Valuation : $ 30bn

Valuation : $ 11bn

Formerly branded as TransferWise , UK fintech Wise is leading the way in multiple payment gateways for European customers .

Launched in 2010 , the fintech – which recently reached Decacorn status – enables customers to receive their salaries , pension and multiple other payments without having multiple bank accounts . It also allows users to spend according to the local currency of their location , making travel much less stressful and expensive . Wise customers can also send money to 80 countries through its lowcost and transparent solution .

Formerly the biggest fintech company in Europe , Klarna recently hit a roadblock .

The Swedish BNPL , which launched in 2005 , experienced a drop in revenue caused by borrowing costs rising to their highest levels , while rising rates impacted the company ’ s debt and equity valuation . This has resulted in Klarna losing 30 % of its previous valuation , dropping from $ 46bn to $ 30bn . In recent days , this has resulted in the news that Klarna will be reducing its staff to remain on an even keel .

Despite these obstacles , Klarna remains one of the world ’ s most respected fintechs , having revolutionised the digital pointof-sale payments space .

148 July 2022