Global tech company TransferWise announced today (February 22) that it has undergone a rebranding that will rename it to Wise.
Wise was launched in 2011 and started as a consumer money transfer service. Since then, Wise has expanded to build a cross-border payments network designed to make international banking cheaper, faster, and more seamless.
It is widely recognized as one of the fastest growing tech companies in the world, having completed primary and secondary transactions from investors valued at over $ 1 billion ($ 1.8 billion).
To date, 10 million people and businesses are using Wise, processing over £ 4.5 billion (S $ 8 billion) in monthly cross-border transactions, saving customers over £ 1 billion (S $ 1.8 billion) annually .
Wise is currently home to three products – Wise, Wise Business and Wise Platform – with money transfers being the main feature of the Wise account service, which includes wire transfers, bank details, debit cards and more.
The Wise account allows individuals and businesses to hold money in 55 currencies and send and spend money internationally.
“Today our name is catching up with who we are already building for: a community of people and companies with a life in several currencies. This community now even includes the banks themselves, ”said Kristo Käärmann, CEO and co-founder of Wise.
While they have evolved to fix more than just money transfers, Käärman claims their mission remains the same: “We make and will still make money without limits.”
After this rebranding, customers will not need to create a new account. You can still access your existing account with your current email address and password.
The final conversion of all customers to the Wise brand will take place in March 2021.
Over 70 employees will be hired in 2021
Wise is also strengthening its presence in the Asia Pacific region with the expansion of its Singapore office.
It has opened a new, larger office space in Paya Lebar Quarter (PLQ) 2, with amenities such as a nursing room, private prayer room, bedrooms and relaxation areas.
The company also plans to hire over 70 people in Singapore this year. Some available roles include extension, engineering, product, and operations.
Wise hopes this expanded presence will enable it to better serve regional consumers, businesses and banking partners, and drive business growth in new markets.
“We are excited to double our commitment to Singapore – our hub in the Asia-Pacific region – and the wider region to mark our fourth anniversary in the country,” said Venkatesh Saha, Wise’s director of Asia Pacific expansion.
With the Asia-Pacific region being the fastest growing region, expanding its presence here serves as a “strategic investment” that will help them achieve their goal of building the best global cross-border payments network for their customers.
Selected image source: Wise