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WISE SHARES
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£4.5B
Cross-border transactions every month
1.4M+
Debit cards issued
10
Wise Platform is live with banks in 10 countries across 4 continents.
5B+
Valuation
IPO INFORMATION
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Originally launched in 2011 as a money transfer service for people, the company has expanded to build a cross-border payments network helping to make international banking cheaper, faster and more pleasant for its 10 million personal and business customers. British banking fintech Wise - formerly Transferwise - is on course to launch an initial public offering in May this year in a deal that could value the company at $6 billion-$7 billion, two sources familiar with the situation said.
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The company, best known for facilitating cross-border transactions, has appointed Goldman Sachs and Morgan Stanley to manage the deal and is strongly considering London for the venue, the sources said. It also had a net profit of 21.3 million pounds, its fourth year of profit in a row, according to its annual report. Wise is believed to have considered Amsterdam and New York as alternative venues in the past, but is currently strongly focused on a London listing.
The company completed a $319 million funding round last year that valued it at $5 billion, and since reported a 70% rise in revenue to 302.6 million pounds ($418.53 million) in the financial year 2020.
“Ten years in, TransferWise is now Wise,” screams the press release that landed in my in-box late last week. The fintech giant, most recently valued by private investors at $5 billion, is re-branding ahead of an expected IPO.
Of course, the company doesn’t actually make reference to a public listing — for regulatory reasons, it probably shouldn’t even if it wanted to — but the change of name will certainly make for a more streamlined ticker, while more broadly, the new moniker reflects how decade-old TransferWise has long moved beyond B2C international money transfers alone to build what it now dubs a “cross-border payments network”.
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“Originally launched in 2011 as a money transfer service for people, the company has expanded to build a cross-border payments network helping to make international banking cheaper, faster and more pleasant for its 10 million personal and business customers,” explains TransferWise.
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The company has come far in 10 years — you can view an early funding deck here — and today processes £4.5 billion in cross-border transactions every month, claiming to help customers save approximately £1 billion a year in reduced fees compared to using legacy banks.
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More recently, having launched consumer and business products akin to a multi-currency bank account, including its own debit card, Wise has started to resemble a challenger bank, too, even if it has previously stated that there are no plans to apply for a full bank license.
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Here’s how the company pitches the current product line:
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Wise – building the world’s most international account. Send and spend money internationally, hold money in 55 currencies and get real account numbers in 10 currencies. Customers now hold over £3 billion in Wise, with 1.4 million debit cards issued.
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Wise Business – the business account for going global, it has all the features of the personal account plus extras like bank feeds, mass payouts and multi-user access. Over 150,000 businesses joined Wise in the last 12 months.
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Wise Platform – the platform banks and companies like Monzo, GoCardless, and Xero use to tap into the Wise infrastructure, giving their customers cheaper, faster payments and international banking features. Wise Platform is live with banks in 10 countries across 4 continents.
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Transferwise has emerged as one of the most successful Fintechs based in the UK. Starting as a global money transfer service that is light on fees and allowing users to transfer money at the true spot rate, Transferwise has emerged as a leading stealth bank as it continues to add bank-like features.
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