TransferWise rebrands as ‘Wise’ to reflect brand expansion
Having built a strong initial reputation as being one of fintech’s leading money transfer companies, that “customers now need [it] for more” and sought to capture this transition with a clear separation from its past identity.
As such, Wise views itself more like a community of 10 million users/businesses that are united by a desire to change modern banking and eliminate hidden fees, markup rates and small print.
“For generations, banks have been defined by borders. Traditional bank accounts trap our money in one country, making international lives more difficult and expensive than they need to be. We shouldn’t have to accept this status quo,” the company stated.
Preparing for an IPO?
In relation to the rebrand, CEO and Co-Founder Kristo Kaarmann , “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 transfers, but the core experience of using Wise will remain faster, cheaper, and more convenient than anything else.”
- A reduction on average fees from 0.71% to 0.69%
- Expansion in the Asian market to Indonesia
- Enhanced multi-currency account capabilities in Turkey, Canada and Romania
The market expectation is that Wise is preparing to launch a US$5bn IPO in 2021. Further details are minimal at this time, although it has been that Goldman Sachs and Morgan Stanley will act as joint coordinators.
With 2020 and the beginning of 2021 marking a period of strong fintech IPO showings, it is not difficult to imagine that Wise, one of the UK’s leading offerings in the sector, would net substantial support.
Image credit: Wise
The FinTech Show: Bitcoin, crypto mining, and payments
In episode six of the FinTech Show (originally broadcast live on 11 June at 2pm BST), Scott Birch and Will Girling discuss:
- El Salvador becoming the first country to make Bitcoin legal tender
- China's decision to clamp down on crypto mining operations
- The new developments in post-COVID payments, including the EU's decision to give every citizen a digital wallet
We also explore the newly released June '21 edition of FinTech Magazine, including a special look at our profile piece on HOOPP and the future of small business lending (guided by iwoca). Special thanks go to Valeria Simantob for providing the front cover of that issue.
Before you go! Follow us on LinkedIn and make sure to tune in on 25 June for the next FinTech Show.