 Wise reported a strong start to the year, enhancing its infrastructure and global reach to deliver faster and cheaper payments. Cross-border volume rose 24% YoY to £41.2bn in 1Q26 (ended 30 June 2025), while the cross-border take rate fell to 52bps from 64bps a year earlier. The company also announced plans to dual-list its shares in the US and UK, broadening its investor base. Operating performance remains solid, underpinned by continued customer growth. Active customers in Wise Personal segment rose 17% YoY to 9.32mn in 1Q26, while business customers increased 15% YoY to 0.475mn. The company’s focus on affordability and speed continues to attract both customers and partners, driving higher transaction volumes. In 2025, Wise added Raiffeisen Bank and UniCredit to its global partner network, which already includes Morgan Stanley, Itau, and Standard Chartered. Its services now cover over 160 countries and support more than 40 currencies across three products: Wise Account, Wise Business, and Wise Platform. Cross-border revenue reached £214.8mn in 1Q26, up 2% YoY, while customer balances grew 29% YoY to £18.1bn, driven by a 34% increase in Personal balances and 20% YoY growth in Business balances. Card and other revenue rose 29% YoY to £103.3mn in 1Q26. Benefiting from higher interest rates, Wise generated £147.1mn of interest income on customer balances in the quarter, retaining £111.1mn after passing benefits to customers. Over the last 12 months, average interest earned was 2.4% on balances, equivalent to £437mn. Underlying income increased 11% YoY to £362mn in 1Q26. Direct integration with domestic payment systems allows the company to maintain a low cost of sales. Wise targets a medium-term underlying PBT margin of 13-17%, compared to 21% in FY25, reflecting reinvestment through the cycle. Wise is also stepping up brand-building initiatives, including presence on platforms such as TikTok. The market opportunity remains substantial. Wise estimates that individuals move £ 3 trillion annually, SMEs £14trln, and large enterprises £15trln. Its current market share is under 5% for individual transfers, below 1% for SMEs, and even lower for large enterprises, highlighting significant room for growth. Infrastructure investments are strengthening Wise’s competitive position. The company is now a leading operator in the Philippines transfer market, processing 12% of inbound flows, and the largest operator by transaction count in Brazil.  Wise maintains its medium-term targets of 15-20% underlying income growth and an underlying income margin of 13-16%. Rapid customer balance growth provides a partial offset to the impact of declining interest rates. The company’s investments in infrastructure, economies of scale, and regulatory expertise enhance the affordability of its services, including in markets underserved by local and international banks. Crypto payments remain in a high-risk category, with transaction costs relatively high for major cryptocurrencies. Nevertheless, Wise’s pricing remains competitive, and its efficient service offering is likely to attract a broader customer base, particularly in developing markets where cross-border payment inefficiencies are more acute.  We have updated our estimates for Wise following its stronger-than-expected results on both margins and growth. Our forecasts now reflect the 1Q26 trading update and FY2025 results. We believe Wise’s competitive pricing and robust service offering will underpin its resilience going forward. In addition, the planned US listing is likely to narrow the valuation gap with global fintech peers. Accordingly, we have raised our DCF-based 12-month target price to GBp1,382 from GBp774. We rate the stock Buy.