TransferWise, the global technology company building the best way to move money around the world, has today announced it
has changed its name to Wise.
Ten years after it first launched in the UK (2016 in New Zealand), the company has expanded beyond international money
transfers to build a global cross-border payments network helping to make international banking cheaper, faster and more
pleasant for 10 million personal and business customers, including banks and other technology companies.
Wise New Zealand will now be home to the following products:
1.Wise - building the world’s most international account.
Wise combines the multi-currency account, international money transfers and debit card products into one. It is designed
for all New Zealanders - locals, travellers, expats, freelancers and digital nomads who need an everyday account that
works within New Zealandand abroad in multiple currencies to receive their salary, pension, pay bills, shop online and
more.
With more than NZD$5 billion held by customers in Wise and 1.4 million debit cards already issued (globally), Wise is
loaded with innovative features used and trusted by millions at a price point that’s on average 8x cheaper than
old-school banks:Account details - Get account details in 9 countries (New Zealand, Australia, UK, US, Eurozone, Canada, Singapore, Hungary, Poland and
Turkey) in minutes so you can pay and get paid in those countries like a local.Balances - Hold and convert 55 currencies instantly at the real exchange rate.Debit card - Use the card in around 200 countries and anywhere online, spend with Apple and Google Pay, and withdraw anywhere with
no foreign transaction fees or exchange rate markups.Virtual Visa Cards - add up to 10 virtual cards, each with a unique number to shop with and better manage expenses.Savings Jars - Stash away money in any currency, for rainy day funds, long-term savings and more. Money in jars can’t be spent using
the debit card or used to pay via direct debit until it’s moved back to balances.International money transfers - Send money to over 70 countries at the real exchange rate, up to 8x cheaper than the banks.Scheduled Transfers - Setup recurring transfers to automate the process of sending money abroad.
2.Wise Business - the business account for going global.
Historically, businesses with limited staff or resources, or those who can’t travel to open an overseas bank account,
have shied away from going global. Wise Business changes that. This is the business account without the high fees, hefty
admin, and headache of business banking.
Designed for all businesses with multi-currency needs, 150,000 new businesses joined Wise in the last twelve months
including New Zealand brands like Shine On, Bark Loud and Re-Leased. It’s up to 19x cheaper than PayPal and has all the features of the Wise personal account plus extras to meet the
banking needs of businesses today:Bank Feeds - Businesses can integrate their account and all their activity directly into software like Xero, QuickBooks, and
FreeAgent for auto reconciliation.Mass Payouts - Pay recurring invoices or run payroll in multiple currencies, at the mid-market rate, with a click of a button.Multi-user Access - Ability to add other users, assign roles to manage the account, as if they were the owner.
3.Wise Platform - the magic behind Wise used by banks and companies like Up, Monzo, Sezzle, GoCardless, and Xero.
This lets businesses and banks integrate Wise right into their own platforms, giving them and their customers cheaper,
faster payments and other international banking features.Banks: Today, 10 banks in 4 continents, including Up in Australia, offer their customers a faster, cheaper alternative to
traditional bank transfers having integrated Wise right into their own apps or online banking.Accounting software and payment companies: Like Xero and Emburse use Wise Platform to power payments for their customers and offer multi-currency expense
reimbursement to their customers, respectively. Meanwhile, payment companies like GoCardless use Wise Platform to enable
their customers to collect recurring international payments seamlessly.Ecommerce companies: buy now pay later companies (Sezzle) and music distribution platforms (Stem), use Wise Platform to power payouts to
merchants and music distributors and musicians in multiple currencies.
Kristo Käärmann, CEO and co-founder, Wise said: “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. 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.”
Wise has grown as a sustainable business, having achieved profitability in each of the last four years. In the financial
year ended April 2020, Wise’s revenue grew by 70% from the prior year to £302.6 million.
The company processes more than NZD$8 billion in cross-border transactions every month, with customers saving themselves
almost NZD$2 billion a year compared to making the same transaction with their bank.
From today, customers can opt into the website in its new home: Wise.com. The final switchover for all customers to the
Wise brand will take place in March 2021.
Read more from Kristo in his blog to accompany the Wise rebrand, published today.About Wise
Wise is a global technology company, building the best way to move money around the world. With the Wise account people
and businesses can hold 55 currencies, move money between countries and spend money abroad. Huge companies and banks use
Wise technology too; an entirely new cross-border payments network that will one day power money without borders for
everyone, everywhere. However you use the platform, Wise is on a mission to make your life easier and save you money.
Co-founded by Taavet Hinrikus and Kristo Käärmann, Wise launched in 2011 under its original name TransferWise. It is one
of the world’s fastest growing tech companies having raised over US$1 billion in primary and secondary transactions from
world leading investors.
10 million people and businesses use Wise, which processes More than NZD$8 billion in cross-border transactions every
month, saving customers almost NZD$2 billion a year.