Wise, formerly known as TransferWise, is a financial technology (fintech) company that specializes in international money transfers. The company serves a diverse range of clients, including individuals, small to medium-sized businesses, and large enterprises. Wise operates in the global remittance market, which involves the transfer of money across borders.

The core business model of Wise revolves around providing a low-cost, efficient alternative to traditional bank transfers. Unlike banks that often charge high fees and offer unfavorable exchange rates, Wise uses a peer-to-peer system to match transfers between users in different countries. This approach significantly reduces costs and allows Wise to offer competitive exchange rates.

Wise makes money by charging a small, transparent fee on each transaction. The fee structure is straightforward, with no hidden charges, making it an attractive option for customers who need to send money abroad. Additionally, Wise offers a multi-currency account that allows users to hold and manage money in multiple currencies, further enhancing its appeal to frequent travelers and businesses with international operations.

The company also provides an API (Application Programming Interface) for businesses and financial institutions, enabling them to integrate Wise's money transfer services into their own platforms. This API integration helps expand Wise's reach and provides additional revenue streams.

Wise is committed to maintaining high system performance and reliability. The company regularly updates its users on system status, including any technical issues or scheduled maintenance, to ensure transparency and build trust.

In summary, Wise is a fintech company that simplifies international money transfers for individuals and businesses by offering low-cost, efficient, and transparent services. It operates in the global remittance market and generates revenue through transaction fees and API integrations.

Keywords: fintech, international transfers, low-cost, peer-to-peer, exchange rates, multi-currency, API integration, transparency, remittance, global market.