The new branding reflects how the decade-old company moved beyond international B2C money transfers alone to build what it now calls a network of cross-border payments.
Originally launched in 2011 as a retail money transfer service, TransferWise explains, the company has expanded to build a cross-border payment network that helps make international banking cheaper and faster for its 10 million individual and corporate clients.
The company has come a long way over the 10 years, and today it processes £ 4.5 billion in cross-border transactions every month, claiming it helps clients save nearly £ 1 billion annually in reduced fees compared to using banks.
More recently, after launching consumer and commercial products that resemble a multi-currency bank account, including its debit card, Wise has begun to resemble a competitor bank as well, even if it has previously stated that there are no plans to apply for a full bank license.
The company offered a promotion for its current line of products:
- Wise: Build the world’s most international account, where you can send and spend money internationally, hold money in 55 currencies, and get real account numbers in up to 10 currencies, customers now own more than 3 billion pounds in Wise, with 1.4 million debit cards issued .
- Wise Business: This product allows business accounts to go global, as it contains all the features of a personal account in addition to additions, such as: bank feeds, group payments and multi-user access, and in the last 12 months, more than 150,000 companies have joined Wise.
- Wise PlatformBanks and companies such as Monzo, GoCardless, and Xero are using the platform product to leverage Wise’s service infrastructure, giving customers cheaper, faster payments and international banking features, and Wise Platform works with banks in 10 countries across 4 continents.
“Our brand today aligns with what we’re trying to build – a community of people and companies with a multi-currency life, and that community now includes the banks themselves,” said Kristo Käärmann, CEO and co-founder of Wise.
He added: Our development is not only related to fixing the money transfer problem, but the basic experience of using Wise remains faster, cheaper and more convenient than anything else, and our mission remains the same, and we are still working to make money cross-border.
Customers can sign up for the new website via Wise.com, and the company says: The final transition for all customers to the Wise brand will take place in March 2021.