Since launching in March 2020, Wise has achieved significant growth and recognition. In 2021, the business formerly known as Transferwise, one of the nation’s leading money transfer services, decided to rebrand as Wise Payments. Since late 2022, Wise Payments has pursued Wise through the courts, trying to force Wise to change its name.
The Wise brand has significant meaning, as the name is an acronym for “We Improve Self-Employment,” and simply giving up the name was not something the Wise team was willing to do.
Today the Intellectual Property Enterprise Court released its judgment confirming that, contrary to Wise Payments’ claims, Wise is the owner of earlier goodwill in the Wise name and it is Wise Payments which is liable for passing off if it uses the Wise name for payroll and invoice services – during the trial Wise Payments also abandoned its claim that Wise’s core onboarding services infringed Wise Payments’ trademarks.
Wise Payments is listed with a market capitalisation of just over £11bn and was described by its counsel at trial as an ‘oncoming juggernaut’. However, the judge recognised the hard work of the Wise team and the valuable goodwill the business had already built before Transferwise rebranded. Wise welcomes the decision.
