[3] Wise was cofounded in London by Taavet Hinrikus, one of the first employees of Skype,[8] and Kristo Käärmann, a Deloitte management consultant.

He became aware that when sending money between Estonia and the UK, banks would typically deduct at least a 5% fee, and also remarked that most of the charge is hidden in the exchange rate.

8 on CNBC's 2015 Disruptor 50 list,[17] and in August 2015, the company was named a World Economic Forum Tech Pioneer.

[23] On 21 January 2021, Sky News reported that Wise had appointed Goldman Sachs and Morgan Stanley as joint global coordinators for its planned initial public offering.

[29] On 27 June 2022, the Financial Conduct Authority reported that the Wise CEO, Kristo Käärmann, was included on their list of individuals and businesses receiving penalties for a deliberate default regarding their tax affairs.

[31] In 2023, the founders, Käärmann and Hinrikus, have improved their positions in The Sunday Times Rich List 2023 of the wealthiest people in the UK.

[3] Customers may opt-in to earn interest on the account and gain FDIC insurance on up to $250,000 of their deposit, relying on Wise's partnership with banks.

Vulcan Capital also came on board as a new investor, with Baillie Gifford, Fidelity Investments and LocalGlobe adding to their existing holdings.

Wise is said to have removed the cheaper challenger from its international transfers price comparison table for economic reasons.

Wise is also alleged to have denied Atlantic Money access to additional comparison sites the firm owns and controls.

[49][50] In February 2025, Wise was ordered to pay nearly $2.5 million over alleged “illegal remittance practices,” including advertising inaccurate fees and failing to properly disclose exchange rates by the Consumer Financial Protection Bureau(CFPB) in the US.