There are three big real-life problems that we solve for our customers here at Wise.
Sending money across borders is slow, expensive, and it's really hard to do.
True international bank accounts don't really exist.
The underlying technology that powers cross-border payments hasn't changed for decades and it’s no longer fit for purpose.
We are solving these three problems with our products: Wise Transfer, Wise Account, Wise Business and Wise Platform.
With Wise Transfer, sending money around the world is fast, convenient, cheap and transparent. And it’s everywhere: you can send to over 80 countries.
38% of our transfers arrive instantly and sending money via Wise is eight times less expensive than leading UK banks. But importantly, you know exactly what you’re paying - without hidden fees.
While our customers were pretty happy about Wise Transfer, they also told us that they had other issues with managing their money internationally. So in 2017, we launched the Wise Account. It enables our customers to send and spend money anywhere, receive payments in multiple currencies, and hold and convert money. The Wise account comes with local bank details and a debit card, allowing people to spend like a local - anywhere.
In the last year, Wise account holders were 50% more active and converted twice as much volume as our original Wise Transfer customers. Up to now, our customers have deposited £3.7 bn in Wise accounts, up from under 1 billion in 2019.
And just like personal customers, businesses need fast, low-cost and convenient money transfers. But unlike the big corporates, they don't get access to the treasury desks which usually come with better rates. Small and medium businesses are getting just as ripped off as consumers.
But businesses need other things too, like integration into their accounting workflows. That’s why we launched Wise Business. It combines the “standard” Wise Account with specific business features such as multiple cards, batch payments, multi-user access and automated syncing with accounting software, such as Xero, QuickBooks and FreeAgent. 305,000 businesses have since joined Wise.
With our Wise Platform, we’re taking the magic of Wise and integrating it directly into the platforms consumers and businesses use to manage their money every day. We now have bank partnerships across 4 continents. Wise is directly integrated into SaaS platforms, such as Xero, where businesses can pay their invoices with Wise in a single click.
Today, Wise Platform has an annual run-rate of £1 billion of cross-border volume. It’s still early days, but the Wise Platform provides a unique route to help us reach even more customers.
None of this would be possible without the infrastructure we spent over a decade building. It’s a direct result of our investment in technology, local licenses, operations and expansion into new markets.
The Wise infrastructure is the connecting tissue between local payment systems around the world. It’s how we make moving money instant and cheap, and it’s what sets Wise apart from traditional players.
Learn more about our infrastructure here.
We’ll continue adding more currency routes, more regions and more features. And we’ll deepen our infrastructure by plugging ourselves directly into payment systems. This will help us to continue to drop prices, improve speed and convenience for our customers.
Doing this helps us get closer to our mission of powering money for people and businesses: to pay, to get paid, to spend, in any currency, wherever you are, whatever you’re doing.
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