London Transferwise is now called Wise. British fintech announced the new name on Monday. “We started with remittances ten years ago,” said co-founder and CEO Christo Carman of Handelsblatt.
“But today we are much wider.” So, now is the time to amend the name accordingly.
The rebranding is fueling speculation in London that the company is preparing for an IPO this year. In January, Sky News reported that the startup was indeed US banks Goldman Sachs And the Morgan Stanley For public subscription.
Karman does not want to confirm or deny the report. “We do not comment on rumors,” he said. “Everyone talks about making it public.”
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Regarding the timing of the renaming, he said that the faster you change the name, the fewer customers will be affected by the change. Internally, the team has been calling itself “Elders” for a long time, which is why the new name has a certain response.
Boris Johnson wants to encourage his exposure to the public
It is said that Prime Minister Boris Johnson himself encouraged Wise to advertise to the public in a phone call with CEOs in the winter. The government wants to show that London will remain a Mecca for startups even after Brexit. Other candidates for a tech sector IPO include cybersecurity firm Darkspace and delivery service Deliveroo.
A wise IPO will be one of the largest in the business. Since the secondary share sale last July, the company has already been valued at $ 5 billion and is one of the most valuable fintech companies in Europe. Investors include Lone Pine Capital, Fidelity, and D1 Capital Partners.
Unlike many startups, Wise has been profitable since 2017. For the financial year ending March 31, 2020, the company doubled its net income to £ 21.3 million. Sales totaled £ 302.6 million – an increase of 70 percent. The number of employees is more than 2000.
The company was founded in 2011 by two Estonians Käärmann and Taavet Hinrikus in London to enable international transfers at real-time exchange rates. Since then, other services have been added such as multi-currency accounts and debit cards.
The company has ten million private clients and 150,000 commercial clients. Additionally, 15 banks in ten countries have integrated the Wise platform into their offerings, including N26 in Germany and Monzo in Great Britain.
Investment products are also offered
Originally started as business between companies and consumers, Wise is now increasingly focused on the business area, which promises to grow even more. It’s about making international banking as easy as possible, Carman said. A customer of a German company, for example, can now open local accounts in nine countries, receive local currencies there, thus avoiding exchange rate losses.
This year, Wise plans to introduce investment products for the first time so that customers can invest their money. Meanwhile, Carman said, 3 billion euros had been stored in the accounts. He cannot guarantee that investment products will be available in every country this year. The launch should be done gradually.
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