Wise, formerly known as TransferWise, is one of the most recognisable fintech companies in the world. What began as a low-cost international money transfer service has evolved into a full-scale financial platform for global individuals and businesses.
In this Wise review, we explore how the company works, what sets it apart, and what the future might hold as it moves deeper into embedded finance and B2B services.
Origins and Vision
Wise was founded in 2011 by Taavet Hinrikus and Kristo Käärmann, two Estonians frustrated by the hidden costs of sending money abroad. Their solution was to build a peer-to-peer system that matched currency transfers, cutting out the banks and the markups.
The company quickly gained traction, offering mid-market exchange rates and a transparent fee structure. Over time, it expanded its services, launched a multi-currency account, and added features for freelancers, expats, and international businesses.
In 2021, Wise went public through a direct listing on the London Stock Exchange, cementing its status as a key European fintech success story. Its mission remains focused: to make money movement across borders instant, transparent, and eventually free.
The Wise Platform: Key Products and Capabilities
Wise is no longer just about sending money. It now offers a range of financial tools for personal and business customers:
- International Transfers: Wise’s core product remains its most popular. Users can send money to over 70 countries, often within hours, at significantly lower costs than traditional banks.
- Multi-Currency Account: This feature allows users to hold and convert between 40+ currencies, with local account details in multiple regions including the UK, EU, US, Australia, and Singapore.
- Wise Card: A debit card linked to the multi-currency account, enabling spending in local currency with no markup. It’s popular among travellers and digital nomads.
- Business Services: Wise Business enables international payroll, invoicing, and supplier payments. Businesses can also issue employee cards, automate batch payments, and integrate with accounting tools.
- Wise Platform (B2B API): Wise has become an infrastructure provider. Banks, neobanks, and platforms can embed Wise’s cross-border capabilities directly into their apps through API integrations.
Together, these features turn Wise into a lean, global alternative to a traditional business bank account.
What Makes Wise Different?
Wise’s primary advantage is its focus on transparency and efficiency. It does not profit from exchange rate markups, unlike most banks and money transfer providers. Instead, it charges a small, upfront fee and provides the exact mid-market rate.
This approach resonates with customers, especially in an era where financial literacy and fee sensitivity are growing. Wise has also built a reputation for product simplicity. Everything from account setup to payments to reporting is clean, clear, and fast.
Its infrastructure is also unique. Wise holds local bank accounts around the world and uses its own network of liquidity pools. This structure bypasses the SWIFT network in many cases, reducing costs and settlement time.
Competitive Landscape and Market Position
Wise competes with a wide range of players — from global banks to remittance apps to B2B cross-border payment providers. Its closest direct competitors include Revolut, Payoneer, Remitly, and Western Union. In the B2B segment, it overlaps with players like Airwallex and Nium.
What sets Wise apart is its regulatory footprint (licensed in over a dozen countries), its relentless cost focus, and its ability to serve both consumers and businesses on a single platform. While others may offer flashy features or cashback incentives, Wise’s value proposition is built on trust, reliability, and scale.
The company serves over 16 million customers and moves more than £9 billion each month — a figure that continues to grow steadily.
Challenges Ahead
Despite its strengths, Wise faces ongoing challenges. Increased competition from new entrants and established institutions has made pricing pressure more intense. Regulatory scrutiny is also rising, particularly around international money movement, compliance standards, and customer verification.
In addition, the B2B segment demands more sophisticated features and integrations. While Wise has made progress, larger corporates may still prefer banking partners with deeper treasury and lending capabilities.
There is also the challenge of brand identity. As Wise expands into infrastructure and API services, it must maintain clarity between its consumer-facing products and its behind-the-scenes platform offerings.
Future Outlook
Wise is well positioned to capture continued growth, especially as international freelancing, remote work, and global e-commerce increase. Its expanding platform capabilities, API ecosystem, and trusted brand give it a strong foundation.
Looking forward, Wise is likely to push harder into embedded finance and enterprise services, while refining the experience for individual customers. Faster settlements, additional currencies, and deeper financial features could help it compete with newer full-stack fintechs.
This Wise review shows how a single-purpose tool has grown into a vital piece of the modern financial toolkit. For consumers, it provides a faster, cheaper, and more transparent way to send and manage money internationally. For businesses, it offers a scalable alternative to international banking.
Its ultimate ambition remains bold but clear: to make moving money around the world feel as simple as sending an email.
