(LSE:WISE) Wise: Disrupting Cross-Border Payments, But Not Remitly
This Initiation Report will read differently than most — as more of a contrast piece against one of our core positions: Remitly. Remitly consistently generates the most investor questions among our holdings, nearly all of which revolve around Wise — specifically, how Remitly can compete with a company that appears to offer significantly lower fees (Wise’s blended take rate is ~64bps vs. Remitly’s ~2.3%), and whether Wise’s infrastructure is superior. This confusion stems from a misunderstanding of the differences in addressable markets and infrastructure strategy between the two companies. In our view...