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. In April 2013, Wise stopped letting users purchase Bitcoin, citing pressure from banking providers. 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 .uk's list of the top 100 UK start-ups of 2012. In its first year of operation, transactions through Wise amounted to €10 million. The company's system has been compared to the hawala money transfer system. The banks try hard to make it extremely difficult to understand what you’re paying for. Claiming that "most of the charge was hidden in the exchange rate. Hinrikus experienced frustration whenever he made an international money transfer between Estonia and the UK. Hinrikus moved from Estonia to London around 2006. Wise was cofounded by Taavet Hinrikus ( Skype's first employee) and financial consultant Kristo Käärmann. History Regular money transfer versus peer-to-peer money transfer, as used by Wise As of 2023, it offers three main products: Wise Account, Wise Business, and Wise Platform. Wise specializes in cross-border payment transfer. Wise (formerly TransferWise) is a UK-based foreign exchange financial technology company founded by Estonian businessmen Kristo Käärmann and Taavet Hinrikus in January 2011.
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