Founded in 2011 by Kristo Käärmann and Taavet Hinrikus, Wise (originally TransferWise) was created to make international money transfers cheaper, faster, and more transparent. The company's mission is to build "money without borders" by using its own network of local bank accounts to bypass traditional correspondent banking systems, thus reducing fees and offering the mid-market exchange rate. Beyond transfers, Wise has expanded its services to include a multi-currency account, a debit card for international spending, and a business platform with features like batch payments and API integration. The company went public on the London Stock Exchange in July 2021.