Today, TransferWise announces its renaming to Wise. Originally launched in 2011 as a money transfer service for people, the company has expanded to build a cross-border payments network helping to make international banking cheaper, faster and more pleasant for its 10 million personal and business customers.
The company processes £4.5 billion in cross-border transactions every month, with customers saving themselves a total of approximately £1 billion a year compared to making the same transaction with their bank.
Wise is now home to three products, with money transfers being the foundational feature of the Wise account:
- Wise – building the world’s most international account. Send and spend money internationally, hold money in 55 currencies and get real account numbers in 10 currencies. Customers now hold over £3 billion in Wise, with 1.4 million debit cards issued.
- Wise Business – the business account for going global. It has all the features of the personal account plus extras like bank feeds, mass payouts and multi-user access. Over 150,000 businesses joined Wise in the last 12 months.
- Wise Platform – the platform banks and companies like Monzo, GoCardless, and Xero use to tap into the Wise infrastructure. Giving their customers cheaper, faster payments and international banking features. Wise Platform is already live with banks in 10 countries across 4 continents.
Kristo Käärmann, CEO and co-founder, Wise said: “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.”
From today, customers can opt into the website in its new home: Wise.com. The final switchover for all customers to the Wise brand will take place in March 2021.
Co-founded by Taavet Hinrikus and Kristo Käärmann, Wise launched in 2011 under its original name TransferWise. It is one of the world’s fastest-growing tech companies having raised over $1 billion in primary and secondary transactions from world-leading investors.
Currently, 10 million people and businesses use Wise, which processes over £4.5 billion in cross-border transactions every month, saving customers over £1 billion a year.