The k$-colour bipartite Ramsey number of a bipartite graph $H$ is the least integer $N$ for which every $k$-edge-coloured complete bipartite graph $K_{N,N}$ contains a monochromatic copy of $H$. The study of bipartite Ramsey numbers was initiated over 40 years ago by Faudree and Schelp and, independently, by Gyárfás and Lehel, who determined the $2$-colour bipartite Ramsey number of paths. Recently the $3$-colour Ramsey number of paths and (even) cycles, was essentially determined as well. Improving the results of DeBiasio, Gyárfás, Krueger, Ruszinkó, and Sárközy, in this paper we determine asymptotically the $4$-colour bipartite Ramsey number of paths and cycles. We also provide new upper bounds on the $k$-colour bipartite Ramsey numbers of paths and cycles which are close to being tight.