Wise Review

 

https://wise.com/invite/u/ibrahimmohamedr1

History

Regular money transfer versus peer-to-peer money transfer, as used by 

Wise

Wise was founded by Taavet Hinrikus (Skype's first employee)[5] and financial consultant Kristo Käärmann. Its system has been compared to the hawala money transfer system.[6][7][8][9]

In its first year of operation, transactions through Wise amounted to €10 million.[10] In 2012, Wise was named as one of "East London's 20 hottest tech startups" by The Guardian, Start Up of the Week by Wired UK, one of five "start-ups to watch" at Seedcamp's 2012 US Demo Day by TechCrunch, and appeared in Startups.co.uk's list of the top 100 UK start-ups of 2012.[11] [12][13][14]

In April 2013, Wise stopped letting users purchase Bitcoin, citing pressure from banking providers.[15][unreliable source?] Independent comparison site Monito reported that Wise was on average 83% cheaper than the big four UK banks on major currency "routes", but could be up to 90% cheaper in certain specific cases.[16]

In May 2015, Wise was ranked No. 8 on CNBC's 2015 Disruptor 50 list,[17] and in August 2015, the company was named a World Economic Forum Tech Pioneer.[18]

On 8 April 2017, an internal memo from British bank Santander claimed the bank would lose 84% of its revenue from its money transfer business if its charges were the same as Wise.[19] Also in April 2017, the company announced the opening of its APAC hub in Singapore.[20] In 2019, the company announced opening an office in Brussels.[21] In May 2017, the company announced its customers were sending over £1 billion every month using the service,[22] and that the company had turned profitable six years after being founded.[23]

On 21 January 2021, Sky News reported that Wise had appointed Goldman Sachs and Morgan Stanley as joint global co-ordinators for its planned initial public offering.[24] On 22 February 2021, the company rebranded from TransferWise to Wise.[25][26][27] As part of this rebranding, the company also launched a new website domain.[25] The company rebranded to reflect its expanded product offering beyond international money transfer.[28]

On 2 July 2021, it was announced in a prospectus published by the company that co-founder Taavet Hinrikus would step down as chair within a year.[29] It was also announced that David Wells would replace him in this position.

On 7 July 2021, Wise went public with a direct listing on the London Stock Exchange, and was valued at $11 billion.[30]

On 27 June 2022, the Financial Conduct Authority reported that the Wise CEO, Kristo Käärmann, was included on their list of individuals and businesses receiving penalties for a deliberate default regarding their tax affairs.[31] He would remain on the list for 12 months from September 2021. He reportedly failed to pay £720,000 for the 2017–2018 tax year.[32]

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