On February 19, the financial technology company announced that it would change its name. The company emphasizes that “the company has grown from a simple money transfer service provider” to a stronger business model that makes Wise a de facto digital bank.
It is stated that “Wise” will provide services in three main directions – international banking services, “Wise Business” – providing services to companies, as well as “Wise Platform”, offering software solutions.
With the new business model, Wise is expected to become a major competitor to Revolut.
It is said that last year the market value of Wise was more than five billion dollars. The company points out that the software solutions offered by Wise Platform are used in banks in more than 10 countries.
“Today, our name is in line with what we have built so far – a society for people and businesses in an environment with many currencies. At the moment, banks also play a very important role in this society, ”said Kristo Kermans, the company’s manager.
“We have created various solutions that make money transfers easier. The main experience with Wise will be the previous one – fast, cheap and always available solutions. Our mission is unchanged – to make money available without borders, ”said the businessman.
Customers are expected to complete the transition to the new platforms by the end of March.
The company was founded in 2011 and the company’s investors include Virgin Group billionaire Richard Branson, as well as Silicon Valley funds such as Valar Ventures, Andreessen Horowitz and Index Ventures. To date, the company has managed to raise more than $ 1 billion in funding.
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