TransferWise becomes Wise ahead of London IPO
TransferWise, the popular money transfer technology company, has changed its name to Wise as it gears for its giant London initial public offering (IPO).
From TransferWise to Wise
TransferWise is a well-known technology company headquartered in London. The firm helps people send money around the world at a fraction of what it used to cost before.
In the past decade, it has moved from a small startup to a large company with more than 10 million customers. It processes more than 4.5 billion pounds every month and has already raised more than a billion dollars at a $5 billion valuation.
In a statement yesterday, the CEO and co-founder, Kristo Kaarmann said that the company will now be known as Wise. The TransferWise domain will remain and possibly redirect to Wise.com in the future.
The company has three primary businesses. Wise is the original business, which helps people send and spend money internationally through 55 currencies. In the statement, the firm said that customers have more than 3 billion in Wise.
Wise Business is a segment that helps companies transact globally. It now has more than 150,000 companies. Finally, Wise Platform is a business-to-business segment that helps fintech companies offer payment services. Some of its customers are GoCardless and Monzo. In a statement, Kristo said:
“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.”
IPO loading
The TransferWise name change comes as the company prepares for its much-awaited IPO. As we reported a month ago, it has already selected Goldman Sachs and Morgan Stanley as advisors and underwriters for its London IPO.
The company has previously raised more than $1.1 billion from the likes of JP Morgan, Bailie Gifford, Andreesen Horowitz, and Valar Ventures. In its most recent fundraising, the company raised more than $300 million at a $5 billion valuation. Therefore, because of the rising demand for fintech companies, the company will likely receive a higher valuation than this in the public market.
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