Wise
Wise provides a fast, low-cost platform for international money transfers and multi-currency account management, delivering to 140+ countries with 77% of transfers arriving in under 20 seconds. The platform offers mid-market exchange rates with transparent fees, global account details for receiving payments, and fee-free spending abroad. Customer funds are safeguarded in separate accounts and held in secure liquid assets, as Wise does not lend out customer money.
- Financial Technology
- Software Only
Funding
Funding not disclosed
+1Founders
Founder details are not available yet.
Product
Problem
Traditional international money transfers are slow, expensive, and opaque, with hidden fees and unfavorable exchange rates that reduce the amount recipients actually receive. Similarly, managing money across multiple currencies often forces consumers and businesses to rely on costly bank services that lack transparency and flexibility.
Solution
Wise provides a fast, low-cost platform for international money transfers and multi-currency account management. It delivers transfers to 140+ countries, with 77% arriving in under 20 seconds and 95% within a day, using a mid-market exchange rate with clear, upfront fees. Users can lock in exchange rates for up to 24 hours to guarantee what recipients receive, and the platform offers global account details to receive money in multiple currencies. The multi-currency account also supports spending and cash withdrawals worldwide without hidden markups, while customer funds are safeguarded in separate accounts and held in secure liquid assets, as Wise does not lend out customer money like traditional banks.
Target Audience
Primary customers are individuals and businesses that regularly send money internationally or manage finances across multiple currencies, including expats, freelancers, small enterprises, and frequent travelers seeking lower-cost alternatives to traditional banking.
Features
- Transfers to 140+ countries with 77% arriving in under 20 seconds and 95% in a day
- Exchange rate locking for up to 24 hours, ensuring the recipient gets the exact locked amount
- Multi-currency account with global account details for receiving payments in different currencies
- Fee-free spending and cash withdrawals abroad with no hidden markups
- Opt-in passthrough FDIC insurance up to $250,000 through partner banks
- Safeguarding of customer funds in separate accounts, held in secure liquid assets like short-term government bonds with average duration under 6 months
- 24/7/365 customer support via phone, email, or chat, backed by specialized anti-fraud systems running 7 million checks daily