Estonia: economy down in 2020

The Estonian economy shrank by 2.9% YoY in 2020, state agency Statistics Estonia reported, while gross domestic product (GDP) fell by 1.2% in the fourth quarter of 2020. The culprit was primarily the COVID-19 pandemic and its ensuing restrictions, though foreign trade actually fared well given the conditions. Manufacturing, trade, accommodation and food services were…

Estonia: fintech unicorn Transferwise shortens name

Estonian fintech unicorn firm Transferwise has shortened its name to Wise, the company has announced. The name change resulted from the company’s growth beyond its original incarnation as a secure money transfer platform, branching out into international banking and other services, the company says. “For generations, banks have been defined by borders,” co-founder and CEO…