
Wise saw its shares dip Monday after management announced that long-serving CFO Matt Briers would leave the company early next year.
Wise is a money transfer service allowing private individuals and businesses to send money abroad without hidden charges.
Wise (formerly TransferWise) is a UK-based money transfer service launched in January 2011 by Kristo Käärmann and Taavet Hinrikus with headquarters in London and offices in a number of cities including Tallinn, New York and Singapore. The company supports more than 750 currency routes across the world including GBP, USD, EUR, AUD and CAD, and provides multi-currency accounts. In 2018 TransferWise’s net profit reached $8 million and its customer-base reached 4 million, who collectively transfer around $4 billion per month.
The concept was to match transfers with other people and then have a small commission while using the inter-bank mid exchange rate, unlike traditional currency transfers where there are buy and sell rates and the broker takes the difference between the two.
Wise saw its shares dip Monday after management announced that long-serving CFO Matt Briers would leave the company early next year.
The UK IPO market has come under scrutiny as analysts believe it has lost its appeal in attracting big-name tech listings.
Atlantic Money recently accused its more illustrious British rival Wise of undermining competition in the money transfer space.