That's why TransferWise is giving itself a new name

From now on, TransferWise will simply be called Wise - officially, so that the brand better reflects the product. But there could be another reason entirely.

It has been ten years since TransferWise was launched - back then as a pure transfer platform for private customers. But over the years, the fintech, which was founded in London and is also very active in Germany, has continued to develop. It now sees itself as a global payment network that offers international banking for a good ten million customers.

With the simple name change from TransferWise to Wise, the start-up wants to do justice to the changed business. Among other things, Wise combines international transfers and multi-currency functions. In the Wise account, the fintech offers 55 currencies in which balances can be held. Direct debits can now be ordered in three currencies (euros, pounds and US dollars).

According to Handelsblatt the start-up is mainly fueling rumours of an IPO. In January, Sky News reported that Wise had engaged the US banks Goldman Sachs and Morgan Stanley for the potential IPO. Prime Minister Boris Johnson is said to have personally encouraged this. With a valuation of five billion US dollars, the fintech is one of the most valuable in Europe.