“Ten years on, TransferWise is now wise,” yells the press release that landed in my inbox late last week. The fintech giant, most recently valued at $ 5 billion by private investors, is being renamed ahead of an expected IPO.
Of course, the company isn’t referencing a public listing – for regulatory reasons it probably shouldn’t even be if it wanted to – but the name change will certainly result in a leaner ticker, while the new nickname reflects how the decade-old company has long since gone went beyond B2C international money transfer to create what is known as a “cross-border payment network”.
“Originally launched in 2011 as a money transfer service for people, the company built a cross-border payments network to make international banking cheaper, faster and more convenient for its 10 million residential and business customers,” explains TransferWise.
The company has come a long way in ten years – you can check out an early funding deck here – and today processes £ 4.5 billion worth of cross-border transactions every month and claims to help customers get around £ 1 a year compared to using legacy Banks will save a billion pounds in reduced fees.
More recently, after the introduction of consumer and business products similar to a multi-currency bank account, including its own debit card, Wise has also begun to resemble a challenger bank, even though it was previously stated that there are no plans to apply for an account full banking license.
This is how the company sets up the current product line:
wise – Build the most international account in the world. Send and spend money internationally, hold money in 55 currencies, and get real account numbers in 10 currencies. Customers now hold over £ 3 billion in Wise with 1.4 million debit cards issued.
Smart business – The business account for global alignment offers all the functions of the personal account as well as extras such as bank feeds, bulk payouts and multi-user access. Over 150,000 companies have joined Wise in the past 12 months
Wise platform – The platform banks and companies like Monzo, GoCardless and Xero use the Wise infrastructure to offer their customers cheaper, faster payments and international banking functions. Wise Platform is active with banks in 10 countries on 4 continents.
Keyword from Kristo Käärmann, CEO and co-founder of Wise: “Today our name is catching up with the one we are already building for – a community of people and companies with a life in several currencies. That community now even includes the banks themselves. We’ve evolved to do more than fix money transfers, but the core Wise experience remains faster, cheaper, and more convenient than anything. Our mission remains the same. We make and still will make money without limits. “
Customers can already sign up for the new website at Wise.com. “All customers will finally switch to the Wise brand in March 2021,” says the company.