TransferWise customers, a subtle change is coming to the cross- money transfer service. Last weekend, the UK fintech reported that it had changed its name. Don't call it “TransferWise” anymore, and forget about “Transfer.” Now it will simply be “Wise”, a way to better reflect the strategy behind the company.
Don't call it "TransferWise
Each month, 5.2 billion euros are transferred through its service to the revolutionary idea.Founders Taavet Hinrikus and Kristo Käärmann, who started their journey in 2011, it was clear that TransferWise needed to focus on transferring money internationally in its early days. But the success that has presented itself has gradually drawn them into the path of
Now, Wise is no longer the mere intermediary between your local bank account and the one at home. 'foreign. Although still its main activity, fintech is opening up new services and was granted a UK credit institution license last year, the holy grail to start offering loans and solutions. savings to its customers.
TransferWiseoffers debit cards © Presse-citron
In great shape
The watchword: become a “super app”. Behind this objective, the obligation to grow in order to remain in an already saturated market, where fintechs compete with neo-banks, which themselves compete with online banks and traditional establishments. Wise offers bank accounts, payment methods, and over a million customers have taken the step of ordering a debit card.
Also read - Our interview with Kristo Käärmann, co-founder of Transferwise
Still on the subject of its figures, Wise would have passed an equally important milestone: that of 150,000 customers to its Business offer which is aimed at professionals. Rather thanto satisfy individual customers, to build an offer for companies was a very strategic idea. Banks will be able to confirm this: professional clients attract much better returns in the sector. A real lever towards profitability therefore, for these companies still heavily dependent on investors and fundraising.
Banks are also taking advantage of his ingenious idea for money transfers. In France, even traditional players such as the Banque Populaire have succumbed to the solution considerably reducing the fees for transfers outside the SEPA zone, billed heavily by the banks. N26, at the neo-banks , in also offers the service.
Wise should now be attentif the evolution of crypto-currencies. These share a strong goal of British fintech: the ability to pay, regardless of s. So to be able to support these universal digital tokens, Wise will have to distance itself from the traditional banking world. Otherwise, the s on which it promotes its service could well end up damaging it.