Wise, a UK-based money transfer firm, said it expects fiscal 2027 net revenue growth near the top of its 15% to 20% target range after customer growth and higher cross-border payment volumes lifted second-quarter net revenue.

Cross-border payment volumes rose 22% to US$71.7 billion, and active customers increased 20% to 12.5 million. But Wise’s take rate, or revenue earned on each dollar transferred, fell to 0.49% from 0.52% a year earlier after the company cut prices to attract new users.

Its US expansion suffered a setback in July when regulators rejected Wise’s application to create a national trust bank. The company said it plans to reapply.

Such a charter can let a firm operate nationwide under federal supervision without separate state trust company licenses, with activities generally limited to trust, custody, and fiduciary services.

The path appears selective. The Office of the Comptroller of the Currency (OCC) has conditionally approved a limited number of national trust bank charters for technology-focused applicants, while recent analyses have highlighted scrutiny of capital, compliance, and risk controls.

🔗 Source: Reuters

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