HOW WAS

TRANSFERWISE

DEVELOPED

Mar. 23, 21

Wiredelta presents

What is TransferWise?

TransferWise is a global technology company that offers a money transfer service around the world.

How did TransferWise start?

It was established in 2010 by two friends Kristo and Taveet. They both had the same problem with their salary being paid in a different currency than what they preferred.

How did TransferWise start?

Their frustration over the price of international transfers in banks became the foundation for TransferWise.

How does it solve the problem?

TransferWise does not add hidden markups on transfers. This makes them, on average, eight times cheaper than traditional banks.

TransferWise becomes Wise

After more than a decade, TransferWise became known as just Wise. Their new name showcases the simplicity their solution offers to the market. 

How big is Wise?

Currently, they have over 10 million customers who move over $6 billion through Wise every month. Using Wise instead of banks saves their customers $1.5 billion each year.

Why is Wise so much more affordable?

Wise uses a double-sided model, where they match users with each other.This way there is no actual currency exchange through FX, saving them the fees of operating on the market. 

Technology behind Wise

Wise was built on the Grails framework, which lets them build on top of existing elements in Java. They are also using MySQL, because it is fast, relational database.

Technology behind Wise

As they grew, bigger engineering challenges came along. And that made them turn towards microservices, which gave them a scalable model, and faster, reliable deliveries.

Conclusion

If you have an idea for a service that can help you and many others like you, don’t hesitate to contact us. Let’s change the world together.