19.03.2021. UK Fintech company TransferWise rebrands as ‘Wise’

Company News

TransferWise, one of the UK’s early fintech success stories, launched in 2011, is shifting its focus towards digital banking in a move that will put it in direct competition with rival Revolut ( since 2015).
The fintech firm said on 19 February that it will rebrand the company as Wise, in a reflection of its growth past online international money transfers and towards a stronger digital banking-based business model.
Though money transfers remain the company’s “foundational feature”, Wise said it will separate into three product entities: Wise, an international-focused banking account, Wise Business for companies, and a software-as-a-service product called Wise Platform.
The change puts it among the UK’s prominent digital banking set, with Revolut poised as its main rival due to the pair’s similar emphasis on FX. However, unlike the others, Wise does not have a full banking licence in the UK — meaning it requires the support of other banks to ringfence customer funds and offer other services.
Wise, which was last valued at $5bn in 2020, is said to be gearing up for a stock market flotation in London later this year.