Global technology company TransferWise announced today (Feb 22) that it has undergone a rebranding, in which it is renamed to Wise.
Launched in 2011, Wise started out as a money transfer service for consumers, and has since expanded to build a cross-border payments network that aims to make international banking cheaper, faster and seamless.
It is hailed as one of the world’s fastest growing tech companies, having raised over US$1 billion (S$1.8b billion) in primary and secondary transactions from investors.
To date, 10 million people and businesses use Wise, which processes over £4.5 billion (S$8 billion) in cross-border transactions every month, saving customers over £1 billion (S$1.8 billion) a year.
Wise is currently home to three products — Wise, Wise Business and Wise Platform — with money transfers being its core service.
With the Wise account, people and businesses can hold money in 55 currencies, as well as send and spend money internationally.
“Today, our name catches up with who we’re already building for: a community of people and businesses with multi-currency lives. That 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 transfer, Käärman asserts that their mission remains the same: “We’re still making — and always will be making — money work without borders.”
Following this rebranding, customers need not create a new account — they can still access their existing account using their current email and password.
The final switchover for all customers to the Wise brand will take place in March 2021.
Over 70 People Will Be Hired In 2021
Wise is also strengthening its Asia Pacific presence with the expansion of its Singapore office.
It has opened a new, larger office space at Paya Lebar Quarter (PLQ) 2, with amenities like a nursing room, private prayer space, nap rooms and recreational zones.
The company also plans to hire over 70 people in Singapore this year. Some available roles include expansion, engineering, product and operations.
Wise hopes that this expanded presence will allow it to better serve regional consumers, businesses and bank partners and drive business growth into new markets.
“We are excited to double down on our commitment to Singapore — our Asia Pacific hub — and the wider region as we mark our fourth anniversary in the country,” said Venkatesh Saha, Wise’s head of Asia Pacific expansion.
Since Asia Pacific their 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 its customers.
Featured Image Credit: Wise