The Ledger
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Western Union's high margins allow them to outspend Wise on search marketing
“Western Union is like seven to eight times more expensive than WISE. So they could spend seven to eight times more than us on marketing. And therefore there's no way we would ever be able to compete on those SEM key head terms.”
Peiris: Wise halved marketing spend and lost only 1% of revenue
“We became profitable in about six to nine months, and there was only one cost we changed to get there, Which was our marketing spend. And I think I've shared this publicly before, and this is about four years ago. We halved our marketing spend. We dropped 10% …”
Wise charges a 0.3% fee compared to 6% at traditional banks
“Banks are at six percent. We're at .3 in most markets.”
O'Driscoll: Wise stock rose 8% immediately upon announcing US listing plans
“When they announced that the stock popped eight percent, that's basically like saying you can make eight percent free money just by listing in the US.”
Wise maintains a 70/30 split between word of mouth and paid acquisition
“It's about 30% of The 1.5 million customers we acquired last quarter came in through paid, about 70% came in through word of mouth. And if you went back 1012 years, it was about 30% through paid, 70% through word of mouth.”
Wise processes roughly £60 billion in instant cross-border transfers
“So we're moving about sixty billion pounds instantly from one side of the world to another, and that is the kind of experience to get people talking about it.”
Wise powers Google Wallet, Stripe, and most global neobanks
“Most of the near banks in the world use WISE. Google Wallet is powered by WISE, Stripe uses so platforms use us too”
Wise allows customers to hold cash in government bonds earning 3-5%
“Wise, we offer this to our own customers as well. So in WISE, you can, in the WISE account, you can push one button and hold all of your cash in government bonds. And that means you'll get a three to five percent interest rate.”
Wise built web pages and calculators for every bank BIC and IBAN code
“So obviously if you search for a BIC or an IBAN code, you'll find wise there because we've built pages on every BIC and IBAN code. We bought and built our own BIC calculator and IBAN calculator and converters so that you can look up your own banks, BIC and IBA…”
Peiris: Consumer cross-border flows total $1T and SMB flows $10T
“So it's like about a trillion in terms of cross-border flows for consumer, about 10 trillion for SMB.”
Wise had zero customers when CPO Nilan Peiris first joined as advisor
“Yeah, so I met them, you'll enjoy this. I got introduced to them by an angel who I had helped previously, and he said, you gotta meet these guys. They're just two of them. They have a great product. They have no customers and they definitely need someone like …”
Ehrenberg: Wise Generated Profits and Held Annual Employee Tenders Pre-IPO
“Wise did this brilliantly actually, you know, they made money, right? Like they generated actual money way in advance of going public. So they held these kind of annual employee tenders where we basically cleaned up the cap table.”