How does @Wise make money? 0.58% per transfer. But the real model is the architecture. No funds actually cross borders. Wise debits your account locally and credits the recipient from their local pool in the destination country. Correspondent banking bypassed. Real interbank rate. Margin kept. £145B in volume. 15.6M customers. £21.5B in float. Banks paying to license their rails. 💰 FY2025 : £1.2B revenue. 21% profit margin. The real question : build or license. Product or infrastructure. That decision will define the next decade in financial services. #wise #payments #fintech #banking @harshsinha @nilanp @kaarmann