London: 09:15, Wednesday 7 July 2021: Wise releases independent research* revealing £150 billion is unknowingly spent in hidden fees on foreign currency transfers each year, to coincide with its direct listing on the London Stock Exchange today.
The research was unveiled by company founders Kristo Käärmann and Taavet Hinrikus from the company’s Tallinn office, as part of a private listing ceremony streamed to the company’s 2,400 Wisers (employees), located in 17 offices around the world.
The direct listing is the first of a technology company on the London Stock Exchange. In contrast to a traditional Initial Public Offering, a direct listing is a fairer, cheaper and more transparent way for Wise to broaden its ownership, in support of its mission to move money around the world faster, cheaper, more conveniently and transparently.
“Wise was created to solve the problem of the billions unknowingly spent in hidden fees every year on currency exchange. Those are the billions we care most about, even today.
“Our listing is incredibly exciting, and lots of hard work from many people has made it a reality. But, it’s important to remember that we’re still very early on in our journey. Moving money into another currency is still a maze of hidden exchange rate mark-ups, high fees, delays, and small print for many people. We’re currently saving customers around £1 billion a year in these hidden fees. The £149 billion that’s still to go remains our focus.”
An independent report from Edgar, Dunn and Company, with research undertaken in January 2021, shows that over £150 billion is paid in fees to traditional banks each year. These fees are either extracted through an exchange rate mark-up or a rate mark-up plus additional fees. The same research shows that only 4% of surveyed bank customers understand what they are being charged in these transactions.
About Wise
Wise is a global technology company, building the best way to move and manage the world's money.
With Wise Account and Wise Business, people and businesses can hold 40 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new network for the world's money. Launched in 2011, Wise is one of the world’s fastest growing, profitable tech companies.
In fiscal year 2025, Wise supported around 15.6 million people and businesses, processing over $185 billion in cross-border transactions and saving customers around $2.6 billion.
Contact details
Related topics
Related news
Wise secures Central Bank final approval for Stored Value Facilities and Retail Payment Services licenses in the UAE
Home to over 200 nationalities, the UAE is one of the world's most diverse countries in the world, where approximately $40 billion is moved annually across borders by individuals and businesses.
Wise deepens partnership with Opna, committing additional £1,000,000 into high-impact carbon projects across LatAm an...
Wise increases carbon removal budget, in line with business growth, demonstrating climate leadership and reinforcing commitment to effective investment in climate projects
Wise Partners with Opna to Drive Climate Resilience Across LatAm and APAC Through High-Impact Carbon Removal
Wise commits £500,000 to support carbon removal projects in climate-vulnerable regions
International Rescue Committee and Wise launch global partnership to support communities in crisis
Wise commits £500,000 to the IRC’s Crisis Response Fund that supports responses to breaking emergencies.
Wise Platform Appoints Lauren Langbridge and Manuel Sandhofer to Accelerate Expansion across EMEA, North America and ...
Langbridge and Sandhofer will oversee and scale Wise Platform’s strategic partnerships, growth, and commercial strategy across the regions, as demand for its solutions rapidly grows.