Accounts to December 2025 and March 2025, filed 2026 and 2025
Wise v Revolut: who is actually winning?
On the filings, Revolut. It books 2.7 times the turnover of Wise on 1.3 times the staff, and it added revenue almost five times faster over its last financial year. The twist sits further down the profit and loss account: once each company has paid for itself, the two keep almost exactly the same share of every pound, 43.7p against 43.2p.
Revolut turnover against Wise, £3,312m to £1,235m
Gap in turnover growth, 35.1% against 7.4%
Gap in estimated pre-tax margin, 43.7% against 43.2%
Head to head
The two year ends are nine months apart, so this is a close comparison rather than a like for like one. Each column is a single company. Nothing here is added across the two.
The takeaway
- 01Revolut books 2.7 times the turnover, £3,312m against £1,235m, a gap of £2,077m between the two companies.
- 02Their estimated pre-tax margins land half a point apart, 43.7% against 43.2%, despite the difference in scale.
- 03Revolut turns over £623,765 per employee against £301,538 at Wise, a ratio of 2.1 to one.
- 04Revolut's average staff cost is £121,000 a head against £66,000 at Wise, 1.8 times as much per person.
- 05Both grew profit, Revolut by 49.3% and Wise by 19.7%, so the gap between them widened rather than closed.
Who books more revenue, Revolut or Wise?
Revolut, by a distance. Revolut Ltd reported turnover of £3,312m in the year to December 2025, against £1,235m at Wise Payments Limited in the year to March 2025. That is 2.7 times the revenue and a gap of £2,077m between the two filings.
The direction of travel is further apart than the size. Revolut's turnover moved 35.1% over the year while Wise's moved 7.4%, a spread of 27.7 percentage points. Both are growing, but one is compounding at a rate that changes the shape of the business each year and the other is adding a steady single-digit layer.
Part of that is the breadth of what each company sells. Revolut Ltd is registered under computer programming and consultancy, and the group it belongs to has been adding product lines rather than deepening one. Wise Payments Limited is registered under financial service activities and the revenue still leans on moving money between currencies. Two ways of building a fintech, and the filings show both of them working.
Does the bigger business keep more of each pound?
Barely. Revolut's estimated pre-tax profit of £1,448m is 43.7% of turnover. Wise's £534m is 43.2%. Half a percentage point separates a company that is 2.7 times larger from one that is not, which is the most surprising line in either filing.
Both improved on the prior year. Revolut's estimated pre-tax profit moved from £970m to £1,448m, up 49.3%, and Wise's from £446m to £534m, up 19.7%. Profit at both is rising faster than turnover, so neither is buying its growth by giving margin away.
Where each £100 of turnover goes
Each column is one company's own profit and loss account, split three ways. Everything else is the residual after payroll and estimated pre-tax profit, so it carries running costs, technology and marketing together.
- Payroll
- Everything else
- Estimated pre-tax profit
- Dividend paid to parent, out of profit
The shapes are close enough to overlay. Wise spends a little more of each pound on its people and a little less on everything else, and Revolut is the other way round. Where they part company is the tail. Revolut Ltd paid £324m to its parent over the year, which is £9.78 of every £100 it turned over, against £56m at Wise Payments Limited, or £4.54.
Who pays more, and who gets more from each employee?
Revolut on both counts. Its average staff cost is £121,000 a head against £66,000 at Wise, and it turns over £623,765 per employee against £301,538, a ratio of 2.1 to one. The pay gap is 1.8 times and the output gap is 2.1 times, so the extra cost per person is more than covered by what each person is attached to.
In absolute terms Revolut carries 5,310 people against 4,095, only 1.3 times the headcount for 2.7 times the revenue. Its staff bill of £645m is 2.4 times Wise's £272m, which is the clearest sign that the two are hiring for different jobs. A company adding products in new markets buys different people from one refining a single rail.
Both are still growing their teams at a similar pace, Revolut by 8.0% and Wise by 6.3%. Neither is running the kind of headcount surge that usually accompanies a revenue year like Revolut's, which is part of why the margins hold.
Which balance sheet is carrying more weight?
Revolut's, though not by as much as the revenue gap suggests. It holds £6,652m in bank and cash against £4,288m at Wise, a ratio of 1.6 to one, and net assets of £2,650m against £1,204m, a ratio of 2.2 to one. For businesses that hold customer money, most of that cash is a liability mirrored elsewhere on the balance sheet rather than a war chest.
Current assets tell the same story in proportion, £13,628m at Revolut and £7,716m at Wise. Cash is 49% of Revolut's current assets and 56% of Wise's, so Wise holds a slightly simpler book. Revolut also discloses £61m of trade debtors where Wise discloses none.
Borrowings run the other way. Estimated borrowings are £51m at Revolut and £108m at Wise, twice as much at the smaller company, though both are small enough against the asset base to be a rounding note rather than a risk.
Who owns and controls these two companies?
A single corporate parent each, in both cases holding the top control band. Companies House records Revolut Group Holdings Ltd (12743269) as a person with significant control over Revolut Ltd in the 75% to 100% band, notified in April 2022. Wise Financial Holdings Ltd (13214905) holds the same band over Wise Payments Limited, notified in June 2021. Those are control bands, not stake sizes, and neither filing here is a consolidated one, so nothing in these accounts rolls up the wider group.
The security history is where the two look least alike. Revolut Ltd carries 11 charges at Companies House, all of them discharged, and most were granted over trade marks to venture lenders during the growth years. Wise Payments Limited carries 12, with the Barclays, NatWest and Silicon Valley Bank charges discharged and a Bank of England charge dated 13 March 2019 shown with no discharge date against it.
Property is a small contrast with the same flavour. Wise Payments Limited records five leasehold floors at Quick House, 65 Clifton Street in London EC2A, all registered on 11 July 2024 with no price disclosed. Revolut Ltd records no property in this dataset. Both companies are registered in east London, Wise incorporated in 2010 and Revolut in 2013.
The numbers
The full ledger, line by line
| Measure | Revolut Ltd | Wise Payments | Gap |
|---|---|---|---|
| Trading | |||
| Turnover | £3,312m | £1,235m | 2.7x |
| Turnover movement | +35.1% | +7.4% | 27.7pts |
| Estimated pre-tax profit | £1,448m | £534m | 2.7x |
| Previous year pre-tax profit | £970m | £446m | 2.2x |
| Pre-tax profit movement | +49.3% | +19.7% | 29.6pts |
| Estimated pre-tax margin | 43.7% | 43.2% | 0.5pts |
| People | |||
| Employees | 5,310 | 4,095 | 1.3x |
| Employee growth | +8.0% | +6.3% | 1.7pts |
| Staff costs | £645m | £272m | 2.4x |
| Average cost per employee | £121,000 | £66,000 | 1.8x |
| Turnover per employee | £623,765 | £301,538 | 2.1x |
| Balance sheet | |||
| Bank and cash | £6,652m | £4,288m | 1.6x |
| Net assets | £2,650m | £1,204m | 2.2x |
| Current assets | £13,628m | £7,716m | 1.8x |
| Trade debtors | £61m | Not disclosed | n/a |
| Estimated borrowings | £51m | £108m | 0.5x |
| Dividends | £324m | £56m | 5.8x |
| Filing and control | |||
| Company number | 08804411 | 07209813 | n/a |
| Year end | Dec 2025 | Mar 2025 | 9 months |
| Accounts submitted | Apr 2026 | Oct 2025 | 6 months |
| Incorporated | 2013 | 2010 | 3 years |
| Consolidated accounts | No | No | n/a |
| Parent in the 75% to 100% band | Revolut Group Holdings Ltd | Wise Financial Holdings Ltd | n/a |
Methodology
Every figure on this page comes from Companies House filings for Revolut Ltd (08804411) and Wise Payments Limited (07209813), held in Spark Intel's company database.
- Both filings are single-entity accounts rather than group consolidations, so neither figure is a global group total and neither includes the rest of its group.
- Nothing on this page adds the two companies together. Every number belongs to one company or expresses the relationship between them as a ratio, a gap or a percentage.
- Pre-tax profit is an estimate derived from the filings and will not tie exactly to any figure a parent publishes.
- Everything else in the £100 chart is a residual, turnover less payroll less estimated pre-tax profit, within each company's own accounts.
- A turnover or debtor figure of zero is read as not disclosed rather than as nil.
- Amounts in £m are rounded: below £0.1m shown in £k, £0.1m to £2m to one decimal place, £2m and above to the nearest million.
- The year ends are nine months apart and have not been restated to a common period.
- Ownership reflects the control bands recorded in persons with significant control data, not exact stakes or prices.
- Directors' remuneration is recorded at roughly £1m granularity in the source data and is not quoted here.
Questions
Wise and Revolut, answered
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