Introduction

After nearly a decade from its inception,TransferWise, a British payments group, is rebranding itself to Wise. With this move, Wise wants to showcase that it is more than a money transfer company. The name change is aimed to highlight the company’s growing range of services over the past few months.

Though the existing website is still accessible, customers can update to the company’s new website wise.com. Further, it also mentioned that the complete switchover to the Wise brand for its customers will be carried out in March 2021.

Kristo Käärmann, co-founder and CEO, said, “Our name catches up with who we’re already building for — a community of people and businesses with multi-currency lives. We’ve evolved to fix more than just money transfer, but the core experience of using Wise will remain.”

Enabling cross-border payments

Currently, Wise provides three products which include a business account, an international currency account, and a platform that enables its fintech clients to leverage its infrastructure to complete their cross-border transactions. Read more about Wise’s products below. The company processes transactions worth around £4.5 Billion per month and has 10 million customers.

The company was evaluated at $5 Billion in 2020 after completing a $ 319m secondary share sale. During its launch in 2011, Wise was backed by notable businessmen such as Peter Theil and Richard Branson.

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More about Wise’s products

Wise offers 3 main products:

  1. Wise – It allows users to transfer money internationally and hold money in 55 currencies. At present, customers around the world hold over £3 billion in Wise with over 1.4 million debit cards issued to date.
  2. Wise Platform – The platforms allow fintech companies such as GoCardless, Monzo, etc to make the most of the Wise infrastructure. It provides customers with faster and cost-efficient payments along with international banking features.
  3. Wise Business – Apart from the features of the personal account, Wise Business includes other features such as mass payouts, multi-user access, and bank feeds. More than 150,000 businesses have joined Wise Business over the past year.

New ties with Visa

Wise announced its partnership with Visa last month to work on Visa’s Cloud Connect platform. Visa Cloud Connect is an innovative way for Fintechs to connect with Visa’s global processing network, VisaNet.

Cloud Connect will facilitate the expansion of Wise’s multi-currency debit cards and make them available across the world.

Conclusion

TransferWise’s rebrand to Wise reflects its evolution beyond just money transfers, showcasing its broader range of services like multi-currency accounts, business solutions, and fintech infrastructure. With this rebranding, Wise aims to cater to a global community of individuals and businesses with multi-currency needs. The company continues to grow, with a strong customer base, robust products, and new partnerships, including its recent collaboration with Visa, to enhance its offerings further.

FAQs

1. Why did TransferWise change its name to Wise?
The name change reflects Wise’s evolution from a money transfer company to a broader financial service provider. The rebranding highlights their expanded services beyond just money transfer.

2. What are the main products offered by Wise?
Wise offers three main products:

  • Wise: For international money transfers and holding money in 55 currencies.
  • Wise Platform: For fintech companies to leverage Wise’s infrastructure for faster and cost-efficient payments.
  • Wise Business: A business account with mass payouts, multi-user access, and bank feeds.

3. What is the timeline for the brand transition?
The complete switchover to the Wise brand will be carried out in March 2021. Customers can update to the new website, wise.com, while the existing website remains accessible.

4. What is Wise’s recent partnership with Visa?
Wise has partnered with Visa to work on Visa’s Cloud Connect platform, which will help expand its multi-currency debit card availability globally.

5. How large is Wise?
Wise processes around £4.5 billion worth of transactions monthly and has over 10 million customers. It was valued at $5 billion in 2020.

6. Who were some of the early investors in TransferWise (now Wise)?
TransferWise was backed by notable businessmen such as Peter Thiel and Richard Branson when it was first launched in 2011.