wise

Wise is a United Kingdom-based financial technology company that provides online money transfer services and multi-currency accounts. It was founded in 2011 by Taavet Hinrikus and Kristo Käärmann to offer cheaper international transfers by using a peer-to-peer model and real exchange rates. The company rebranded to Wise in 2021 to reflect a broader range of products beyond transfers.

Wise offers individuals and businesses cross-border transfers, a borderless multi-currency account, and a debit card. It also provides Wise Business accounts, foreign exchange services, and an API platform for developers to integrate payments and foreign exchange into applications. The company markets its core feature as using the real mid-market exchange rate with transparent fees, rather than marked-up rates.

Wise is headquartered in London and operates under regulatory oversight in the UK and in other jurisdictions as a licensed payment institution or e-money issuer. It serves customers globally and operates through a network of local banking partners to enable cross-border transfers in many currencies.

Over the years, Wise has grown to become one of the prominent fintechs in Europe, expanding beyond consumer transfers into business payments, payroll, and embedded finance solutions. It has pursued partnerships and product expansions while facing ongoing competition and regulatory scrutiny typical of the payments sector.

In summary, Wise is a fintech company that popularized low-cost international money transfers and now offers a suite of cross-border financial services for individuals and businesses.