# Wise (formerly TransferWise)

> Source: https://docs.barcoder.ai/docs/wallets/wise
> research date 2026-05-29 · extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Wise — official](https://wise.com/)
- [Wise Investor Relations](https://owners.wise.com/investor-relations)

## Supported standards

The wallet supports the following visual-code standards:

- [`Alipay`](https://docs.barcoder.ai/docs/standards/alipay-qr) — [wallet entry](https://docs.barcoder.ai/docs/wallets/wise)
- [`PayNow`](https://docs.barcoder.ai/docs/standards/paynow-qr) — [wallet entry](https://docs.barcoder.ai/docs/wallets/wise)
- [`Pix`](https://docs.barcoder.ai/docs/standards/pix) — [wallet entry](https://docs.barcoder.ai/docs/wallets/wise)
- [`WeChat Pay`](https://docs.barcoder.ai/docs/standards/wechat-pay-qr) — [wallet entry](https://docs.barcoder.ai/docs/wallets/wise)

## Overview

**Wise** (formerly **TransferWise**) is **the world's leading consumer + business cross-border-transfer + multi-currency-account fintech**, operated by **Wise plc** (LON: WISE) — founded **January 2011 by Kristo Käärmann + Taavet Hinrikus** <sup>[1][1], [2][2]</sup>. In **FY2025** (ending March 2025), Wise moved **£145.2 billion across borders** for **15.6 million people and businesses** with **revenue £1.2 billion (+15% YoY)** or **$2.1 billion net revenue (+18% YoY)**. By **Q3 FY26 (three months ended December 31, 2025)**, Wise served **10.9 million active customers (+20% YoY)** + moved **£47.4 billion in cross-border (+26% YoY)**.

Wise revolutionized cross-border transfers via **real exchange rate + transparent fee model**, eliminating the **hidden FX margin** banks historically charged. The model: P2P matching of opposite-direction transfers within local payment rails.

## History

**January 2011 — Founded as TransferWise in London** <sup>[2][2]</sup> by **Kristo Käärmann + Taavet Hinrikus** (Estonians).

**2011-2018 — Mass European + US expansion** <sup>[2][2]</sup>: Multi-currency accounts added.

**2018 — Wise Business launched** <sup>[2][2]</sup>: SME multi-currency accounts.

**2020 — TransferWise rebranded to Wise** <sup>[2][2]</sup>: Reflects broader product scope beyond transfers.

**July 2021 — Direct listing on London Stock Exchange (LON: WISE)** <sup>[2][2]</sup>: ~$11B valuation at listing.

**2024-2025 — Continued growth + customer holdings 5.7x growth over 4 years to £21.5B** <sup>[1][1]</sup>.

**FY2025 (ended March 31, 2025)** <sup>[3][3]</sup>:
- **Cross-border volume**: £145.2B (+23% YoY).
- **Customers served**: 15.6 million.
- **Revenue**: £1.2B (+15% YoY); $2.1B net revenue (+18% YoY).

**Q3 FY26 (ending Dec 31, 2025)** <sup>[4][4]</sup>:
- **Active customers**: 10.9M (+20% YoY).
- **Cross-border volume Q3**: £47.4B (+26% YoY).

## Ownership & operator

**Operating entity**: **Wise plc** (LON: WISE) — UK-incorporated, London-listed public company.

**Founders**: **Kristo Käärmann** (CEO) + **Taavet Hinrikus** (co-founder; former Skype #1 employee).

**Major shareholders**: Wise founders + Sky Capital + IVP + Andreessen Horowitz + Lone Pine Capital + Baillie Gifford + public float.

**Regulators**:
- **United Kingdom**: **FCA** (UK Electronic Money Institution license).
- **European Union**: **Central Bank of Ireland (CBI)** + Wise Europe SA (Belgian EMI).
- **United States**: **state-level money transmitter** licenses + **FinCEN MSB** registration.
- **Singapore**: **MAS** (Monetary Authority of Singapore).
- **Australia**: **AUSTRAC + ASIC**.
- **Japan**: **FSA**.
- **Brazil**: **BCB**.
- Per-country regulators in 80+ markets.

## Technical integration

Wise is **multi-rail cross-border + multi-currency fintech** <sup>[1][1], [5][5]</sup>:

| Layer | Description |
|---|---|
| **Channels** | Wise app (iOS + Android) + Wise.com web + Wise debit card (Mastercard) |
| **Identifiers** | Phone number + email + IBAN + per-country local account details (US ACH, UK sort code + account, EU IBAN, AU BSB) |
| **Core innovation** | **P2P matching of opposite-direction transfers via local payment rails** — eliminates correspondent banking + hidden FX margin |
| **FX model** | Real mid-market exchange rate + transparent fixed/percentage fee disclosed upfront |
| **Multi-currency accounts** | Hold 40+ currencies in single Wise account |
| **Local account details** | US ACH routing + account, UK sort code + account, EU IBAN, AU BSB, NZ, SG, CA, HU, RO + others |
| **Card** | **Wise Card** (Mastercard) — spend in 175+ currencies |
| **Standards** | **SEPA + SWIFT + UK Faster Payments + US ACH + EMV-tokenization** |
| **Business product** | Wise Business — SME multi-currency accounts + Batch Payments API |

## Users & growth

**FY2025 (ending March 2025)** <sup>[3][3]</sup>:
- **Customers served**: 15.6 million
- **Cross-border volume**: £145.2 billion (+23% YoY)
- **Revenue**: £1.2 billion (+15% YoY); $2.1 billion net revenue (+18% YoY)

**Q3 FY26 (ending Dec 31, 2025)** <sup>[4][4]</sup>:
- **Active customers**: 10.9 million (+20% YoY)
- **Cross-border volume Q3**: £47.4 billion (+26% YoY)

**Customer holdings (4-year trajectory)** <sup>[1][1]</sup>: 5.7x growth to £21.5 billion — substantial deposit growth.

## Use cases

**International personal money transfers** <sup>[1][1]</sup>: Cardinal — original use case.

**Multi-currency Wise Account** <sup>[2][2]</sup>: Hold 40+ currencies; receive local-account details in US, UK, EU, AU, NZ, SG, CA, HU, RO + others.

**Wise Card (Mastercard) spending** <sup>[2][2]</sup>: 175+ currencies at real exchange rate.

**Wise Business** <sup>[2][2]</sup>: SME multi-currency accounts + Batch Payments API + invoicing.

**Salary receipt from abroad** <sup>[1][1]</sup>: Major remote-worker + freelancer use case.

**Payroll + supplier payments** <sup>[1][1]</sup>: Business use.

**Cryptocurrency on/off-ramp (Wise + crypto exchange integrations)** <sup>[1][1]</sup>: Indirect via exchange partnerships.

## Implementations & partners

**Operator**: **Wise plc** (LON: WISE).

**Card-network partner**: **Mastercard** (Wise Card).

**Banking partners**: Bank-of-record partnerships in multiple markets — e.g. UK FPS + SEPA + US ACH direct membership.

**Major competitors**:
- **[Revolut](https://docs.barcoder.ai/docs/wallets/revolut)** (UK + EU + Mexico neobank; 70M+ users; banking license vs Wise's EMI).
- **[PayPal](https://docs.barcoder.ai/docs/wallets/paypal)** (Xoom subsidiary).
- **Remitly, WorldRemit, Western Union, MoneyGram** (remittance specialists).
- **OFX, CurrencyFair, Airwallex** (cross-border SMB).
- **Traditional banks** (Barclays, HSBC, Citi cross-border services).

**G20 Roadmap for Enhancing Cross-Border Payments**: Wise has published 2025 report contributing to G20 + FSB cross-border-payments policy work.

## Fun facts

- **Founded January 2011 by 2 Estonians** (Kristo Käärmann + Taavet Hinrikus) frustrated with bank FX margins on personal transfers.
- **Taavet Hinrikus was Skype's #1 employee** — Skype-Estonia network of talent.
- **Rebranded TransferWise → Wise (2020)** reflects broader product scope.
- **July 2021 LSE direct listing** — innovative listing model (no IPO underwriters).
- **15.6 million customers in FY2025 + £145.2B cross-border volume** — substantial scale.
- **Multi-currency account with local details in 10+ countries** — distinctive feature.
- **Real mid-market exchange rate + transparent fees** — defining customer-value proposition.
- **Customer holdings 5.7x growth to £21.5B over 4 years** — substantial deposit-base growth.
- **G20 cross-border-payments policy participant** — recognized industry voice.

## Comparison

| Feature | Wise | [Revolut](https://docs.barcoder.ai/docs/wallets/revolut) | [PayPal](https://docs.barcoder.ai/docs/wallets/paypal) (+ Xoom) | Remitly | Western Union |
|---|---|---|---|---|---|
| Operator | **Wise plc (LON: WISE)** | Revolut Ltd + Bank UAB + Bank PLC + Mexico | PayPal Holdings (PYPL) | Remitly Global (RELY) | Western Union (WU) |
| Type | **Multi-currency + cross-border transfers + EMI** | Multi-currency neobank + bank | Online checkout + cross-border (Xoom) | Cross-border remittance | Cross-border money transfer |
| Active customers | **10.9M (Q3 FY26)** | 70M+ | 434M (PayPal) | 7.8M+ active | Major (legacy) |
| Annual volume | **£145.2B (FY25)** | n/a | $1.68T TPV | $50B+ | n/a |
| Annual revenue | **£1.2B (FY25)** | $6B | $31.8B | $1.3B+ | Major |
| Card | Wise Card (Mastercard) | Revolut Card (Visa + Mastercard) | PayPal Debit (Mastercard) | Limited | Limited |
| Banking license | **EMI (no bank license)** | Full bank (UK + EU + Mexico) | EU bank holding | Limited | Limited |

## Status

**Active, growing cross-border-transfer + multi-currency leader** <sup>[1][1], [3][3], [4][4]</sup>:
- **Wise plc (LON: WISE)** since July 2021 LSE direct listing.
- **15.6M customers + £145.2B FY25 cross-border volume + £1.2B revenue (+15%)**.
- **Q3 FY26: 10.9M active customers (+20%) + £47.4B cross-border (+26%)**.
- **Customer holdings 5.7x growth to £21.5B over 4 years**.

## Sources

[1]: https://wise.com/imaginary-v2/images/ad736416f90791dbb49c7e59f1f45d8d-WiseFY2025AnnualReportAccounts.pdf "Wise FY2025 Annual Report"
[2]: https://electroiq.com/stats/wise-formerly-transferwise-stastistic/ "Wise Statistics — ElectroIQ"
[3]: https://wise.com/imaginary-v2/images/7225a78f5d177b9bba2c8152e664ee7e-Wiseplc-FY2025.pdf "Wise plc FY2025 results"
[4]: https://wise.com/imaginary-v2/images/04bfdcbc39ddf7b9cbd06aea398e014b-WISEplcH1FY26Results.pdf "Wise plc H1 FY26 results"
[5]: https://www.fxcintel.com/research/reports/ct-wise-fy-2025-earnings "Wise FY25 — FXC Intel"
[6]: https://www.financemagnates.com/fintech/payments/wise-serves-11-million-customers-as-volumes-hit-47-billion/ "Wise 11M customers — Finance Magnates"

- [1] [Wise FY2025 Annual Report][1]
- [2] [Wise Statistics — ElectroIQ][2]
- [3] [Wise plc FY2025 results][3]
- [4] [Wise plc H1 FY26 results][4]
- [5] [Wise FY25 — FXC Intel][5]
- [6] [Wise 11M customers — Finance Magnates][6]

## Source

Biography extracted from [wise.md](https://docs.barcoder.ai/source/wallets/wise). See `matrix.md` for standards-support matrix if present.