TransferWise Rebrands to Wise as Services Go Beyond Remittance

TransferWise, a fast-growing cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term platform, has rebranded to Wise as the company is expanding its services beyond remittance.

“Our customers now need us for more than money transfers,” Kristo Käärmann, the Co-founder and CEO of the London-headquartered company noted.

Founded in 2010, Transferwise gained popularity by offering mid-market foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term rates to retail customers in addition to a small fee. The company is directly challenging the dominance of the banks and other established remittance platforms that charge hefty margins on the exchange rates.

Over the years, the remittance company aggressively expanded its services by partnering with global payments giants like Visa and Mastercard. For its Asian expansion last year, TransferWise inked a deal with AliPay, which is the largest payments startup in China.

Services Beyond Remittance

Now, the company, which already has a userbase of 10 million, is expanding towards other payment services like offering multi-currency accounts and debit cards.

“You’ve told us for years the problem is bigger than money transfers,” Käärmann said. “We’ll fix it with Wise — the world’s most international account. It makes your money borderless.”

The rebranded platform will operate from the wise.com domain, instead of the previous one. But, customers can use their previous credentials to access their accounts on the new domain.

“We become 'Wise' or 'Wise Business' — depending how you use us,” the CEO added. “Our logo has changed, and our apps will be renamed. But, our icon, the fast flag, remains as a symbol for money without borders. Beyond that, you’ll notice some new colours, words, and designs.”