Revolutionizing Cross-Border Transfers: How Wise Emerged as a Fintech Innovator

Introduction

In today’s interconnected world, cross-border transfers of money and funds have become an integral part of the global economy. Traditionally, these transactions were plagued with high fees, lengthy processing times, and hidden costs, leaving users frustrated and dissatisfied. However, the emergence of fintech companies like Wise (formerly known as TransferWise) has transformed the landscape of cross-border transfers, turning a once tedious process into a seamless and cost-effective experience. This article delves into the story of Wise, how it changed cross-border transfers and its journey to becoming a billion-dollar company.

The Genesis of Wise

Founded in 2011 by Taavet Hinrikus and Kristo Käärmann, Wise was born out of the founders’ personal frustration with transferring money across borders. Taavet, an Estonian, was working in London and needed to convert his salary from pounds to euros. His co-founder Kristo was in a similar situation, regularly sending money from Estonia to the UK. They noticed that banks were charging exorbitant fees and offering unfavorable exchange rates for these transactions. Determined to find a better way, they decided to cut out the middleman and created Wise.