![]() #Money manager ex review fullTransferwise rebranded itself to Wise () just prior to the IPO in order to better reflect the full range of financial services it provides – much more than just Wise money transfers. This raises an important question – will Wise continue to honour its low fee model or will users be in for a shock if the firm seeks to boost its return for investors? More on this in our fee section below. However, this gain was short lived and as of June 2022 the share price has slumped to £3.60. By September2021, Wise shares were valued at £11.50, representing a 30% increase in value over its first two months being public. Wise shares opened at £8 a share, giving the company a market value of £8 billion ($11 billion), Twice the valuation it had received from private investors in 2020. The listing, which was said to be driven by Boris Johnson and Rishi Sunak in order to boost the UK economy, shows the increasing importance Fintechs are gaining in the market against traditional banks. Making Wise the largest company to perform a direct listing on the LSE that isn’t already traded on another stock exchange. The move means no new shares were created for the firm and only existing shares kicked off trading on the LSE. In what was perhaps an understated move for a listing of this size, Wise went public in July 2021 via a direct listing. Making it the second most valuable FinTech in Europe. In July 2020 Wise money transfers confirmed a new $319 million secondary share sale, valuing the company at $5 billion dollars. This took the total funding in the company to a mammoth $689 million. In May 2019 Wise announced it raised an additional $292 million through a secondary share sale – at the time valuing the company at $3.5 billion.e. Here is a complete overview of then- TransferWise’s investment rounds, prior to going public in 2021: These two investors were PayPal’s co-founder, Peter Thiel, as well as Virgin’s founder Richard Branson. Quite early on in their journey to lower the costs of cross border remittances, they received a massive shot of encouragement in the form of two mega-investors who believed in the idea, and jumped on the Wise wagon. It was established by two Estonian Fintech innovators, Taavet Hinrikus, (Skype’s first employee) and Kristo Käärmann, both of whom were working in the UK, and experiencing the high costs of bank-powered international money transfers. Wise, previously known as TransferWise, has definitely come a long way since its inception in 2010 (launched in 2011). Note: This Wise review for 2022 was updated to reflect the company’s new brand, Wise Money Transfers, and its new fee scheme since going public via direct listing in the London Stock Exchange in July of 2021. There are currently more than 2200 employees working for in numerous offices across 4 continents around the world. In its latest quarterly trading report, Wise reported moving £20bn in transfer volumes between Oct – Dec 2021 (an average of circa £6.6bn per month). It has grown at a staggering pace, seeing its value soar by billions of dollars between each funding round it has completed, resulting in an $11billion valuation following Wise’s direct listing on the London Stock Exchange in July 2021. Wise, formerly TransferWise, has been one of the hottest startups to emerge over the last ten years and is considered a market leader in the Fintech sector, with a valuation of $11billion dollars. ![]()
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