“In ten years, Transfer Wise is now sensible,” shouts the press release that landed in my in-box at the end of last week. The fintech giant, recently valued at $ 5 billion by private investors, is rebranding ahead of an expected IPO.
Of course, the company doesn’t actually make a reference to a public listing – for regulatory reasons, it probably shouldn’t even if it wanted to – but the name change would certainly make for a more streamlined ticker, while more coarse. Typically, the new moniker shows that the decade-old company has moved beyond B2C international funding to build what it now calls the “cross-border payments network”.
“Originally launched as a money transfer service for people in 2011, the company has developed cross-border payment networks to help make international banking cheaper, faster and more enjoyable for its 10 million personal and business customers. Has expanded to create, ”explains.
The company has come a long way in tens of years – you can see the initial funding deck here – and today processes £ 4.5 billion in cross-border transactions every month, at a lower fee per customer than using legacy The year helps banks save around £ 1 billion.
Recently, after launching consumer and business products for a multi-currency bank account, including its own debit card, Wise has begun to look like a daunting bank, even though it has already stated that applying There is no plan for full bank license.
Here’s how the company offers the current product line:
War – Creating the world’s most international account. Send and spend money internationally, hold money in 55 currencies and get real account numbers in 10 currencies. Customers now have more than £ 3 billion in Wise, with 1.4 million debit cards issued.
Smart business – Business account for global account, it has all the features of a personal account such as bank feed, mass payout and multi-user access. Over 1,50,000 businesses have grown smarter in the last 12 months
Wise Platform – Platform banks and companies such as Manzo, GoCardless, and Zero use to tap into savvy infrastructure providing their customers with cheaper, faster payments and international banking facilities. Wise Platform is live with banks in 10 countries across 4 continents.
Q quote from Vice President and Co-Founder, Christo Käärmann: “Today our name is connecting with the person we are already building – a community of people and businesses with multi-currency lives. That community now also includes banks themselves. We have evolved to recover more than just money transfers, but the core experience of using the savvy will be faster, cheaper and convenient than anything. Our mission remains the same. We are still doing – and will always remain – money work without limits. “
Customers can already opt for the new website at Wise.com. “The final switchover to the brand sensible to all customers will occur in March 2021,” the company says.