Paytech company TransferWise has rebranded itself, dropping the first part of its name in a bid to underpin its expansion as a platform player.

Wise Announce Ad

Wise is aiming to underline its market repositioning

The firm, founded in 2011, originally started as a transfer service between international consumers. Since then it has raised more than $1 billion in funding across 12 rounds.

Wise is valued by private investors at more than $5 billion, with Sky News reporting the fintech is gearing up for a new IPO.

Wise says it has built a cross-border network helping make international banking “cheaper, faster, and more pleasant”.

It processes around $5 billion in transactions every month, and says it has helped customers save more than $1 billion in reduced fees. TransferWise also claims to have issued more than one million debit cards.

March switchover planned

“Today our name catches up with who we’re already building for – a community of people and businesses with multi-currency lives,” says Kristo Käärmann, CEO and co-founder.

“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.

“Our mission remains the same. We’re still making — and always will be making — money work without borders.”

The company edited its announcement blog post to remove reference to “issues around SEO, purchasing new URLs, and obtaining new social handles”. A fintech using the brand name Wise already exists in the US.

A March switchover will see the company producing three products: Wise, Wise Business, and infrastructure-based Wise Platform.

While the company has made little noise about a transition into full-fledged banking, it did nab an Australian banking licence in December.

It has also recently inked partnerships with both Mastercard and Visa, enabling it to expand its cards into new markets.

Related: Cross-border payments fintech Payoneer to IPO with $3.3bn Spac merger