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TransferWise is expected to move all its users from the old platform to the “Wise brand” by March this year.
Ten years ago, payments company TransferWise began offering money transfer services to customers. Fast forward to today and the company has outgrown that limited scope of operations and it is now expanding its services to include a cross-border payments network that would help to make international banking cheaper, faster and more pleasant for customers. To mark this expansion, TransferWise is now rebranding and wants to be known as Wise.
The fintech company, whose recent valuation stands at around $5 billion by private investors, is also rumored to be preparing for a public listing. Though Wise hasn’t confirmed these IPO rumors, largely due to regulatory policies, its name change indicates that the company that started out with its Co-founder, Taavet Hinrikus, unsure if anyone would use the product has grown to become one of the most used financial service providers in the world recently. Presently, the company processes over $4 billion international transactions monthly, and it claims to help its 10 million customers save up to $1 billion in transaction fees when compared to other traditional financial institutions like legacy banks.
Kristo Käärmann, who is the CEO and co-founder of Wise, says that the name change “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.”
Wise would now offer three new products in its new expanded financial services:
- The firm would provide international accounts for customers. This would allow each user to get real account numbers in 10 currencies and also transact in 55 currencies. This product would be known as Wise.
- An international business account that would have all the features of a personal bank plus additional advantages of mass payouts and multi-user access. And with over 150,000 businesses already in the fray, Wise Business is just getting started.
- The final product is a platform institutions can leverage to enjoy Wise infrastructure. This gives this institution an opportunity to give their customers cheaper, faster payments and international banking features. This product is live in four continents and 10 countries already and it is known as Wise Platform.
TransferWise would move all its users from the old platform to the “Wise brand” by March this year.