(Image Source: TransferWise/Wise)
After 10 years, TransferWise has decided to rebrand as Wise. The fintech company was recently valued at $5 billion and is expecting an IPO.
TransferWise was founded in 2011 as a money transfer service for consumers. Within a decade, the fintech company has come a long way and has successfully created a “cross-border payment network”. The new branding reflects this development greatly.
Wise is processing over £4.5 billion in cross-border transactions each month. The service claims to save clients approximately £1 billion of transaction fees per year when compared to the services from conventional banks.
Not too long ago, Wise introduced a new product – similar to a multi-currency bank account and issued its own debit card. Its product line consists of Wise (international, multi-currency account mostly for personal use), Wise business (designed for business use, add mass payout and multi-user access features), and Wise Platform.
“Today our name catches up with who we’re already building for – a community of people and businesses with multi-currency lives. That community now even includes the banks themselves. We’ve evolved to fix more than just money transfer, but the core experience of using Wise will remain faster, cheaper, and more convenient than anything else. Our mission remains the same. We’re still making — and always will be making — money work without borders.” Kristo Käärmann, CEO and co-founder, of Wise shared.
The complete switchover for all customers will be held in March 2021.