Wise, formerly known as TransferWise, is a London-based fintech company that provides online money transfer services. The company was founded in 2011 by Taavet Hinrikus and Kristo Käärmann, who were both early employees at Skype. Wise operates on a peer-to-peer model, which allows users to transfer money internationally at much lower fees than traditional banks or money transfer services.
Wise’s platform uses the mid-market exchange rate, which is the rate at which banks buy and sell currency to each other, to calculate the cost of a transfer. This rate is generally more favorable than the rate offered by banks and other money transfer services, which often add a markup to the exchange rate. Wise also offers a borderless account, which allows users to hold and manage multiple currencies in one account.
The company has grown rapidly since its launch, and now has over 8 million customers in over 70 countries. Wise has also raised over $400 million in funding from investors such as Andreessen Horowitz, Virgin’s Richard Branson, and PayPal co-founder Peter Thiel.
In addition to its money transfer services, Wise also offers a debit card and a business account for small businesses and freelancers. The debit card can be used to spend money in any currency without incurring foreign transaction fees, and the business account allows for easy invoicing and expense management.
Wise also has a referral program, which allows users to earn money by referring friends and family to the platform. The company has also partnered with several other companies, including Revolut and Monzo, to offer their services to users.
Despite the competition, Wise has managed to maintain its position as one of the leading players in the fintech industry. In 2020, the company rebranded as Wise to reflect its broader mission to make money work for everyone. The company has also announced plans to expand its services to include new products such as savings accounts and loans.
Wise has also been recognized for its innovative approach to money transfer services. In 2020, the company was named one of the top 50 fintech companies in the world by KPMG and H2 Ventures. In 2021, Wise was also named one of the fastest-growing companies in Europe by the Financial Times.
Overall, Wise is a innovative fintech company that has revolutionized the way people transfer money internationally. Its peer-to-peer model, mid-market exchange rate, and borderless account have made it a popular choice among consumers and businesses looking for a more cost-effective and convenient way to send money abroad.
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