Wise（WSE）2027年度第2四半期決算説明会：純収益は21%増、業績予想を引き上げ

Wise（WSE）は2027年度第2四半期において、法人口座、カード利用、ならびに全米およびアジア太平洋地域での拡大に支えられ、顧客数および取扱高の継続的な成長を報告しました。一方で、手数料の引き下げや粗利回りの低下が、これらの増益効果を一部相殺しました。

主要なポイント

• 純売上高は前年同期比21%増の7億3,900万ドルとなりました。経営陣によると、純売上高のうち5,200万ドルは国際送金以外の事業活動によるものです。
• アクティブ顧客数は20%増の1,250万人に達し、アクティブ法人顧客数は26%増加しました。
• 国際送金の取扱高は22%増の720億ドルとなり、これにはWise Business法人顧客による32%の成長が含まれます。
• テイクレートが前年同期の52ベーシスポイントから49ベーシスポイントへ低下したため、国際送金収益は16%増の3億5,500万ドルにとどまりました。
• カードおよびその他の収益は34%増の2億600万ドルとなり、主に米国における法人カード利用支出と、米国およびアジア太平洋地域（APAC）での個人カード採用拡大が牽引しました。
• 経営陣は現在、2027年度の純売上高伸び率（為替変動の影響を除く）について、従来の15%〜20%のレンジの上半分になると予想しています。

主要財務データ

事業および営業業績

Wise Businessが引き続き主要な成長ドライバーとなりました。法人向け国際送金取扱高は32%増加し、アクティブ法人顧客数は26%増加しました。経営陣は、プロアクティブなカスタマーサポートや、地元の会計ソフトウェアプロバイダーとの連携をはじめとする中小企業のワークフローへの深い統合を強調しました。

地域別では米国が最も高い成長を示し、アジア太平洋地域（APAC）がそれに続きました。経営陣は米国の成長勢いについて、マーケティング活動と法人顧客からの強い需要によるものとしています。ただし、第1四半期と比較して米ドルが緩やかに減価したことで、通常テイクレートの低い高額の米ドル送金が減少しました。

カード利用支出額は30%増の140億ドルとなりました。カードおよびその他の収益の34%増は、米国の法人カード利用支出の増加と、米国およびAPACにおける個人カード普及率の向上を反映しています。

事業拡大としては、マレーシアでの9番目の直接接続の統合、タイでのWise口座およびカードの提供開始、ニュージーランドでのWise Assetsの導入などが含まれます。また、経営陣はカナダでの当座預金口座、イスラエルおよびタイでのトラベルカード、eSIMサービスの提供についても言及しました。

Wiseは、既存のプラットフォーム顧客向けにルートや機能を追加し続けるとともに、新たなパートナーの獲得を進めました。経営陣によると、当四半期末時点でプラットフォームの割合は6%となっており、中期目標である10%に向けて順調に進展しているとのことです。プラットフォームの平均テイクレートは約40ベーシスポイントでしたが、価格設定はルートやサービスレベルによって異なります。

業績予想（ガイダンス）

経営陣は、為替変動の影響を除く2027年度の純売上高伸び率の見通しを、従来予想の15%〜20%のレンジの上半分へと引き上げました。この予想には、米連邦準備制度理事会（FRB）および欧州中央銀行（ECB）による最近の利上げが反映されていますが、年内の残り期間における追加利上げの可能性は含まれていません。

上半期について、経営陣は為替変動の影響を除く純売上高伸び率を約22%、EBITマージンを約23%と予想しています。このマージンには、Wiseの重複上場に関連する約1,500万ドルをはじめ、およそ2%ポイントに相当する一時的費用が含まれています。経営陣は、行政、法務、財務関連の別途の一時的費用も同規模になる可能性があると示唆しました。

同社は、2027年度の税引前利益率が提示しているレンジの上限付近になると引き続き予想しています。同社の中期的な枠組みでは、目標受取利息が顧客に還元されることを前提として、15%〜20%の税引前利益率を目指しています。

Wiseは、効率化によるメリットや投資余力が確保できた場合、さらなる価格引き下げを行う方針です。経営陣は、目標マージンの維持を条件として、今後2四半期それぞれで約1ベーシスポイントの追加削減を検討する可能性があることを示しました。

リスクと注視すべき分野

• Wiseが引き下げを継続したことにより、国際送金テイクレートは前年同期比で3ベーシスポイント低下しました。今後のさらなる引き下げは、持続可能な効率向上を前提条件としています。
• 顧客残高に対する粗利回りは前年同期の3.1%から2.9%に低下し、残高増加の利息収入増加への結実が限定的となりました。
• 経営陣は、価格引き下げに対する取扱高の反応について、翌四半期内に期待される効果というよりも、長期的なトレンドであると説明しました。
• 米ドル安および取引ミックスの影響により、米国の高額送金が減速しました。
• Wiseは未解決の米国における同意命令に関する改善措置を完了しましたが、依然として州当局からのフィードバックを待っている状態です。経営陣は、米国銀行免許申請の可能性について明確なスケジュールを示していません。
• 経営陣は、為替動向および地政学的リスクの予測は引き続き困難であると述べています。為替の変動は顧客のアクティビティを刺激する可能性がある一方で、取引ミックスに影響を与える可能性もあります。

アナリスト質疑応答の要点

価格設定について、経営陣はコストプラスマージン方式を改めて強調しました。効率化による利益は営業費用に再投資されるか、あるいは手数料引き下げを通じて顧客に還元される可能性がありますが、それは同社が目標マージンを維持できると判断した場合に限られます。

米国への投資に関して、Wiseはマーケティングキャンペーンがブランド認知度の向上を目的としていると説明しました。また、経営陣は、米国の銀行免許を取得していないことは現在の事業活動を制限していないと付け加えましたが、取扱高が増加するにつれて、免許取得が最終的にコスト削減とさらなる効率化に貢献する可能性があるとしました。

コンプライアンスに関して、経営陣は米国の同意命令に関連するすべての改善措置が提出されたと述べました。Wiseは現在も継続的な投資の約3分の1をコンプライアンス、KYC（本人確認）、およびKYB（法人確認）機能に向けて導入しています。

Wise Platformについて、経営陣は既存パートナー間における為替ルートのさらなる拡大と、新規パートナーとのサービス開始を報告しました。パイプラインやピッチ獲得率について前向きに捉えており、プラットフォーム事業における顧客離脱は把握していないと述べています。

金利上昇について、経営陣は増加した収益の一部を再投資するか、顧客への還元を増やす可能性があると述べました。同社は、巡航的な金利変動に依存した営業投資を行うつもりはないとしています。

決算説明会トランスクリプト（全文）

決算説明会の完全なトランスクリプト

経営陣による説明

Sarah Lewandowski

Good evening, everyone and welcome to our Q2 FY 2027 results call. I am Sarah Lewandowski, Director of Investor Relations, and I'm joined by our CFO, Emmanuel Thomassin. Emmanuel is going to run through the results before we go into Q&A. Before we start, just a reminder that we will be making some forward-looking statements today, including statements regarding Wise's future performance. These statements aren't guarantees and can involve risks and uncertainties and other factors that may cause results to differ.

Please refer to our SEC filings for more information on these risk factors. All forward-looking statements made in this call are based on current expectations, assumptions, estimates and beliefs. And we undertake no obligation to update any forward-looking statement, except as required by law.

And with that, I'll now hand over to Emmanuel.

Emmanuel Thomassin

Hello, everyone, and thank you for joining us for Q2 '27 results call. I'm pleased to present our financial results for the second quarter of our financial year 2027. I'm going to focus on the number today, but we've made great progress operationally with this quarter too with our ninth direct integration in Malaysia, launching the Wise account and card in Thailand, introducing assets to New Zealand, along with new platform partners.

Kristo will tell you more about this progress on half year presentation next month. So now I go through our performance. For this quarter, we continued to drive strong growth in both active customers and volumes. And today, I'm going to take you through 3 main points.

The first one a financial highlights in the quarter. The second, the drivers of our revenue growth and our approach to pricing. And lastly, I'll provide an update on our expectations for the year before handing over for Q&A. But now starting with our financial highlights for Q2 '27. During the quarter, we continued to see solid growth in our main performance metrics as our customers are increasively using Wise for everyday needs and not only for cross-border transactions.

In Q2, our active customer base increased by 20% year-on-year to 12.5 million. Our cross-border volume increased by 22% year-on-year to $72 billion with strong growth in Wise business of 32% year-on-year. Customer holdings grew by 28% year-on-year, totaling $44 billion, including $11.5 billion held through Wise assets. A customer spend more with their card, with card spend up 30% year-on-year to $14 billion.

Firstly, looking at what it means from a cross-border revenue. So cross-border revenue is a function of the volume we delivered together with the price we charge. The cross-border volume increased by 22% year-on-year to $72 billion. We continue to see strong growth in our active personal and business customers driving growth in cross-border volume.

Volume are particularly strong for business customers, up 32%. We did see lower growth in higher volume transaction from the U.S. given the slight depreciation in the dollar compared to Q1. Looking at the take rate, it has reduced from 52 basis points in Q2 2026 to 49 basis points in Q2 '27. This quarter, the take rate reduced by 1 basis point to 49 basis points compared to 50 at their Q1 2027.

So you will notice that this overall decrease is lower at the expected 2 basis points I have previously shared with you. And this is partially due to the timing -- partially due to the volume mix. We implemented the most recent price reduction in August. And as we mentioned just before, we saw lower high-volume transaction from the U.S., which are typically at the lower take rate.

Given cross-border volume growth of 22%, combined with the 3 basis points reduction year-on-year in the take rate, our cross-border revenue increased by 16% to $355 million. I will now take you through our total revenue growth in the quarter. In Q2 '27, as I just said, we generated $355 million in cross-border revenue from customers sending or converting currency.

But we also generated $206 million in Cards and Other Revenues from customers using the card, the Wise card abroad and at home, investing in our assets product through the Wise account and additional customers' activities such as domestic transactions. This represents a year-on-year increase of 34% with an increase mainly due to card revenue.

This was driven by a rise in business card spending in the U.S. and also personal card adoption grew significantly in the U.S. and in APAC. Taken together, transaction revenue totaled $561 million, representing a year-on-year growth of 22%. As we have highlighted in our past calls, customers are also trusting Wise more and more with their money.

At the end of September 2026, the customers held $32 billion on the Wise account up 22% compared to the previous year. As we invest this fund in liquid instruments, we generated $238 million in interest income during the quarter, up 18% year-on-year. Growth in customer balance didn't fully translate to interest income growth as we saw a reduction in gross yields from 3.1% in Q2 '26 to 2.9% in Q2 '27.

This shift reflects central bank decisions taking place during the past year, while we have seen some central banks increasing interest rates over the recent months. So the growth balance is fully transferred in interest income growth as we saw the reduction I mentioned before.

And our assets on the custody continue to grow extremely strong tier, reaching $11.4 billion. This drive our total combined customers' assets to $44 billion, demonstrating deep and sustained customer trust. So I just convert, the different layers of customer activity including sendings and converting money, spending with a Wise card and growing with Wise assets and holding balance with us. Together, this drive our net revenue growth.

In Q2 '27, we delivered $739 million in net revenue, up 21% year-on-year. With an increasingly diversified revenue base with $52 million of net revenue being driven by non cross-border activity this quarter. As usual, I would like to remind you of our investment framework and key areas of investments for long-term value generation. Overall, we believe in driving growth through continuous investment. Our investment framework is a clear evidence of this.

By targeting medium terms,15% to 20% income before tax margins, assuming we were able to pay our target interest income back to customers, we are able to invest in our growth and into our pricing. This in exchange drives more scale and operational efficiencies, providing us with additional margin capacity for reinvestment and allowing us to return capital to shareholders as we are with our current buyback.

So finally, looking ahead, I'd like to provide an update on our expectations for the rest of the year as we expect to see a continued trend of rapid growth and we aim to continue to invest to achieve this. We have seen some increase in rates from the Fed and the ECB, and these are reflecting in our expectations.

However, we do not include potential future increases in the remainder of the year. Given this for this year, we now expect that net revenue growth will be in the upper half of the 15% to 20% range on a constant currency basis. We continue to expect the full year '27 income before tax margin around at the top of the 2025 range. For the half year of this year, you know now that net revenue growth has been around 22% on a constant currency basis, and we expect the EBIT margin to be around 23%, including one-off expense equivalent to around 2 percentage points.

This includes circa $15 million relating to the dual listing of Wise. We will provide further details in our half year '27 results including the progress we are making in unlocking transaction and efficiency and reinvesting these gains to drive future growth.

And now let's move to the Q&A session.

Sarah Lewandowski

Thanks, Emmanuel. Anyone who wants to ask a question, please raise your hand in the zoom. We'll take the first question from Cris Kennedy at William Blair.

質疑応答

Cristopher Kennedy

Emmanuel, you mentioned some of the trends of high-value sends from the U.S. Can you give us any other color from a geographic perspective?

Emmanuel Thomassin

Yes. I think like what I mentioned is basically that due to some, say, depreciation or weakness in the U.S. dollar, we've seen a slowdown on the high-volume transaction in the U.S. But overall, the U.S. market and North America and the U.S. market, especially, are growing extremely fast in the regions, followed by APAC. So we can see a lot of traction in the U.S. This is due to the fact that we've been launching obviously, marketing campaign in the U.S., but also like we're serving the businesses quite attractively. We have quite a significant growth in business overall. I mean I mentioned before, 20% growth for active customers to 12.5 million. I should highlight also that the business grew by 26% in terms of active customers. So U.S. in general is by far growing faster regions. And that's the reason why we're so excited to be here, to move to the U.S. in the U.S. listing, but also investing in this country.

Cristopher Kennedy

Yes. Great. And then if you could just touch quickly on some of the investments that you're making to drive growth of the SMB business, whether it's integrating with local accounting platforms or onboarding initiatives.

Emmanuel Thomassin

No, Chris, thank you very much. I really love these questions because this is very exciting. Actually, as we've done several initiatives to drive the businesses. The first one is within the servicing team, we have been a dedicated team that is basically proactively reaching out to businesses. So not only we're reacting to the demand and questions that they may have 24/7, we also reach out to the business proactively to make sure that they can use in full the servicing that we offer.

And I think that's quite a unique kind of approach if you compare to maybe legacy banks in this industry. The second part of it is, as you rightly mentioned, we are getting more and more included in their internal workflow. One aspect is not only the approval of invoices or the addition of invoices. This is also to be -- to provide an API or to be able to be included in their, I would say, local champions accounting software. As you surely know, small businesses will not opt for Oracle or SAP of this world. They are by far too big, but then they will choose like local champions. With that, I will mention companies like Visma in the Nordics. You could think about Sage in the U.K. or [indiscernible] in Germany. And that, I think, is an investment that will pay off because the businesses will appreciate the fact that this is getting them more transparency.

Sarah Lewandowski

Thanks Cris. Can we have the next question from Gus Gala, please.

Gustavo Gala

Can you talk a little bit about how you're thinking of the elasticity of the price cuts versus the volume? Just any sense on the early reads versus the prior price cutting cycles, pretty clear on the cadence of that. But anything we should be thinking about in terms of the competitive environment or the volume response around the pace of the pricing investment -- and I'll just squeeze in my follow-up. How do you think of the marketing investment sensitivity, especially in North America relative to the speed and timing around getting the license applying for that? Is there anything we should be thinking about that about the time -- the timing of that?

Emmanuel Thomassin

Thank you very much. I mean pricing is really core of our, I would say, almost a mission. I mean we want to offer money without network -- without borders, means like an infrastructure that allow customers to transfer money extremely fast, but also not only minimum at the minimum fees. So maximum ease, minimum fees at the best -- at the highest speed that you can offer. And price matter to the customers. This is the #1 reason they come to us. So by saying this, we are doing everything every month, every Wiser is looking at efficiency gain. And this efficiency gain will be then reinvest. This efficiency gain will be translated in profitability or cash flow.

And then basically, at the end, we will decide how to invest this excess of this profitability, either in OpEx or to go back to pricing. And the pricing philosophy here is that we want to be agnostic on every single transaction that will take place on our platforms are on Wise. And that's true for retail. That's true for SMEs. That's true for partners. So we follow the cost-plus margin logic, and we are in a driving seat. We only take these kind of decisions when we are in a sustainable manner. So when we have the evidence that we are in a place where we can reduce the take rate and still generate the margin that we are targeting, only then we will pass it to the customers or again, reinvest in our OpEx.

And this is like a long-term gain. We know the price elasticity is not something that you should expect for the next quarter. It's a long-term trend that we basically following. This is true again for retail. This is also true for our partners that are joining the platform. And you asked about the sensitivity on marketing. I think in general here, and I think you combine it with the license, I think I will distinguish both, if I may. Today, as I said, the U.S. market is a very attractive market for us, the fastest-growing region when I compare to others.

I think the marketing campaign that we are launching is to build an upper funnel to make sure that people are aware about Wise. The license is not having an impact on our business. I mean our business is strong. We already transfer money very, very quickly at a very, very attractive take rate. That said, we want to have a license at some point maybe in the future to make sure that basically we can potentially reduce the take rate, but also like as the volume will grow, be able to be more efficient when we transfer money.

Sarah Lewandowski

Thanks Gus. Next question from [ Gregor ] at Morgan Stanley.

Unknown Analyst

Maybe the first one would be on the one-off costs that you mentioned in the press release. Can you maybe expand a bit more on what's in there basically? You mentioned that this is part of -- I mean part of them are due to the dual listing, but it looks like there is a bit more to it.

And basically, what's in this cost that surprised you that basically you were not expecting. I think last year already, you were mentioning some your listing costs. So what is actually coming on top there that's you didn't see coming. And more on the take rate. So can you expand a bit more on the phasing of the take rate until the end of the year? And how should we think about that for the next quarter? And how much control do you have over that given that it's also depending on the mix of the volumes.

Emmanuel Thomassin

Yes. If you don't mind, Gregor, I will start with the second one, and then I will go back to the one-offs. The take rate, we mentioned at the beginning of the year that we would like to reduce the take rate by 1 basis point to 2 basis points for the quarter. We did so in the first quarter, 1 basis point. We also did this in a second, while not apparent here because of the volume mix I mentioned before.

And we aim to continue to do this during the year, but that it will depend on our investment capacities or efficiency gain. That's linked together. Once we have this efficiency we will then reinvest in the business, and we're really happy with the investments we've done in this first half year. We were able to invest in a very profitable manner and we see the growth rate that in diverse KPIs today.

And if we have the room, we will continue to reduce the pricing for the next 2 quarters as we announced to the market, which around 1 basis point, but that will always depend on our certainty that these investments, this price reduction will have a positive impact and will not jeopardize the margin that we are targeting.

On the one-offs, the nature of one-off is that they are one-off in nature. That means that basically, they are not something that is recurrent. Our U.S. listing is 1 of those. We listed in May, a certain cost occur once this listing was successful. We were looking at contracts that we had with some providers, and we wanted to make sure that we are only when we are listing successfully, we might face some fees to be paid.

The others are different kind of sort of one-offs. They are very tiny when you look at the other -- the completely the size of the business. So that would be more in more in administrative and administration categories.

Sarah Lewandowski

Thanks [ Gregor ]. And on to Justin from UBS.

Justin Forsythe

Emmanuel and Sarah. I hope you can hear me. Just a couple of questions from my end. First, I wanted to talk a little bit about the bank license environment. A couple of things there. So -- could you just give a status update on where you are with clearing the outstanding consent orders that you had getting back to the -- I think it was the 2024 action brought by the several states and the pretty small fine that you had there. Something an event that might lead you to potentially planning on as you kind of alluded to, reapplying for an OCC charter and any updates on the time line, which we might expect that?

And separately, in recent days, we've seen quite a lot from violations of different AML, money laundering, et cetera. Regulations in the U.S. for quite sizable amounts. And do you think that says anything about the compliance infrastructure that Wise has built with a much lower severity of fines. Maybe I'll start there, and I'll ask my follow-up afterwards.

Emmanuel Thomassin

No, thank you very much for that, Justin. I think like in terms of -- because you mentioned the consent order in the U.S. and the bank environment in general, I'm pleased to report that basically, we have provided the full remediation on every points that were part of this consent order. We are now waiting for the feedback from the authorities, but we delivered every single remediation that were basically highlighted from them.

So that's the status quo today. And once we get the positive feedback from the states, obviously, we'd be happy to inform you. On the time line, you mentioned, I think like your while we're considering the time line for the U.S. listing, we will also consider everything other remediation that we are working on today.

And as you know, we're working on the NBB 1. So I think the time line is, is open today, and I don't have a definitive one. And then on the U.S. fine, I would say like this is -- this is a reflection of what we try to explain. I mean we've been investing so much in compliance in KYB, KYC over the last 15 years. And yet -- and we -- 1/3 of our investments, ongoing investments always going somehow in compliance.

This is core to our heart. We know our reputation will depend on this kind of situation. And the -- I can't comment on the other banks, what they are facing. But I think this is a reflection of how difficult it is to want to get everything right when you do AML in this -- in the development of the technology. But overall, like we continue to invest in this area because we think -- we know this is very important and very important for Kristo and the rest of the team that have been driving this company for 15 years.

Justin Forsythe

Got it. That's super, super helpful. And then just my second question, I wanted to ask, and I hate to be the person to do this every quarter, but on platforms, is there any update you can give on just the ramp of some of the existing customers, whether there's some success stories you can share, incremental, say, currencies you're enabling for some of your partners, incremental functionalities.

Obviously, we've seen some of the nice wins come in recently, OakNorth, I think you flagged, but anything you can provide on the progression and perhaps the run rate exiting the quarter, if that's a percentage fine or even just case studies that you can share?

Emmanuel Thomassin

Well, I don't -- today, we don't -- I don't have case studies to present to you. But what I can tell you is that basically, we are ramping up the customers that we have. So you have to think about every month when we review the activities, we will add some routes with customers. So we don't have -- if we don't have new names that basically, we add new routes, FX routes. And I'm also happy to report that we onboard a U.K. company, [ Oakmark ], that is basically also new to the platform, and they will use our platform to serve their customers.

So they sign with us, we are live. And another one is called Vivid. They also live with us. So we still have names. We still onboard new partners. I'm pretty excited by the pipeline, quite frankly. And in terms of percentage because you mentioned this, we know of 6%, at the end of this quarter and on track for, well, basically, the percentage that we give midterm, it was 10% of the correspondent volume.

Sarah Lewandowski

Thanks Justin. And next, we have a question from Mo at Goldman Sachs.

Mohammed Moawalla

Great. Can you hear me?

Emmanuel Thomassin

Yes.

Mohammed Moawalla

Great. Emmanuel. Two from me. Just coming back on those sort of onetime costs. So listing costs, I think were expected to be somewhere around the kind of mid-teens, $13 million to $15 million, if I'm not mistaken. And those other costs, you said they were not so significant. I assume those administrative onetime expenses. Are they connected to the listing or completely separate?

And I don't know, can you give us a sort of ballpark wage kind of size those would be great. And then secondly, again, this is on platforms. I know you sort of gave us at the half year stage. The platform as a percentage of revenue, can you shed some light on that in terms of how that has sort of been progressing in H1?

Emmanuel Thomassin

So the one-off I mentioned before, the $15 million on listing and the other part is not related to the listing at all. I mean that's very distinguished. Otherwise, I will have put this together. They are in restrictive part of it. I mean, administration is administration, legal, finance and so on and so forth. So not related to the U.S. listing at all.

And I would think in terms of size, it will be almost the same as the $15 million. So that's why we come then if you back calculate it, you will come to this 2 percentage point of margin. You will have more details once we present the H1 numbers in a couple of weeks from now. And then on platform, I think like today, I can't disclose more. I think we can -- we will be able to do so in November with Kristo together. But again, I think we're pretty exciting about the evolution that we see both on the traction that we get with our signed customers, I mean adding new routes and for servicing, but also like partners that are joining the platforms are about to join the platform.

Mohammed Moawalla

Got it. If I could squeeze one more in. Just as we look at the second half, you're going to start to lap some difficult comparatives from sort of last year. How should we sort of think about -- I know you're now sort of indicating revenue more at the upper half, it seems to be kind of driven more by perhaps some of the interest income. But when you think operationally -- how should we think of the kind of puts and takes in the second half or for the growth considering the kind of more difficult comps. I mean, are we looking at more sort of the kind of lower half of the range essentially is the right way to frame it then? .

Emmanuel Thomassin

Look, I mean, I hear you. I mean, like we really focus on the investments we're doing to drive active customers. These active customers are not, as I mentioned before, they transact on cross-border volume. I mean we're still growing 22% this quarter. The business is growing 32% on cross-border volume. If I look at new customers joining us, as I mentioned, I'm pretty excited to have 12.5 million active customers, an increase of 20%, but the business is increasing by 26%.

So there's a lot of indicators, I should mention also, obviously, the customer holdings. But there's a lot of indicators that we're providing the right servicing. I mentioned some operational highlights. The fact that we provide, for example, assets in New Zealand, the fact that we launched Canada checking account, for example, or that we have now launched our travel cards in Israel or Thailand. And now we also have provided the eSIM services for our customers. I think all these features that we are launching, all these regions that are benefiting from assets, they should continue to drive traction, traction in terms of activity of customers, but also new customers.

The interest rates, you're absolutely right. We would benefit from it. I mean, H1 was not the case because the Fed and the central bank's increase -- European Central Bank, sorry, increased the interest rates lately. And we will benefit from it in H2. But we don't -- as you know, we're pretty disciplined in the way we invest our money, and we don't want to be dependent on the cyclical evolution of interest rates. So we will be continuously focusing on when can we -- what can we invest in -- without being dependent on the interest rate? .

Sarah Lewandowski

[Operator Instructions] I think we've just got one more so far. So can we go to Craig Mcdowell, JPMorgan.

Craig Mcdowell

I just want to pick up on the rate piece again. You just mentioned to Mo. You referred to rates beginning to rise. And I'm guessing, as you say, that's not -- that wasn't in the plan, either at the start of the year or indeed, when you gave midterm guidance in April last year. Just wondering your discussions yourself and with the rest of the management team, how do you think about sort of reinvesting that? Or is that something that shareholders see in sort of pure drop to reach the bottom line? And then I've got a follow-up on currency as well. Just any sort of guidance or indication you can give on currency impact into the second half to reported numbers.

Emmanuel Thomassin

Sorry. I mean I think I had issue with my microphone. So maybe I'll come back. So the second part of your question is about the geopolitical situation -- the prediction for the next 6 months of FX. And I was saying that basically, unfortunately, I don't have the skills to predict or we don't have the skills to predict what this, how should I say this now, this our world or what's happening on the geopolitical scene will happen in the next 6 months.

If you look back at the beginning of this fiscal year, I think the one would have predicted that the interest rates will go up. I mean, we were all thinking that potentially the interest rates at the Fed or European Central Bank will go down. So that's extremely difficult to predict on the FX. The good thing is like ethics volatility is good for us. When you do have movements in the FX, then you see customers taking advantage of it.

Then to come back to your first question and what would we do with the increase of the interest rate or the increase of the interest income we might generate, I think it's too early to say. The thing is like if we get rooms to reinvest part of it, we will consider. Nevertheless, we are extremely strict in our -- we are disciplined in our capacity to invest.

So we always use their underlying logic from the past that we don't want to be dependent on the cyclical interest rates. So we might pass it , but that's a bit too early to say. And the proportion of the income that we will generate for the second half year from this interest as we passed hopefully a lot to our customers, will not be extremely significant for this year -- for the fiscal year.

Sarah Lewandowski

Thanks Craig. We've got a couple more first, we go to Hannes from Jefferies.

Emmanuel Thomassin

Hannes, if you speak, we don't hear you.

Sarah Lewandowski

You might be muted, Hannes. Sorry, Hannes, we can't hear you. We'll catch up later. Can we go to Bharath from Cantor Fitzgerald.

Bharath Nagaraj

What kind of take rate should we think about for the platforms business, given it's -- I know you may not be able to disclose a lot of information now, but just at a high level, what kind of range are we talking about? And then secondly, on competition that you face in the platforms business, who do you come across mainly? And what kind of win rates are you seeing?

Emmanuel Thomassin

Yes, sure. I mean -- so the take rate before I jump into the take rate and give you an indication of what the take rate will be on average, I think it's fair to say that the take rate for every partners will be different. It depends on the service that we are providing to them. So let's imagine that we have a partner signing for the platform and they ask us to do the onboarding of their customers, then the take rate will reflect this higher cost.

And as you know, we follow the cost-plus margin logic. So the take rate will vary from one partner to the next, depending on the routes that they choose to use, that they choose that they want us to use or the service level that we provide to them. But nevertheless, the take rate in average is around 40 basis points for our platform compared to this 49 basis points at the end of exit -- at the end of this quarter. And I must confess the second part of your questions, competition? Yes. Competition.

Bharath Nagaraj

Yes, just wondering on the competition, yes, what kind of win rate are you seeing? .

Emmanuel Thomassin

I think we're really happy with the win rate that we have on the pitch. There's very few companies that are providing this direct integration to payment systems at the take rate that we are providing. So I think you can expect us to win quite a significantly large portion of the pitches that we're taking part to.

Bharath Nagaraj

Okay. Have you had any churn at all in the platform services. Last question for me.

Emmanuel Thomassin

I'm not aware of any churn. I mean, like I'm not aware of any churn so far.

Sarah Lewandowski

And we'll just try Hannes again. Are you there Hannes?. I don't think that's working. Sorry, Hannes, I speak to you later. I don't think we have any more questions. So thank you, everyone, for joining us.

Emmanuel Thomassin

Thank you so much for joining us and to support us. Thank you.