After 10 years, TransferWise becomes Wise

The change comes 10 years after the launch of the company

TransferWise Wise

After 10 years, TransferWise becomes Wise. Source:

TransferWise has announced the modification of its name to ‘Wise’. The company is changing the name to accommodate the expansion of its portfolio of services.

Wise now has three products: a business account, an international currency account, and a platform where fintech customers such as Xero, GoCardless, and Monzo can use for inter-border remittances.

Currently, the company has 10 million customers. Every month, £4.5 billion are processed in payments. The firm has also recorded a 70% revenue growth to £303 million during the year up to March 2020. Wise has also doubled its profit.

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Last year, the company was valued at £5 billion. This was following a £319 secondary share sale. Wise is expected to IPO this year.

Among the company’s sponsors in 2011 include Richard Branson and Peter Thiel.

We’ve reported that TransferWise and Visa announced a global partnership.