The London-based financial technology company founded in January 2011 by Estonians Kristo Kaarmann and Taavet Hinrikus rebrands itself ahead of a widely-anticipated Initial Public Offering (IPO) on London Stock Exchange, co-ordinated by Goldman Sachs and Morgan Stanley.
TransferWise rebranded to Wise in February 2021. Customers can already opt in to the new website at Wise.com. However, "The final switchover for all customers to the Wise brand will take place in March 2021", says the company.
Originally launched as an international money transfer service, today processes '4.5 billion in cross-border transactions every month, helping save approximately 1 billion a year in reduced fees compared to using traditional banks.
More recently, it has launched consumer and business products akin to a traditional bank, including its own multi-currency debit card, foreign currency bank details, and other bank-like services. The new moniker will reflect its expanded product portfolio.
Most recently valued by investors at $5 billion. Here is the company's current product line:
Wise Personal - Offers international money transfer and multi-currency debit cards. You can send and spend money internationally, hold money in 55 currencies, and get real account numbers in 10 currencies.
Wise Business It has all the features of a Wise Personal product offering and additional features tailored for a global business which includes API, mass payouts, multi-user access, cash management, invoicing. Over 150,000 businesses joined Wise in the last 12 months including Neobanks like Monzo, N26, and Xero.
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. CEO and Co-founder Kristo Kaarmann explained in a statement.