TransferWise

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.

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

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

• International money transfers
• Cross-border payments
• Multi-currency accounts
• Foreign exchange services
• Remittance services

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. 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.
2. 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.
3. 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.
4. 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

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core 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

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability1 record

Feature4 records

Partnerships

One partnership is on record.

• Visa U.S.A. Inc.coreTechnology or IntegrationVisa 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

Direct 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

• Xx.com/transferwise
• Facebookfacebook.com/transferwise
• LinkedInlinkedin.com/company/transferwise

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds13 records

Investors35 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments10 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TransferWise