Global technology company TransferWise announced on Monday that it has undergone a rebranding, in which it is renamed to Wise. Launched in 2011, Wise started out as a money transfer service for consumers, and has since expanded to build a cross-border payments network that aims to make international banking cheaper, faster and seamless.
It is hailed as one of the world’s fastest growing tech companies, having raised over USD 1 billion in primary and secondary transactions from investors. To date, 10 million people and businesses use Wise, which processes over GBP 4.5 billion (USD 6.3 billion) in cross-border transactions every month. It runs three products—Wise, Wise Business, and Wise Platform—with money transfers being its core service.
With the Wise account, people and businesses can hold money in 55 currencies, as well as send and spend money internationally. “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,” said CEO and co-founder Kristo Käärmann. The automatic switchover to the Wise brand will take place in March.
Wise is also strengthening its Asia Pacific presence with the expansion of its Singapore office. It has opened a new, larger office space at Paya Lebar Quarter 2, with amenities including a nursing room, private prayer space, nap rooms, and recreational zones.
The company plans to hire over 70 people in the city state this year alone. Some available roles include expansion, engineering, product, and operations. Wise hopes that the expanded presence will allow it to better serve regional consumers, businesses, and bank partners and drive business growth into new markets.
“We are excited to double down on our commitment to Singapore—our Asia Pacific hub—and the wider region as we mark our fourth anniversary in the country,” said Venkatesh Saha, head of Asia Pacific expansion.
This article was originally published by Vulcan Post.