The fintech giant, most recently valued by private investors at $5b, is re-branding ahead of an expected IPO. 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.
“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.