The international money transfer fintech Wise (formerly TransferWise) has just started a competition for its users. Ahead of a possible IPO in London, the company has decided to offer 2,000 of its customers a free share to hold shares in the company. Each share is currently valued at $ 125, equal to 0.0000029% of Wise.
Wise customers will therefore become shareholders, but it will be necessary to be lucky enough to be able to hope for a selection. In fact, Fintech claims more than 10 million users for its various services, which have been expanded into completely competitive banking products compared to neobanks in recent months.
“The best understanding of the problems”
“We recently realized that as a venture capital technology company, we don’t have customers as shareholders. That’s strange, ”said co-founder and CEO Kristo Käärmann. The terms of the contest also state that the selected customers will then become beta testers with advance access to new features and services.
“Customers have the best understanding of the problems we solve as part of our mission. So it’s only natural that you have a say in how Wise is built and managed, ”the CEO continued on his Twitter account. Wise is not making great strides, however, while its 2000 customer-reserved shares will not represent a very significant chunk of fintech’s capital.
Since breaking even in 2017, Wise’s valuation has jumped. She left fundraising aside to focus on secondary funding in the anteroom to an IPO. This financing operation is designed to give first-time investors the opportunity to sell their shares to others. A way for the company to keep growing.
In February, during his name change, Wise also announced his next plans. FinTech no longer wants to be reduced to a money transfer platform and offers a bank card in its range, bank accounts and a “business” range to which 150,000 new customers have subscribed in 2020. According to Wise, 1 million customers had ordered his debit card.