Wise, formerly known as Transferwise, has recently undergone a rebranding to reflect its global reach and evolution beyond its roots as a money transfer app. Wise has 16 million customers worldwide and has moved £100 billion annually. In the long run, Wise aims to make moving money faster, easier, and free of charge.
The new logo and app feel were designed with customer experience in mind, regardless of language or location. Wise’s chief product officer Nilan Peiris said that the new look supports the promotion of the company’s international account, which is growing twice as fast as its consumer segment.
While Wise’s money transfer service continues to be a significant part of its business, its suite of products is expanding, with business accounts making up 30% of its customer base. The company is also expanding its B2B offerings, including Wise Account, Wise Business, and Wise Platform, which is used by more than 60 banks and businesses to offer customers international payments powered by Wise.
The company’s expansion efforts are not slowing down as it seeks to break into major markets such as Russia, China, and India. Peiris said that Wise is currently in the early stages of working with China and is already live with an early beta in India, which leaves the potential to add a significant number of new users to their existing 16 million.
Wise’s mission is to solve the issue of people and businesses losing more than £180 billion in fees every year to banks for international transfers and payments. The company currently saves customers £1.5 billion per year, and with its expanding product range, rapidly growing B2B use, and global expansion, the potential to chip away at that £180 billion should only continue to grow.
Wise’s rebranding marks an important milestone in the evolution of the fintech industry. The company’s mission to make moving money faster, more convenient, and eventually free, combined with its expanding product range and global reach, is poised to disrupt traditional banking and financial services in a significant way.