I built a DCF and trading comps model on Wise to answer one question: is the recent pullback a sign Wise is catching up on costs, or deliberately investing for the long-term? I break down what’s really driving the headline take-rate compression, why non-cross-border revenue (and net interest on customer balances) is becoming more important, and how I fade that interest tailwind into 2030

This note breaks down what’s happening across the income statement and the operating metrics and why the take-rate cut matters so much.