Wise – Competitor Profile

Wise (formerly TransferWise) is a global cross-border money transfer solution. Founded in the UK in March 2010, the solution now enables users to send money globally in more than 50 currencies to recipients’ bank accounts. Wise operates on a peer-to-peer (P2P) money transfer model with a network of international accounts around the world. Instead of transferring the sender's money directly to the recipient in a foreign country, Wise redirects them to the recipient of another transfer going in the opposite direction, thereby eliminating the need for currency conversions and for funds to cross borders. This means Wise can offer lower transaction fees than its competitors.

To diversify its portfolio, Wise introduced a multi-currency account for businesses in May 2017, later extending it to individual customers. Account holders are offered a Visa or Mastercard contactless debit card that can be used for in-store and online payments as well as cash withdrawals at ATMs in multiple currencies. In addition, in July 2020, Wise secured approval from the UK’s Financial Conduct Authority to offer investment services to its Borderless bank account customers. It also secured a restricted banking license from the Australian Prudential Regulatory Authority in November 2020.

The company continues to expand its product offering. In September 2021, Wise launched a new feature called Assets, which allows Wise users to invest in the iShares World Equity Index Fund. The investments are managed by BlackRock. In November 2021, the company launched Wise card in Canada. In December 2021, Wise launched its multi-currency account and card in Malaysia.

The report provides information and insights into Wise including –
– Detailed insight into its business
– Comprehensive coverage of its products and services
– Comparative assessment with key alternative payment solutions
– Information on its performance, including its revenue model
– The company's important events and milestones

Scope

– In March 2010, TransferWise founded in the UK. The company first launched its services in January 2011.

– In February 2015, TransferWise launched its international money transfer service in the US and opened an office in New York.

– In February 2021, TransferWise rebranded as Wise.

– In March 2022, Wise launched Auto Conversions feature, which enables automatic conversions between two currencies in their Wise account when the exchange rate set by the user is triggered.

Reasons to Buy

– Gain insights into Wise's business operations and key events.

– Gain insights into its product portfolio and revenue model.

– Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.