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May 24, 2022

On the web

With Wise Losing 60% of its Value, is The International Payments Industry at Risk

Fintech Finance

“Less than a year ago, Wise (formerly known as TransferWise) shattered records as it became London’s largest-ever tech floatation. Debuting with an initial value of £8.75 billion ($11 billion), Wise brought new hope to the market and buoyed London’s hopes of attracting new technology companies looking to go public on the LSE (London Stock Exchange)….However, while Wise’s first three months as a publicly listed company were encouraging for investors and stakeholders, the stock’s value has since dropped by a whopping 60%. While it’s difficult to pinpoint one individual factor attributing to this slump, there were certainly several key events that seemed to shift the sentiment around Wise’s stock.”

January 27, 2021

On the wires

TransferWise and Visa Announce Global Partnership Following Successful Collaboration on Cloud Technology

“Visa (NYSE: V) and TransferWise today announced a global partnership and the first use of Visa Cloud Connect, a new way for fintechs and partners to securely connect Visa’s global processing network, VisaNet, through the cloud. Visa Cloud Connect underpins a new global agreement between Visa and TransferWise that will enable the expansion of TransferWise’s multi-currency debit cards in Asia Pacific, Europe, Latin America and the Caribbean, the Middle East, U.K. and U.S.”

November 30, 2020

On the web

APRA gives TransferWise a restricted banking licence

Australian Financial Review

“One of Europe’s largest fintechs, TransferWise, will be able to connect directly into Australia’s real-time payments system and further reduce foreign exchange fees, after the prudential regulator awarded it a restricted banking licence on Monday. The Australian Prudential Regulation Authority said the London-based foreign exchange disrupter had been granted a licence to provide a purchased payment facility as a limited ‘authorised deposit taking institution.'”

July 1, 2020

On the web

TransferWise to offer investment products but has ‘no plans’ to become a bank

TechCrunch

TransferWise, the London-headquartered international money transfer service recently valued at $3.5 billion , has secured an additional license with U.K. regulators to enable it to offer investment products in the future. This will mean that U.K. customers who have money deposited in a TransferWise multi-currency or so-called “borderless” account will be given the option to make that money work harder on their behalf. Total deposits currently sit at £2 billion, so there is quite a lot of customer cash potentially idle.”

June 26, 2019

On the web

TransferWise Launches Debit Card in the U.S. With Access to 40 Currencies

VentureBeat

“Money transfer service TransferWise , coming off of a banner year in which annual revenue grew to $149.12 million (£117 million) from $84.1 million (£66 million) in 2017, this week rolled out a MasterCard debit card and an accompanying multicurrency account — TransferWise Borderless — in the United States. Much like the card TransferWise introduced to U.K. and European Union markets in the middle of last year, it works in over 40 currencies without balance limits, and its conversion fees are consistent with current exchange rates.”

April 25, 2018

On the web

TransferWise launches multi-country bank account

Finextra

“TransferWise says that for anyone travelling, living or working abroad the account means they can manage their money between countries more easily than ever before, with no sneaky fees and no exchange rate markups.  Customers can hold and convert funds in over 40 global currencies meaning they can send, spend and save money like a local, as well as getting paid around the world with zero fees. “

March 12, 2018

On the web