Kristo Kaarmann, Co-Founder & CEO, Wise Sportsfile via Getty ImagesThe cofounders of cross-border payments startup Wise have become Europe’s latest tech billionaires after its debut on the London Stock Exchange Wednesday. In comparison with Western Union’s international money transfer service, for example, Wise claims that sending £1,000 (GBP) to the U.S. is US$18 cheaper using Wise. Today’s IPO makes Wise the largest tech company—based on a market capitalization of $11 billion—to list on the London Stock Exchange. This saved them the international transfer fees, as well as on currency drag since they used the real exchange rate, known as the midmarket rate. Meanwhile, Wise has expanded beyond money transfer services to offer multi-currency bank accounts and business accounts designed for operating globally.

Source: Forbes July 07, 2021 10:49 UTC