The change comes 10 years after the launch of the company
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.
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.