Wise

Wise is a financial technology company that moves money across borders. Taavet Hinrikus and Kristo Kaarmann founded it in London in 2011 under the name TransferWise. The idea came from their own habit of swapping currencies between themselves to avoid bank fees.

Wise shows the real exchange rate and a fixed fee up front. Behind the scenes it keeps local accounts in many countries, so most transfers settle without an actual cross-border payment. The Wise account holds balances in dozens of currencies and comes with a debit card. Wise Business serves freelancers and companies.

The company also provides its payment network to banks through Wise Platform, and partners include Monzo and Standard Chartered. Wise listed on the London Stock Exchange in 2021 through a direct listing. It announced plans to move its primary listing to the United States. Kristo Kaarmann is chief executive. Wise offers an account that works like a local bank in many countries. It serves millions of customers and handles a large volume of transfers each year. Hinrikus left day-to-day management earlier, and Kaarmann has led the company since.