TransferWise rebrands as Wise Before an expected IPO

The decision of TransferWise to rebrand itself as Wise resonates with its aim to make money work without borders.

 

 

 

 

TransferWise rebrands as Wise
https://flickr.com/photos/167094818@N03/

The fintech giant, TransferWise, which was recently valued by investors at $5 billion, has rebranded itself as Wise before an expected IPO.

The company (https://transferwise.com/) hasn’t made any references to the public listing. However, changing the name will definitely make it more mainstream. Moreover, this change in name reflects how the company has moved beyond B2C international money transfers to build a “cross-border payments network.”

The company released a press statement which said, “TransferWise originally started as a money transfer service for people. However, it has now moved to cross-border payments and helped make international banking faster and more affordable for its 10 million customers.”

The company has progressed in recent years. Now, it processes around $5 billion cross-border payments each month. Moreover, it provides customers with reduced fees in comparison to other banks. Its valuation of $5 billion is more than other cross-border payment API companies, like Mollie. (https://rushhourdaily.com/dutch-api-payments-startup-mollie-obtains-106m-at-1b-valuation/)

Recently, the company launched business and currency products, similar to a multi-currency bank account. The company even introduced its own debit card. The company resembles a challenger bank. However, it stated that it doesn’t plan to apply for a full banking license.

Here is the current product line of the company:

  1. Wise – The world’s most international account. Now, you can hold money in 55 currencies and get real account numbers in 10 currencies.
  2. Wise Business – This business account has all the facilities, like mass payouts, multi-user access and business feeds.
  3. Wise Platform – Many companies, like Xero, GoCardless and Monzo use the services of Wise and provide the customers better and cheaper banking features.
Xero logo
https://flickr.com/photos/xerocomputing/

The co-founder and CEO of the company, Kristo Kaamaan, stated, “The rebranding of our name resonates with the people for whom we are building for; businesses with multi-currency lives and a community of people. Now, the community also includes the banks. Using our services will give the customers a convenient, faster, and cheaper experience than anywhere else. Moreover, our core mission is the same. We aim to make money work without borders.”

The company states, “We will make the final switch over to the Wise brand in March 2021.”

 

 

 

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