TransferWise has just announced its rebranding to Wise, as the London-based company continues to scale around the world. Last year the company announced its fourth year of profitability, with a 70 percent rise in revenue and a fast-growing base in Asia Pacific. Originally launched in 2011 as a money transfer service for people, the company has expanded to build a cross-border payments network that serves 10 million personal and business customers.
That amounts to £4.5 billion in cross-border transactions every month, with customers reportedly saving a total of about £1 billion a year compared to making the same transactions with traditional banks.
In addition to personal and business accounts, the UK company offers Wise Platform, which other fintech companies like Monzo, GoCardless and Xero use to serve their own customers.
“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,” said Kristo Käärmann, CEO and co-founder. From today, users 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.
Photo by Jake Farra: co-founders Taavet Hinrikus and Kristo Käärmann