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| TransferWise changed its name to Wise |
Financial tech giant TransferWise was recently valued at $ 5 billion by investors and renamed Wise ahead of its planned IPO.
The new branding reflects how this ten-year-old company has gone beyond just funneling international B2C money to build a network now known as cross-border payments.
TransferWise reported that the company was originally founded as a retail money transfer service in 2011 and has now expanded to build a cross-border payments network that helps deliver the 10 million retail customers and international banking companies cheaper and faster.
The company has come a long way in the past ten years. Today, there is an estimated £ 4.5 billion worth of cross-border transactions processed monthly, which could help customers save roughly £ 1 billion annually compared to banks.
After introducing consumer and business products similar to multi-currency bank accounts (including debit card), Wise has also recently begun to look like rival banks, although the company previously stated that it has no intention of ordering a complete product. Banking license.
The company offers promotions for its current line of products:
- Smart: Create the most international accounts in the world, allowing you to send international transfers and spend, maintain 55 currencies, and get real accounts in up to 10 currencies. Smart customers now exceed £ 3 billion including 14,000 card issuance discounts.
- Business wise: With this product, corporate accounts can be globalized as it provides all the functions of personal accounts in addition to other functions such as bank flows, group payments, and users with multiple access. More than 150,000 companies have joined Wise in the past twelve months.
- Platform wise: Banks and companies such as Monzo, GoCardless, and Xero use this platform product to leverage service-wise infrastructure and to offer customers cheaper and more numerous international banking and payment functions and services. The Wise platform is connected to 4 continents and 10 countries / regions. Bank cooperation.
“Our brand today aligns with what we want to build - a community of people and companies who live in multiple currencies, and that community now includes the bank itself,” said Christo Carman, CEO and co-founder of Wise.
He added, "Our development is not just limited to solving money transfer problems. Basic wise experience is faster, cheaper and more convenient than anything else." Our mission remains the same and we still work hard to set financial limits. .
Customers can sign up for the new site through Wise.com. The company said: The final transition for all customers to the Wise brand will occur in March 2021.