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Wise (formerly TransferWise) operates a global technology platform that facilitates fast, low-cost international money transfers and offers a multi-currency account. It enables individuals and businesses to send, spend, and receive money across borders with transparent fees and real exchange rates. The company builds financial infrastructure to move money without traditional banking inefficiencies, supporting transactions in numerous currencies across a wide range of countries.
The company was founded in January 2011 by Kristo Käärmann and Taavet Hinrikus, both Estonians living in London. Their personal frustrations with the high fees and unfavorable exchange rates imposed by traditional banks on international transfers led to the inception of Wise. Hinrikus, one of the first employees at Skype, and Käärmann conceived a peer-to-peer system to bypass these costs, leveraging their own cross-currency needs.
Wise serves millions of customers, including individuals and small-to-medium businesses, by providing an alternative to conventional international banking. Its overarching vision is to make international money transfers instant, convenient, transparent, and eventually free. The company continues to expand its offerings, striving to create a world where money has no borders, and cross-border financial services are fair and accessible to everyone.
TransferWise has raised $1.0B across 9 funding rounds.
Key people at TransferWise.
TransferWise was founded in 2011 by Kristo Kaarmann (CEO & Founder).
TransferWise has raised $1.0B in total across 9 funding rounds.
TransferWise has raised $1.0B across 9 funding rounds. Most recently, it raised $5.0M WISE App - Seed in January 2022.
Key people at TransferWise.
Wise (formerly TransferWise) is a fintech company that provides low-cost international money transfers, multi-currency accounts, and related services for individuals and businesses.[1][2][3] It solves the problem of high bank fees and poor exchange rates by using a peer-to-peer matching system to move money at real rates with transparent, low fees, serving over 15 million customers across 70+ countries and processing £145 billion+ annually.[3][2][5] With strong growth—30% year-on-year revenue increase in early 2024—and profitability since 2017, Wise has expanded into business accounts, debit cards, and partnerships with firms like Monzo and Bolt.[1][3][6]
Wise was founded in January 2011 by Estonian expats Taavet Hinrikus (Skype's first employee) and Kristo Käärmann (Deloitte consultant), both living in London and frustrated by banks' exorbitant fees for cross-border transfers—Taavet paid in euros but lived in the UK, while Kristo had an Estonian euro mortgage.[1][2][3] They devised a peer-to-peer workaround matching senders and receivers in the same country to avoid actual transfers, launching TransferWise to scale this for others.[1][4] Early traction was slow (under $10M monthly volume in first two years), but rapid experimentation led to a surge to $50M monthly; by 2014, a $58M Series C funded US/Australia expansion, followed by business accounts (2016), multi-currency debit cards (2018), and a 2021 rebrand to Wise with a London Stock Exchange direct listing valuing it at ~$11B.[3][4] Backed by investors like Richard Branson, Peter Thiel, and Max Levchin, it hit profitability in 2017.[1][6]
Wise rides the fintech disruption of legacy banking, capitalizing on globalization, remote work, and e-commerce that demand cheap cross-border payments amid £100B+ annual volumes.[2][3] Timing was ideal post-2008 crisis, when distrust in banks fueled alternatives; its model influences incumbents (e.g., Santander's fears) and startups via partnerships, while Brexit prompted EU hubs like Brussels.[3][6] In a market shifting to embedded finance and instant payments, Wise's scale (4,411 employees, £1.33B revenue) and public status position it to reshape remittances, challenging players like PayPal and Western Union while enabling a "money without borders" ecosystem.[1][5]
Wise is poised for continued dominance in cross-border fintech, potentially hitting £200B+ annual volumes by leveraging AI for faster transfers, expanding into lending/wealth tools, and deepening B2B via its Platform.[3][4] Rising trends like digital nomadism, crypto-stablecoin bridges, and regulatory openness to neobanks will accelerate growth, though competition from Revolut or bank APIs poses risks. Its influence may evolve from disruptor to infrastructure layer, powering global commerce as borders fade—echoing its founding vision of simple, fair money movement for all.[1][2]
TransferWise was founded in 2011 by Kristo Kaarmann (CEO & Founder).
TransferWise has raised $1.0B in total across 9 funding rounds.
TransferWise's investors include AirAngels, America's Frontier Fund, General Catalyst, Global Founders Capital, Mischief Venture Capital, One Planet Group, Vibe Capital, Y Combinator, Teddy Gleser, Lone Pine Capital, Fidelity Management & Research Company, LocalGlobe.
