Why Wise Reminds Me of Early PayPal
Sending money to friends and loved ones is quick and easy in the digital age. Instead of going to a retail store, bank, or money-transfer service, all it takes is opening an app on your smartphone or a tab on your browser, and you can send money instantly from the comfort of your own home -- or anywhere else.
Wise (LSE: WISE), one of the companies that makes this possible, recently went public. This young company has quickly risen through the ranks to become one of the largest money-transfer providers on the market, and it has a bold culture and strategy similar to that of PayPal (NASDAQ: PYPL). But can Wise be as lucrative an investment as PayPal has been?
The company, formally known as TransferWise, was founded in 2011 by two Estonians working in the U.K. who wanted a cheaper way to send money back home, across borders and in different currencies. Traditional banks will facilitate cross-border money transfers, but they charge high fees for the service.
Source Fool.com
