TransferWise Rebrands to Wise: IPO on the Horizon

Wise Rebrands After a Decade of Growth

A recent announcement revealed that TransferWise, the fintech company, is now operating under the name Wise. This rebranding occurs as the company, valued at $5 billion by investors, prepares for a potential initial public offering (IPO).

Strategic Shift and Expansion

While the company refrains from directly mentioning an IPO due to regulatory considerations, the name change is anticipated to facilitate a more concise stock ticker. More significantly, the new brand identity reflects the company’s evolution beyond its initial focus on B2C international money transfers.

Wise has developed into a comprehensive “cross-border payments network,” serving a broader range of financial needs.

From Money Transfers to a Global Network

Launched in 2011 as a service for individual money transfers, Wise has expanded its offerings. It now provides a network designed to make international banking more affordable, efficient, and user-friendly for its 10 million customers – both individuals and businesses.

Significant Growth and Cost Savings

Over the past decade, Wise has experienced substantial growth. The company currently processes £4.5 billion in cross-border transactions monthly.

Wise claims to save its customers around £1 billion annually in fees compared to traditional banking institutions. An early funding deck showcasing the company’s initial vision can be found here.

Evolving into a Challenger Bank

With the introduction of products similar to multi-currency bank accounts, including a dedicated debit card, Wise increasingly resembles a challenger bank.

Despite this evolution, the company has previously indicated it does not intend to pursue a full banking license.

Company Vision and Product Offering

Kristo Käärmann, CEO and co-founder of Wise, stated: “Today our name catches up with who we’re already building for – a community of people and businesses with multi-currency lives.”

He further explained that this community now encompasses banks themselves, and that Wise has expanded its scope to address more than just money transfer, while maintaining a faster, cheaper, and more convenient user experience.

Wise’s core mission remains unchanged: to facilitate seamless money movement across borders.

Transition to the New Brand

Customers have the option to access the updated website at Wise.com. The complete transition to the Wise brand for all users is scheduled for March 2021.