- TransferWise, which is one of the world’s leading international money transfer companies, has revealed its new branding – as ‘Wise’.
- The new brand name will be launched for customers by March of this year, though the company’s mission will remain the same.
- A senior figure at the firm said that the move had been made as the firm “catches up” with its user base and the offer that the company is building for them.
The online money transfer company TransferWise has announced a new brand, simply called ‘Wise’.
The firm, which is based in the UK, will see its branding change over for all of its customers in March of this year.
Kristo Käärmann, who serves as the chief executive officer and co-founder of Wise, said that the new name was a reflection of the firm’s decision to accelerate the development of services for those who live “multi-currency lives”.
“Today our name catches up with who we’re already building for – a community of people and businesses with multi-currency lives,” he said.
“That community now even includes the banks themselves. We’ve evolved to fix more than just money transfer, but the core experience of using Wise will remain faster, cheaper, and more convenient than anything else.”
He added that the firm’s goals will remain the same despite the branding development.
“Our mission remains the same. We’re still making – and always will be making – money work without borders,” he said.
The move from Wise is significant given that the company is one of Britain’s leading money transfer outlets.
The company is known as a ‘unicorn’, which means that it is a start-up firm with a valuation of US$1bn or more.
It is understood that well over £4bn is taken in cross-border transfers each month by the company.
There are approximately 10 million people and firms using the company’s service.
The firm said that it saw revenues go up by 70% over the course of the previous financial year – this pushed its taking to just over £302m.
Wise also has an extensive network of partnerships with organisations around the world.
One of these is Visa, with which it intends to work on a system called Visa Cloud Connect.
It also recently revealed that it will be expanding its staff team significantly over the course of the next few months.
In the next six months, for example, the firm intends to create 750 more jobs.
Some of these will be based in key financial hubs such as Singapore and London, it said.
The firm’s rebrand has not yet appeared across its website, though it has appeared in some areas.
The firm’s icon, which is a flag, has not changed, though the firm’s press release did specify that some aspects of the company’s visual identity would alter.
“Our logo has changed, and our apps will be renamed,” Käärmann said.
To learn more about what Wise can offer customers of the cross-border payments market, why not read our review on the topic?
