TransferWise used to be a pure global remittance firm. However, it’s opted to expand these services, and saw fit to enact a rebranding event to demonstrate this. From now on, it will only be known as Wise.
Claiming To Be Against Big Banks
Kristo Käärmann stands as the CEO and Co-Founder of Wise, and gave the mandatory public statement about the matter. He highlighted that the company’s customers now need Wise for more than just global remittance transfers, which spurred the decision allegedly.
TransferWise was started back in 2010, gaining its share of popularity thanks to it offering its retail customers mid-market FX rates, with a small fee added to it, of course. As a result, the company stands in direct competition against various established remittance platforms, including banks, as they are known to charge a very heavy fee to enact remittance payments.
Expanding Its Services For Greater Access
Throughout these past years, however, the platform has opted for an aggressive expansion campaign. This resulted in the firm making partnerships with the world’s biggest payment giants, such as Mastercard and Visa. TransferWise had even inked out a deal with AliPay, China’s largest payments startup, in order to expand within the Asian regions.
Seeing a need to build upon its success, TransferWise has opted to expand into other payment services. It will now offer its 10 million-plus users the ability to hold multi-currency accounts and make use of debit cards, as well.
The Mandatory Public Statement
In a statement, Käärmann highlighted that the public has told the firm that the ongoing financial problem is far more than just money transfer issues. As such, he claimed he will pioneer for the people, as most companies do at one point or another. He claims that Wise will allow users to make money truly borderless.
This will result in the entire company operating on a new web domain, as well, and will now be available on thewise.com. However, users will still be able to make use of their old credentials in order to gain access to this new site.
Käärmann explained that the company will be known either as Wise or Wise Business, depending on the customer in question’s needs. He warned that the logo and applications of the company will undergo change, but not its icon: A fast flag. He boldly declared this icon to be a symbol of borderless money, before highlighting various other minor changes in themes and colors set to come.