‘It doesn’t happen overnight’: How Wise is expanding its banking relationships internationally
- Wise may have shortened its name, but its roadmap continues to expand.
- At Tearsheet’s Big Bank Theory Conference, Lindsey Grossman, director of product, and Ryan Zagone, head of Americas, talked about how the company is leveraging APIs to accelerate growth.
Almost two years into Covid and the shape of the workforce is changing. With more remote employees, gig economy workers, and freelancers, the path between paycheck and payee is becoming more zig-zaggy than ever.
Wise, formerly known as TransferWise, is sitting right in the middle of this shift. Its main motives as a company have always been within the realms of international payments.
Wise was started with the goal of being a cheaper alternative for transferring money abroad. Users could transfer money to a bank account in a different country by either paying Wise through a debit or credit card or making a local bank transfer to Wise’s bank account in their country. Wise charges a service fee, and customers pay the midmarket exchange rate as an addition to that.
When Covid hit, the company saw SMBs leave their banks to find the cheapest way to transfer money abroad. Wise got 10,000 new SMB customers every month of last year, according to head of Americas, Ryan Zagone.
“Small businesses are now acting like remittances. They’re more cost conscious, they want something digital, they want transparency, and a guaranteed delivery fee amount,” said Zagone
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