Wise wants to drive the cost of remittances and cross-border transactions to zero, granting a strong pricing advantage vs. competitors plus, a strong barrier to entry. But how can Wise do so, profitably, when most of its peers can not? Here lies the hidden value of its infrastructure, beyond software, which is the result of past spendings for licences, regulatory approvals and…more crucially, time. We put a price on this infrastructure which we consider as goodwill in our NAV.