TransferWise
Wise (formerly TransferWise) is a London-based cross-border money transfer and multi-currency financial platform that serves 14.8 million consumers, 700,000+ businesses, and bank/enterprise Platform partners across 140+ countries with mid-market exchange rates, multi-currency accounts, a Visa-licensed card, and FDIC-insured interest balances.
- Company typePrivate
- Founded2011
- HeadquartersLondon, United Kingdom
- Headcount5,001–10,000
- GTM typeB2B and B2C
- OfferingServices
What TransferWise does
Wise (formerly TransferWise) is a cross-border money transfer and multi-currency financial platform founded in 2011 and headquartered in London, operating in the United States through Wise US Inc. The company serves 14.8 million customers, 700,000+ businesses, and a growing base of banks and enterprises, moving $16 billion per month across 140+ send countries and 215 card-accepting countries and territories under 65 money service business licenses worldwide.
The product surface spans four modules: (1) Wise Account and Send Money, delivering mid-market exchange rates with transparent per-transaction fees (e.g., $5.47 on a $1,000 USD→EUR transfer) and 74% of transfers completing in under 20 seconds; (2) multi-currency accounts with 22+ currencies and local bank details (SWIFT/BIC, IBAN, Sort code) for receiving; (3) Wise Multi-Currency Card, issued under Visa licensing through sponsor banks, for spending in 215 countries; and (4) Wise Assets/Interest, offering 3.14% APY on USD balances with pass-through FDIC insurance via JPMorgan Chase. The Wise Platform exposes these capabilities via API to banks, financial institutions, education platforms, marketplaces, spend management, travel, and workforce platforms. The underlying stack includes a proprietary verification system, real-time rate-locking for up to 24 hours, and an anti-fraud system that runs 7 million checks per day.
The business model is primarily transaction-fee based on cross-border transfers and currency conversion, supplemented by card-related transaction fees, subscription-like interest features on held balances, and Platform/API monetization. Distribution is product-led and self-serve through wise.com, iOS, and Android, with a separate enterprise field sales motion for Wise Business and Wise Platform. Strategic partners include JPMorgan Chase (Program Bank), Community Federal Savings Bank (sponsor bank), and Visa (card licensing). Geographic restrictions apply to the interest product in New York and Alaska. The company previously operated as TransferWise and rebranded to Wise in 2021 to reflect its expansion beyond money transfers.
TransferWise firmographics
Firmographics- Name
- TransferWise
- Legal name
- Wise US Inc
- Website
- https://transferwise.com
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Wise (formerly TransferWise) is a London-based cross-border money transfer and multi-currency financial platform that serves 14.8 million consumers, 700,000+ businesses, and bank/enterprise Platform partners across 140+ countries with mid-market exchange rates, multi-currency accounts, a Visa-licensed card, and FDIC-insured interest balances.
- Ownership category
- akta.pro rank
TransferWise industry classification
Industry- Product category
- Cross-Border Payments & Money Transfer
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- akta.pro primary industry
- Cross-Border Card-Based Transfers & Multi-Currency Cards (FSAGAKAE)
- akta.pro secondary industry
- Cross-Border & FX Payments Platforms (BPAMAFAK)
Keywords
Where TransferWise is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
TransferWise business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- International Money Transfers: Wise charges transparent transfer fees per transaction. For example, sending 1,000 USD to EUR costs 5.47 USD in fees. The company offers the mid-market exchange rate without markup.
- Currency Conversion Services: Wise allows users to hold, convert, and manage money in multiple currencies with transparent exchange rates based on the mid-market rate.
- Multi-Currency Card: Wise Multi-Currency Card enables spending and withdrawing cash worldwide. Card is issued through partner banks with Visa licensing. Fees vary based on transaction type.
- Interest on Balances: Wise offers 3.14% APY on USD balances through pass-through FDIC insurance up to $250,000 via Program Banks. Interest also available on EUR and GBP balances.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Standard Transfer Pricing |
| Transaction based/ take rate | Pay-as-you-go | Wise Multi-Currency Card |
| Subscription | Monthly | Interest on Balances |
Go-to-market motion3 records
Distribution channels6 records
Marketing channels5 records
TransferWise product offering
Product offeringCore offering
TransferWise (Wise) operates a cross-border payments platform that enables individuals and businesses to send, receive, hold, and convert money in 50+ currencies using the real mid-market exchange rate with transparent upfront fees. Core offerings include the multi-currency Wise Account for personal use, the Wise Business account for companies making international payments, the Wise Multi-Currency Card for spending abroad, and the Wise Platform API that allows banks, enterprises, and software platforms to embed international payment and FX capabilities directly into their own products.
Product overview
Wise (formerly TransferWise) operates as a unified financial platform with three core offerings: Wise Account for personal users, Wise Business for business customers, and Wise Platform for institutional partners. The platform enables international money transfers to 140+ countries with transparent pricing, multi-currency accounts supporting 22+ currencies with local bank details, a Wise Multi-Currency Card for spending in 215 countries/territories, and interest-earning capabilities. Wise differentiates through mid-market exchange rates with no markup and fast transfer speeds.
Differentiator
Problem solved
Functional benefit
Products and services
- Wise Account
Quantifiable outcome
- 74% of transfers arrive in under 20 seconds
- +3 more outcomes
Companies that use TransferWise
Customer profileNamed customers1 record
Segments4 records
Ideal customer profiles3 records
TransferWise technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
AI capability1 record
Feature4 records
TransferWise partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Visa U.S.A. Inc.coreVisa licenses the Wise Multi-Currency Card program. Wise's sponsor banks issue cards pursuant to Visa licensing. The card is available to eligible consumers and commercial entities, enabling worldwide card payments and ATM withdrawals.
Scale indicators8 records
Recent moves6 records
Expansion highlights6 records
TransferWise competitors and assessment
Company assessmentDirect peers
- Airwallex: Cross-border payments platform for businesses offering multi-currency accounts, FX, and cards in 60+ currencies. Closest B2B competitor to Wise Business and Wise Platform, especially for SMBs and platforms needing embedded cross-border infrastructure.
- Remitly: Digital remittance platform targeting migrants and cross-border consumers with similar speed and transparent pricing messaging. Directly competes with Wise in core corridors (US–India, US–Philippines, US–Mexico) and is also expanding into business accounts, making it the closest direct peer.
- Revolut: UK-headquartered neobank offering multi-currency accounts, international transfers, and a card product across 30+ countries. Overlaps heavily with Wise on cross-border FX, multi-currency holding, and card spending for consumers and SMBs.
- N26: European digital bank offering multi-currency accounts, free SEPA transfers, and a card product. Overlaps with Wise on EUR-centric multi-currency holding and card spending, and competes for the same pan-European consumer base.
- WorldRemit: Digital remittance fintech operating across 130+ countries with mobile money and bank-deposit payout options. Targets the same migrant and SMB cross-border customer segments as Wise with a similar speed and transparency narrative.
- OFX: Foreign exchange and international payments provider serving both consumers and businesses with currency transfers and hedging tools. Overlaps with Wise on international money movement, particularly for larger transfers and business customers.
Broad incumbents
- MoneyGram: Incumbent global remittance company with both cash-pickup and digital channels. Competes with Wise in consumer remittance, particularly for corridors where cash payout remains important, while also building a digital cross-border app.
- Stripe: Global payments platform powering online commerce, with cross-border capabilities including multi-currency processing and Connect for marketplaces. Competes with Wise Platform for embedded cross-border payments infrastructure sold to platforms and enterprises.
- PayPal (Xoom): PayPal operates Xoom, a digital remittance service, and its core payments platform supports cross-border transfers. Wise explicitly benchmarks against PayPal on price and speed, making it a direct incumbent competitor across consumer and SMB use cases.
- Western Union: Largest incumbent cross-border money transfer operator with a global agent network and a growing digital channel. Directly competes with Wise in remittance corridors and is investing in faster digital transfers to defend share against Wise and other fintechs.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat7 records
Key risks6 records
Key highlights7 records
Customer concentration
TransferWise social profiles
Digital presenceTransferWise compliance and trust
Trust signalCompliance2 records
TransferWise financial estimates
Financial estimateRevenue estimate
Valuation estimate
TransferWise leadership team
Management profileNumber of profiles
TransferWise funding detail
Funding detailFunding overview
Funding rounds13 records
Investors35 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
TransferWise M&A and investment
M&A and investmentM&A1 record
Investments10 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about TransferWise
What does TransferWise do?
TransferWise (Wise) operates a cross-border payments platform that enables individuals and businesses to send, receive, hold, and convert money in 50+ currencies using the real mid-market exchange rate with transparent upfront fees. Core offerings include the multi-currency Wise Account for personal use, the Wise Business account for companies making international payments, the Wise Multi-Currency Card for spending abroad, and the Wise Platform API that allows banks, enterprises, and software platforms to embed international payment and FX capabilities directly into their own products.
Is TransferWise a public or private company?
TransferWise is a private company. It is classified as public and is currently operating.
When was TransferWise founded?
TransferWise was founded in 2011. It employs 5,001 to 10,000 people.
Where is TransferWise based?
TransferWise is headquartered in London, United Kingdom, in the Europe region.
How does TransferWise make money?
Four revenue lines are on record. International Money Transfers are the primary driver. The others are currency Conversion Services, multi-Currency Card and interest on Balances.
Who are TransferWise's main competitors?
Direct peers on record are Airwallex, Remitly, Revolut, N26, WorldRemit and OFX. Broad incumbents are MoneyGram, Stripe, PayPal (Xoom) and Western Union.
Does TransferWise have an API?
Yes. Wise offers an API for developers and partners to integrate with their platform. The API enables banks, financial institutions, and enterprises to plug into the Wise network. Available endpoints include Send, Receive, Issue cards, and Multi-currency accounts. Developer documentation is at docs.wise.com/api-docs.
What industry is TransferWise in?
TransferWise's product category is Cross-Border Payments & Money Transfer. Its primary akta.pro industry code is FSAGAKAE, Cross-Border Card-Based Transfers & Multi-Currency Cards, with a secondary code of BPAMAFAK, Cross-Border & FX Payments Platforms. Its NAICS code is 52232.