Wise was founded in 2011 by Taavet Hinrikus and Kristo Kaarmann in London. The company started as TransferWise, born from the founders’ frustration with hidden fees in international bank transfers. Their solution was straightforward: match people sending money in opposite directions and settle locally, avoiding expensive SWIFT transfers.
The company rebranded to Wise in 2021 and went public on the London Stock Exchange through a direct listing the same year. Its market cap has ranged between $7-12 billion since then.
Wise’s headline feature is transparency. Instead of marking up the exchange rate like traditional banks do, Wise uses the real mid-market rate and charges a small, upfront fee that users can see before sending money. This approach typically saves customers 3-6x compared to bank transfers.
Today, Wise processes over $100 billion in cross-border payments annually. The Wise Account (formerly Borderless Account) lets users hold and convert 40+ currencies, get local bank details in multiple countries, and spend with a multi-currency debit card. Wise Platform lets banks and businesses embed Wise’s infrastructure into their own products — Stanford Federal Credit Union and Monzo are among its partners.
Headquartered in London with offices in Tallinn, Singapore, Austin, and other cities, Wise employs around 5,000 people. The company has been profitable and growing steadily, with revenue exceeding $1 billion in fiscal year 2024. Wise serves over 16 million customers, both personal and business.
