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Show Notes

[00:02:27] - [First question] - Overview of Wise, their key product, and core competency

[00:04:17] - The founding story of Wise and the road leading to today

[00:09:18] - Wise’s size and scale today compared to 2011

[00:11:07] - Their competitive advantages and how it informs their goals

[00:19:24] - Exploring Wise’s closed loop system and why their model can’t be copied

[00:21:28] - Unique characteristics of their business model that allows them to capture such robust margins

[00:25:32] - Overview of Wise’s unit economics and their revenue model

[00:34:49] - Interchange fees and how Project Zero guides the business

[00:36:44] - Why their lower take rate doesn’t destroy the industry

[00:38:24] - Ways Wise’s business model can’t simply be copied and replicated

[00:44:35] - Thoughts on who their true competitors are

[00:48:10] - Their customer acquisition flywheel

[00:49:49] - Float, increasing net margin, and how they contribute to durability

[00:53:55] - Key risks associated with Wise when evaluating the business

[00:58:35] - Reasons behind the decision to raise money as a direct listing in the UK

[01:01:03] - How people looking at Wise should think about margins over time

[01:03:32] - Lessons for builders and investors when studying Wise’s story