Wise New Brand to Next-Generation Banking
Wise: New Brand to Next-Generation Banking
Wise was founded in 2011 with and disrupted the traditional banking industry by providing a more cost-effective and transparent way for individuals and businesses to transfer money internationally.
Wise uses a peer-to-peer (P2P) model to match individuals and businesses who need to transfer money across borders. By matching people with opposite currency needs, the platform avoids the need for money to actually cross borders, which eliminates the costs associated with traditional bank transfers. The platform has grown rapidly since its inception, and as of 2023, it has more than 16 million customers worldwide (5.5m active customers) and processes over $6 billion in transactions every month.
Wise has expanded its offerings to include borderless accounts that allow users to hold and manage money in multiple currencies. This has made it a popular option for individuals and businesses who need to transact in different currencies frequently.
Today, Wise has three main sectors of business; 1 Wise account, 2. Wise business and 3. Wise Platform. The company has also expanded its global footprint by opening offices in several countries, including the United States, Australia, and Singapore.
The shift from Transferwise to just Wise in 2021 was clearly just the first step for the company in repositioning itself as more than a money transfer app. Now, 12 years after it first launched, it is continuing to broaden its suite of products, with its business accounts making up 30 per cent of customers — and growing twice as fast as its consumer segment.
As Wise rolls out its new look worldwide, its global expansion continues, with three major markets left to break — Russia, China and India.
Regarding its future prospects of becoming a bank, in 2021, the company received approval from the UK Financial Conduct Authority to offer retail investment services in the UK and more recently got a similar license from Singapore and Estonian regulators, which will allow to expand its investments services within the European Union. This represents a significant step towards becoming a fully-fledged bank, although the company has stated that it does not plan to offer full banking services in the near future. However, as Wise continues to expand its offerings and gain regulatory approvals, it is possible that it may eventually become a licensed bank and offer a wider range of financial services.
The company's innovative approach to financial services and commitment to transparency and low fees make it a popular choice for individuals and businesses looking for a more cost-effective and efficient way to manage their finances.
By placing Wise under the magnifying glass, we offer a better understanding of the factors that enabled it to become a challenger bank and their continuing pursue of their mission; be the first (and cheaper) option to transfer money around the world.
Our deep dive report reveals how Wise has made a name for itself in the FinTech industry by their commitment to transparency, which is now available on our website. Here is a non-exhaustive list of the contents:
1. Background: Wise breaking milestones, company overview, the story behind, Wise’s mission, infrastructure, disruption to traditional models, global presence, executive team, recent challenges and criticism and market performance.
2. Growth Strategy: Fundraising, product stack, Key banking products, Growth and value, Wise investment to growth, Regulatory standpoint, Marketing approach, Affiliated and referral program, Strategic partnerships, Wise Platform, Infrastructure to growth and New bold look.
3. Business Model: core products, business model, multi-currency bank account, business accounts, wise platform and user experience.
4. Financial Metrics: Wise at a glance, revenue per segment, cost of sales, operational costs, active customers and volume, volume per customer and fees received, customer deposits, profit per customer, gross profit, adjusted ebitda, revenue breakdown by location.
5. Competitors: The competitive landscape, models of digital banks, top European challenger banks, how do challenges bank differ, comparison of neo-banks, wise comparison, customer satisfaction, and growth comparison to other brands.
6. Future Approach: Keep Moving money internationally, Wise Account could see banking going further, Wise Business offering sees room for growth and Wise Platform leaves few options for banks.
What makes the report on Wise by C-Innovation special?
- Our report is supported by detailed graphs and data visualization tools that provide a clear and concise view of the business landscape.
- You'll find our report easy to read and understand, even if you're not a data expert. We've designed our report with you in mind, presenting the information in a clear and concise manner that is accessible to anyone who wants to learn more about the fintech world.
- Conclusions made by our team of analysts are supported by easy-to-read graphs and diagrams.
- Key takeaways are included for each topic when relevant.
- All sources are shown and published in 2022, as we value the most transparent and up to date information available.
- All acronyms and technical vocabulary are explained and easy to understand.
- Our report is objective, meaning we don't have any hidden agendas or biases that may influence our conclusions. C- innovation present the facts, figures, and trends in a straightforward and honest way, so you can trust the information you're receiving.
Reading this deep dive report is crucial for anyone who wants to gain a better understanding of Wise financial health and future prospects.
This report aims to provide actionable insights to those interested in the financial technology industry, and more specifically, to businesses and entrepreneurs seeking to improve their strategies and increase their competitiveness. With our report, you’ll have access to the most up-to-date information and trends in the challenging banks.
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