TIP806: Wise PLC w/ Kyle Grieve and Daniel Mahncke
The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network
Stig Brodersen
4.6 • 3.6K Ratings
🗓️ 10 April 2026
⏱️ 97 minutes
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| 0:00.0 | You're listening to TIP. |
| 0:02.0 | Over the last five years, Wise PLC has compounded reported profits at 90% per year. |
| 0:08.0 | And yet, if you've owned this business since its IPO in 2021, your return has roughly been only 1% per year. |
| 0:14.0 | So what exactly is going on? |
| 0:16.0 | The answer, as it turns out, is actually pretty straightforward. |
| 0:19.0 | Wise went public when the market was at peak |
| 0:20.8 | euphoria. This euphoria created a price for WISE that was simply not sustainable over market cycles |
| 0:25.8 | as it approached 390 times earnings. A valuation like that leaves zero room for error, and even if you |
| 0:33.3 | continue to generate high profit growth, the market is very unlikely to maintain a multiple |
| 0:37.7 | like that for a very long period of time. But if you strip away the noise of the inflated IPO |
| 0:42.4 | price, what you find is a business that has been quietly compounding its fundamentals and |
| 0:46.9 | executing at a very high rate. Today, I'll be joined by my co-host, Daniel Manka, to take a closer |
| 0:52.4 | look at Wise. We'll get into how the business |
| 0:54.7 | actually works. While most investors have probably sent money overseas before, the specific |
| 0:59.9 | mechanisms of just how that actually happens are probably going to surprise you. And where Wise has its |
| 1:05.3 | advantage will surprise you even more, as it's very different from what most cross-border payment |
| 1:09.6 | companies do, which is why Wise has some |
| 1:12.2 | very unique advantages. We'll also look at Wise as revenue streams, honestly assess their true |
| 1:17.3 | competitors, and examine some CEO controversies that I think are worth understanding with some |
| 1:22.1 | context. We'll also look at destination analysis, examining where the fundamentals of this business |
| 1:27.1 | could be headed over the next few years. |
| 1:29.5 | This should give you a sense of what this business could realistically be worth. |
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