter too with our ninth direct integration in Malaysia, launching the Wise account and card in Thailand, introducing assets to New Zealand, along with new platform partners.

[vi] Kristo will tell you more about this progress on half year presentation next month. So now I go through our performance. For this quarter, we continued to drive strong growth in both active customers and volumes. And today, I'm going to take you through 3 main points.

[vi] The first one a financial highlights in the quarter. The second, the drivers of our revenue growth and our approach to pricing. And lastly, I'll provide an update on our expectations for the year before handing over for Q&A. But now starting with our financial highlights for Q2 '27. During the quarter, we continued to see solid growth in our main performance metrics as our customers are increasively using Wise for everyday needs and not only for cross-border transactions.

[vi] In Q2, our active customer base increased by 20% year-on-year to 12.5 million. Our cross-border volume increased by 22% year-on-year to $72 billion with strong growth in Wise business of 32% year-on-year. Customer holdings grew by 28% year-on-year, totaling $44 billion, including $11.5 billion held through Wise assets. A customer spend more with their card, with card spend up 30% year-on-year to $14 billion.

[vi] Firstly, looking at what it means from a cross-border revenue. So cross-border revenue is a function of the volume we delivered together with the price we charge. The cross-border volume increased by 22% year-on-year to $72 billion. We continue to see strong growth in our active personal and business customers driving growth in cross-border volume.

[vi] Volume are particularly strong for business customers, up 32%. We did see lower growth in higher volume transaction from the U.S. given the slight depreciation in the dollar compared to Q1. Looking at the take rate, it has reduced from 52 basis points in Q2 2026 to 49 basis points in Q2 '27. This quarter, the take rate reduced by 1 basis point to 49 basis points compared to 50 at their Q1 2027.

[vi] So you will notice that this overall decrease is lower at the expected 2 basis points I have previously shared with you. And this is partially due to the timing -- partially due to the volume mix. We implemented the most recent price reduction in August. And as we mentioned just before, we saw lower high-volume transaction from the U.S., which are typically at the lower take rate.

[vi] Given cross-border volume growth of 22%, combined with the 3 basis points reduction year-on-year in the take rate, our cross-border revenue increased by 16% to $355 million. I will now take you through our total revenue growth in the quarter. In Q2 '27, as I just said, we generated $355 million in cross-border revenue from customers sending or converting currency.

[vi] But we also generated $206 million in Cards and Other Revenues from customers using the card, the Wise card abroad and at home, investing in our assets product through the Wise account and additional customers' activities such as domestic transactions. This represents a year-on-year increase of 34% with an increase mainly due to card revenue.

[vi] This was driven by a rise in business card spending in the U.S. and also personal card adoption grew significantly in the U.S. and in APAC. Taken together, transaction revenue totaled $561 million, representing a year-on-year growth of 22%. As we have highlighted in our past calls, customers are also trusting Wise more and more with their money.

[vi] At the end of September 2026, the customers held $32 billion on the Wise account up 22% compared to the previous year. As we invest this fund in liquid instruments, we generated $238 million in interest income during the quarter, up 18% year-on-year. Growth in customer balance didn't fully translate to interest income growth as we saw a reduction in gross yields from 3.1% in Q2 '26 to 2.9% in Q2 '27.

[vi] This shift reflects central bank decisions taking place during the past year, while we have seen some central banks increasing interest rates over the recent months. So the growth balance is fully transferred in interest income growth as we saw the reduction I mentioned before.

[vi] And our assets on the custody continue to grow extremely strong tier, reaching $11.4 billion. This drive our total combined customers' assets to $44 billion, demonstrating deep and sustained customer trust. So I just convert, the different layers of customer activity including sendings and converting money, spending with a Wise card and growing with Wise assets and holding balance with us. Together, this drive our net revenue growth.

[vi] In Q2 '27, we delivered $739 million in net revenue, up 21% year-on-year. With an increasingly diversified revenue base with $52 million of net revenue being driven by non cross-border activity this quarter. As usual, I would like to remind you of our investment framework and key areas of investments for long-term value generation. Overall, we believe in driving growth through continuous investment. Our investment framework is a clear evidence of this.

[vi] By targeting medium terms,15% to 20% income before tax margins, assuming we were able to pay our target interest income back to customers, we are able to invest in our growth and into our pricing. This in exchange drives more scale and operational efficiencies, providing us with additional margin capacity for reinvestment and allowing us to return capital to shareholders as we are with our current buyback.

[vi] So finally, looking ahead, I'd like to provide an update on our expectations for the rest of the year as we expect to see a continued trend of rapid growth and we aim to continue to invest to achieve this. We have seen some increase in rates from the Fed and the ECB, and these are reflecting in our expectations.

[vi] However, we do not include potential future increases in the remainder of the year. Given this for this year, we now expect that net revenue growth will be in the upper half of the 15% to 20% range on a constant currency basis. We continue to expect the full year '27 income before tax margin around at the top of the 2025 range. For the half year of this year, you know now that net revenue growth has been around 22% on a constant currency basis, and we expect the EBIT margin to be around 23%, including one-off expense equivalent to around 2 percentage points.

[vi] This includes circa $15 million relating to the dual listing of Wise. We will provide further details in our half year '27 results including the progress we are making in unlocking transaction and efficiency and reinvesting these gains to drive future growth.

[vi] And now let's move to the Q&A session.

[vi] Sarah Lewandowski

[vi] Thanks, Emmanuel. Anyone who wants to ask a question, please raise your hand in the zoom. We'll take the first question from Cris Kennedy at William Blair.

[vi] 分析师问答

[vi] Cristopher Kennedy

[vi] Emmanuel, you mentioned some of the trends of high-value sends from the U.S. Can you give us any other color from a geographic perspective?

[vi] Emmanuel Thomassin

[vi] Yes. I think like what I mentioned is basically that due to some, say, depreciation or weakness in the U.S. dollar, we've seen a slowdown on the high-volume transaction in the U.S. But overall, the U.S. market and North America and the U.S. market, especially, are growing extremely fast in the regions, followed by APAC. So we can see a lot of traction in the U.S. This is due to the fact that we've been launching obviously, marketing campaign in the U.S., but also like we're serving the businesses quite attractively. We have quite a significant growth in business overall. I mean I mentioned before, 20% growth for active customers to 12.5 million. I should highlight also that the business grew by 26% in terms of active customers. So U.S. in general is by far growing faster regions. And that's the reason why we're so excited to be here, to move to the U.S. in the U.S. listing, but also investing in this country.

[vi] Cristopher Kennedy

[vi] Yes. Great. And then if you could just touch quickly on some of the investments that you're making to drive growth of the SMB business, whether it's integrating with local accounting platforms or onboarding initiatives.

[vi] Emmanuel Thomassin

[vi] No, Chris, thank you very much. I really love these questions because this is very exciting. Actually, as we've done several initiatives to drive the businesses. The first one is within the servicing team, we have been a dedicated team that is basically proactively reaching out to businesses. So not only we're reacting to the demand and questions that they may have 24/7, we also reach out to the business proactively to make sure that they can use in full the servicing that we offer.

[vi] And I think that's quite a unique kind of approach if you compare to maybe legacy banks in this industry. The second part of it is, as you rightly mentioned, we are getting more and more included in their internal workflow. One aspect is not only the approval of invoices or the addition of invoices. This is also to be -- to provide an API or to be able to be included in their, I would say, local champions accounting software. As you surely know, small businesses will not opt for Oracle or SAP of this world. They are by far too big, but then they will choose like local champions. With that, I will mention companies like Visma in the Nordics. You could think about Sage in the U.K. or \[indiscernible\] in Germany. And that, I think, is an investment that will pay off because the businesses will appreciate the fact that this is getting them more transparency.

[vi] Sarah Lewandowski

[vi] Thanks Cris. Can we have the next question from Gus Gala, please.

[vi] Gustavo Gala

[vi] Can you talk a little bit about how you're thinking of the elasticity of the price cuts versus the volume? Just any sense on the early reads versus the prior price cutting cycles, pretty clear on the cadence of that. But anything we should be thinking about in terms of the competitive environment or the volume response around the pace of the pricing investment -- and I'll just squeeze in my follow-up. How do you think of the marketing investment sensitivity, especially in North America relative to the speed and timing around getting the license applying for that? Is there anything we should be thinking about that about the time -- the timing of that?

[vi] Emmanuel Thomassin

[vi] Thank you very much. I mean pricing is really core of our, I would say, almost a mission. I mean we want to offer money without network -- without borders, means like an infrastructure that allow customers to transfer money extremely fast, but also not only minimum at the minimum fees. So maximum ease, minimum fees at the best -- at the highest speed that you can offer. And price matter to the customers. This is the #1 reason they come to us. So by saying this, we are doing everything every month, every Wiser is looking at efficiency gain. And this efficiency gain will be then reinvest. This efficiency gain will be translated in profitability or cash flow.

[vi] And then basically, at the end, we will decide how to invest this excess of this profitability, either in OpEx or to go back to pricing. And the pricing philosophy here is that we want to be agnostic on every single transaction that will take place on our platforms are on Wise. And that's true for retail. That's true for SMEs. That's true for partners. So we follow the cost-plus margin logic, and we are in a driving seat. We only take these kind of decisions when we are in a sustainable manner. So when we have the evidence that we are in a place where we can reduce the take rate and still generate the margin that we are targeting, only then we will pass it to the customers or again, reinvest in our OpEx.

[vi] And this is like a long-term gain. We know the price elasticity is not something that you should expect for the next quarter. It's a long-term trend that we basically following. This is true again for retail. This is also true for our partners that are joining the platform. And you asked about the sensitivity on marketing. I think in general here, and I think you combine it with the license, I think I will distinguish both, if I may. Today, as I said, the U.S. market is a very attractive market for us, the fastest-growing region when I compare to others.

[vi] I think the marketing campaign that we are launching is to build an upper funnel to make sure that people are aware about Wise. The license is not having an impact on our business. I mean our business is strong. We already transfer money very, very quickly at a very, very attractive take rate. That said, we want to have a license at some point maybe in the future to make sure that basically we can potentially reduce the take rate, but also like as the volume will grow, be able to be more efficient when we transfer money.

[vi] Sarah Lewandowski

[vi] Thanks Gus. Next question from \[ Gregor \] at Morgan Stanley.

[vi] Unknown Analyst

[vi] Maybe the first one would be on the one-off costs that you mentioned in the press release. Can you maybe expand a bit more on what's in there basically? You mentioned that this is part of -- I mean part of them are due to the dual listing, but it looks like there is a bit more to it.

[vi] And basically, what's in this cost that surprised you that basically you were not expecting. I think last year already, you were mentioning some your listing costs. So what is actually coming on top there that's you didn't see coming. And more on the take rate. So can you expand a bit more on the phasing of the take rate until the end of the year? And how should we think about that for the next quarter? And how much control do you have over that given that it's also depending on the mix of the volumes.

[vi] Emmanuel Thomassin

[vi] Yes. If you don't mind, Gregor, I will start with the second one, and then I will go back to the one-offs. The take rate, we mentioned at the beginning of the year that we would like to reduce the take rate by 1 basis point to 2 basis points for the quarter. We did so in the first quarter, 1 basis point. We also did this in a second, while not apparent here because of the volume mix I mentioned before.

[vi] And we aim to continue to do this during the year, but that it will depend on our investment capacities or efficiency gain. That's linked together. Once we have this efficiency we will then reinvest in the business, and we're really happy with the investments we've done in this first half year. We were able to invest in a very profitable manner and we see the growth rate that in diverse KPIs today.

[vi] And if we have the room, we will continue to reduce the pricing for the next 2 quarters as we announced to the market, which around 1 basis point, but that will always depend on our certainty that these investments, this price reduction will have a positive impact and will not jeopardize the margin that we are targeting.

[vi] On the one-offs, the nature of one-off is that they are one-off in nature. That means that basically, they are not something that is recurrent. Our U.S. listing is 1 of those. We listed in May, a certain cost occur once this listing was successful. We were looking at contracts that we had with some providers, and we wanted to make sure that we are only when we are listing successfully, we might face some fees to be paid.

[vi] The others are different kind of sort of one-offs. They are very tiny when you look at the other -- the completely the size of the business. So that would be more in more in administrative and administration categories.

[vi] Sarah Lewandowski

[vi] Thanks \[ Gregor \]. And on to Justin from UBS.

[vi] Justin Forsythe

[vi] Emmanuel and Sarah. I hope you can hear me. Just a couple of questions from my end. First, I wanted to talk a little bit about the bank license environment. A couple of things there. So -- could you just give a status update on where you are with clearing the outstanding consent orders that you had getting back to the -- I think it was the 2024 action brought by the several states and the pretty small fine that you had there. Something an event that might lead you to potentially planning on as you kind of alluded to, reapplying for an OCC charter and any updates on the time line, which we might expect that?

[vi] And separately, in recent days, we've seen quite a lot from violations of different AML, money laundering, et cetera. Regulations in the U.S. for quite sizable amounts. And do you think that says anything about the compliance infrastructure that Wise has built with a much lower severity of fines. Maybe I'll start there, and I'll ask my follow-up afterwards.

[vi] Emmanuel Thomassin

[vi] No, thank you very much for that, Justin. I think like in terms of -- because you mentioned the consent order in the U.S. and the bank environment in general, I'm pleased to report that basically, we have provided the full remediation on every points that were part of this consent order. We are now waiting for the feedback from the authorities, but we delivered every single remediation that were basically highlighted from them.

[vi] So that's the status quo today. And once we get the positive feedback from the states, obviously, we'd be happy to inform you. On the time line, you mentioned, I think like your while we're considering the time line for the U.S. listing, we will also consider everything other remediation that we are working on today.

[vi] And as you know, we're working on the NBB 1. So I think the time line is, is open today, and I don't have a definitive one. And then on the U.S. fine, I would say like this is -- this is a reflection of what we try to explain. I mean we've been investing so much in compliance in KYB, KYC over the last 15 years. And yet -- and we -- 1/3 of our investments, ongoing investments always going somehow in compliance.

[vi] This is core to our heart. We know our reputation will depend on this kind of situation. And the -- I can't comment on the other banks, what they are facing. But I think this is a reflection of how difficult it is to want to get everything right when you do AML in this -- in the development of the technology. But overall, like we continue to invest in this area because we think -- we know this is very important and very important for Kristo and the rest of the team that have been driving this company for 15 years.

[vi] Justin Forsythe

[vi] Got it. That's super, super helpful. And then just my second question, I wanted to ask, and I hate to be the person to do this every quarter, but on platforms, is there any update you can give on just the ramp of some of the existing customers, whether there's some success stories you can share, incremental, say, currencies you're enabling for some of your partners, incremental functionalities.

[vi] Obviously, we've seen some of the nice wins come in recently, OakNorth, I think you flagged, but anything you can provide on the progression and perhaps the run rate exiting the quarter, if that's a percentage fine or even just case studies that you can share?

[vi] Emmanuel Thomassin

[vi] Well, I don't -- today, we don't -- I don't have case studies to present to you. But what I can tell you is that basically, we are ramping up the customers that we have. So you have to think about every month when we review the activities, we will add some routes with customers. So we don't have -- if we don't have new names that basically, we add new routes, FX routes. And I'm also happy to report that we onboard a U.K. company, \[ Oakmark \], that is basically also new to the platform, and they will use our platform to serve their customers.

[vi] So they sign with us, we are live. And another one is called Vivid. They also live with us. So we still have names. We still onboard new partners. I'm pretty excited by the pipeline, quite frankly. And in terms of percentage because you mentioned this, we know of 6%, at the end of this quarter and on track for, well, basically, the percentage that we give midterm, it was 10% of the correspondent volume.

[vi] Sarah Lewandowski

[vi] Thanks Justin. And next, we have a question from Mo at Goldman Sachs.

[vi] Mohammed Moawalla

[vi] Great. Can you hear me?

[vi] Emmanuel Thomassin

[vi] Yes.

[vi] Mohammed Moawalla

[vi] Great. Emmanuel. Two from me. Just coming back on those sort of onetime costs. So listing costs, I think were expected to be somewhere around the kind of mid-teens, $13 million to $15 million, if I'm not mistaken. And those other costs, you said they were not so significant. I assume those administrative onetime expenses. Are they connected to the listing or completely separate?

[vi] And I don't know, can you give us a sort of ballpark wage kind of size those would be great. And then secondly, again, this is on platforms. I know you sort of gave us at the half year stage. The platform as a percentage of revenue, can you shed some light on that in terms of how that has sort of been progressing in H1?

[vi] Emmanuel Thomassin

[vi] So the one-off I mentioned before, the $15 million on listing and the other part is not related to the listing at all. I mean that's very distinguished. Otherwise, I will have put this together. They are in restrictive part of it. I mean, administration is administration, legal, finance and so on and so forth. So not related to the U.S. listing at all.

[vi] And I would think in terms of size, it will be almost the same as the $15 million. So that's why we come then if you back calculate it, you will come to this 2 percentage point of margin. You will have more details once we present the H1 numbers in a couple of weeks from now. And then on platform, I think like today, I can't disclose more. I think we can -- we will be able to do so in November with Kristo together. But again, I think we're pretty exciting about the evolution that we see both on the traction that we get with our signed customers, I mean adding new routes and for servicing, but also like partners that are joining the platforms are about to join the platform.

[vi] Mohammed Moawalla

[vi] Got it. If I could squeeze one more in. Just as we look at the second half, you're going to start to lap some difficult comparatives from sort of last year. How should we sort of think about -- I know you're now sort of indicating revenue more at the upper half, it seems to be kind of driven more by perhaps some of the interest income. But when you think operationally -- how should we think of the kind of puts and takes in the second half or for the growth considering the kind of more difficult comps. I mean, are we looking at more sort of the kind of lower half of the range essentially is the right way to frame it then? .

[vi] Emmanuel Thomassin

[vi] Look, I mean, I hear you. I mean, like we really focus on the investments we're doing to drive active customers. These active customers are not, as I mentioned before, they transact on cross-border volume. I mean we're still growing 22% this quarter. The business is growing 32% on cross-border volume. If I look at new customers joining us, as I mentioned, I'm pretty excited to have 12.5 million active customers, an increase of 20%, but the business is increasing by 26%.

[vi] So there's a lot of indicators, I should mention also, obviously, the customer holdings. But there's a lot of indicators that we're providing the right servicing. I mentioned some operational highlights. The fact that we provide, for example, assets in New Zealand, the fact that we launched Canada checking account, for example, or that we have now launched our travel cards in Israel or Thailand. And now we also have provided the eSIM services for our customers. I think all these features that we are launching, all these regions that are benefiting from assets, they should continue to drive traction, traction in terms of activity of customers, but also new customers.

[vi] The interest rates, you're absolutely right. We would benefit from it. I mean, H1 was not the case because the Fed and the central bank's increase -- European Central Bank, sorry, increased the interest rates lately. And we will benefit from it in H2. But we don't -- as you know, we're pretty disciplined in the way we invest our money, and we don't want to be dependent on the cyclical evolution of interest rates. So we will be continuously focusing on when can we -- what can we invest in -- without being dependent on the interest rate? .

[vi] Sarah Lewandowski

[vi] \[Operator Instructions\] I think we've just got one more so far. So can we go to Craig Mcdowell, JPMorgan.

[vi] Craig Mcdowell

[vi] I just want to pick up on the rate piece again. You just mentioned to Mo. You referred to rates beginning to rise. And I'm guessing, as you say, that's not -- that wasn't in the plan, either at the start of the year or indeed, when you gave midterm guidance in April last year. Just wondering your discussions yourself and with the rest of the management team, how do you think about sort of reinvesting that? Or is that something that shareholders see in sort of pure drop to reach the bottom line? And then I've got a follow-up on currency as well. Just any sort of guidance or indication you can give on currency impact into the second half to reported numbers.

[vi] Emmanuel Thomassin

[vi] Sorry. I mean I think I had issue with my microphone. So maybe I'll come back. So the second part of your question is about the geopolitical situation -- the prediction for the next 6 months of FX. And I was saying that basically, unfortunately, I don't have the skills to predict or we don't have the skills to predict what this, how should I say this now, this our world or what's happening on the geopolitical scene will happen in the next 6 months.

[vi] If you look back at the beginning of this fiscal year, I think the one would have predicted that the interest rates will go up. I mean, we were all thinking that potentially the interest rates at the Fed or European Central Bank will go down. So that's extremely difficult to predict on the FX. The good thing is like ethics volatility is good for us. When you do have movements in the FX, then you see customers taking advantage of it.

[vi] Then to come back to your first question and what would we do with the increase of the interest rate or the increase of the interest income we might generate, I think it's too early to say. The thing is like if we get rooms to reinvest part of it, we will consider. Nevertheless, we are extremely strict in our -- we are disciplined in our capacity to invest.

[vi] So we always use their underlying logic from the past that we don't want to be dependent on the cyclical interest rates. So we might pass it , but that's a bit too early to say. And the proportion of the income that we will generate for the second half year from this interest as we passed hopefully a lot to our customers, will not be extremely significant for this year -- for the fiscal year.

[vi] Sarah Lewandowski

[vi] Thanks Craig. We've got a couple more first, we go to Hannes from Jefferies.

[vi] Emmanuel Thomassin

[vi] Hannes, if you speak, we don't hear you.

[vi] Sarah Lewandowski

[vi] You might be muted, Hannes. Sorry, Hannes, we can't hear you. We'll catch up later. Can we go to Bharath from Cantor Fitzgerald.

[vi] Bharath Nagaraj

[vi] What kind of take rate should we think about for the platforms business, given it's -- I know you may not be able to disclose a lot of information now, but just at a high level, what kind of range are we talking about? And then secondly, on competition that you face in the platforms business, who do you come across mainly? And what kind of win rates are you seeing?

[vi] Emmanuel Thomassin

[vi] Yes, sure. I mean -- so the take rate before I jump into the take rate and give you an indication of what the take rate will be on average, I think it's fair to say that the take rate for every partners will be different. It depends on the service that we are providing to them. So let's imagine that we have a partner signing for the platform and they ask us to do the onboarding of their customers, then the take rate will reflect this higher cost.

[vi] And as you know, we follow the cost-plus margin logic. So the take rate will vary from one partner to the next, depending on the routes that they choose to use, that they choose that they want us to use or the service level that we provide to them. But nevertheless, the take rate in average is around 40 basis points for our platform compared to this 49 basis points at the end of exit -- at the end of this quarter. And I must confess the second part of your questions, competition? Yes. Competition.

[vi] Bharath Nagaraj

[vi] Yes, just wondering on the competition, yes, what kind of win rate are you seeing? .

[vi] Emmanuel Thomassin

[vi] I think we're really happy with the win rate that we have on the pitch. There's very few companies that are providing this direct integration to payment systems at the take rate that we are providing. So I think you can expect us to win quite a significantly large portion of the pitches that we're taking part to.

[vi] Bharath Nagaraj

[vi] Okay. Have you had any churn at all in the platform services. Last question for me.

[vi] Emmanuel Thomassin

[vi] I'm not aware of any churn. I mean, like I'm not aware of any churn so far.

[vi] Sarah Lewandowski

[vi] And we'll just try Hannes again. Are you there Hannes?. I don't think that's working. Sorry, Hannes, I speak to you later. I don't think we have any more questions. So thank you, everyone, for joining us.

[vi] Emmanuel Thomassin

[vi] Thank you so much for joining us and to support us. Thank you.

[vi] 原文链接

[vi] 敬告读者：本文为转载发布，不代表本网站赞同其观点和对其真实性负责。FX168Tài chính仅提供信息发布平台，文章或有细微删改。

[vi] go