Beyond Borders: Wise, Remitly, and the Future of Global Remittances

Key Takeaways:

• According to Sensor Tower data, downloads of Wise and Remitly have surged in recent years, with 2022 marking a record year, growing 94% YoY (or over 9mn downloads combined), fueled by post-pandemic migration and rising smartphone penetration. While growth has stabilized in 2024, combined downloads remain strong, up ~10% YoY YTD.  Among other factors, this sustained growth reflects ongoing demand for digital transfers and the impact of currency appreciation in key remittance-sending regions, which has made transfers from higher-interest-rate economies more valuable

  • This surge in user adoption is mirrored in the financial performance of both companies. In the financial year ending March 2024, Wise reported revenue of £1.1bn – a 24% YoY increase – while Remitly’s 3Q24 revenue rose 39% YoY to $337mn

• Wise daily app usage has grown faster than Remitly, outpacing it in global DAUs since 2Q22, although its YoY DAU growth has slowed to 15% QTD in 4Q24, compared with 17% for Remitly

  • Wise’s performance reflects its strong presence in Brazil, the UK, and India, which together accounted for approximately one-third of its DAUs QTD in 4Q24. By contrast, Remitly’s dominance in the US—its largest market, contributing over 50% of DAUs—positions it well in the world’s top remittance outflow corridor. Remitly’s stronghold in African markets like Nigeria also highlights its potential to capture and grow local user engagement within large, underbanked economies

• Despite its higher DAUs, Wise’s app MAUs have lagged behind Remitly’s since 1Q20, with both apps exhibiting around 17% YoY growth in average MAUs QTD in 4Q24. The divergence between DAUs and MAUs suggests Wise might have a stronger appeal among highly active segments like businesses and frequent remitters. Conversely, Remitly’s user base may reflect its strength in serving first-time or occasional remittance users

  • Wise’s strong user engagement is evident in its share of power users. YTD in 2024, 6% of Wise users globally used the app more than 15 days per month, compared with just 1% for Remitly 

  • Retention data further corroborates Wise’s usage strength. Per ST estimates, Wise retained 70% of its users globally YTD in 2024, compared with 60% for Remitly. However, Remitly’s 62% retention rate in the US surpasses Wise’s 57%, underscoring its entrenched position in a critical market

• Wise’s high share of organic downloads—nearly 90% of its worldwide downloads YTD in 2024, compared with 78% for Remitly—may also partly explain its stronger app DAUs. Organic downloads, often driven by active searches, might signal a more loyal and intent-driven user base

  • Wise’s App Store Optimization (ASO) further underscores its brand strength, with keywords linked to Wise-related terms accounting for over 40% of iPhone downloads YTD in 2024 in the US, compared with less than 30% for Remitly

• While Wise relies more heavily on organic growth, Remitly has focused on driving user acquisition through higher advertising spend, including in key markets like the US and the UK. According to ST data, Remitly’s ad investments in these markets were ~8 times higher than Wise’s YTD in 2024, with significantly greater spending on YouTube (see figure 3)

  • Recent increases in Remitly’s share of voice (SOV) for in-app advertising on platforms such as AdMob in the US further underscore its strategy to scale user acquisition

  • Ripple, too, has invested significantly in advertising YTD in 2024, with LinkedIn accounting for the lion’s share, likely reflecting its strategy to engage enterprise customers and strengthen its position in high-value remittance segments. Beyond advertising, Ripple's blockchain-based solution, On-Demand Liquidity, might pose a significant challenge to traditional remittance models by offering faster and cheaper cross-border transactions

• Differences in Wise and Remitly’s strategies are reflected in their user demographics. Per ST data, Remitly’s users demonstrate higher interaction with price-sensitive platforms such as Walmart (46% of Remitly users also used the Walmart app in 3Q24 in the US vs 24% for Wise), Temu (41% vs 21%), Shein (25% vs 11%), and McDonald’s (16% vs 12%), highlighting its appeal to budget-conscious consumers. In contrast, Wise’s user base shows stronger engagement with apps like Spotify (68% vs 54%), Uber (59% vs 55%), and LinkedIn (56% vs 53%), suggesting a potentially older and more affluent demographic 

  • Supporting this, ST data indicates that in 3Q24 in the US, ~45% of Wise users were over the age of 34, compared with ~35% for Remitly

For more information, request the full report from reports@sensortower.com.