Member Exclusive

‘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.
close

Email a Friend

‘It doesn’t happen overnight’: How Wise is expanding its banking relationships internationally

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

 


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “‘It doesn’t happen overnight’: How Wise is expanding its banking relationships internationally”

Data Snacks, Member Exclusive

Consumers may not get crypto, but they are buying it

  • With almost 2 in 10 people in the US owning crypto, crypto popularity continues to climb.
  • But crypto knowledge seems to fall quite a bit behind crypto optimism. Only 4% of people in the US can pass a crypto literacy quiz.
Rivka Abramson | November 29, 2021
Member Exclusive

‘We’re not here to build the airplane’: How Greenwood builds product for the culture

  • Greenwood hasn’t launched yet, but already has 600,000 signups on its waitlist, and a list of big banks backing it.
  • At Tearsheet’s Big Bank Theory Conference, Greenwood’s Chidiebere Kalu talked about how creating a successful product is not just about building an app, it's about creating a community.
Rivka Abramson | November 19, 2021
Member Exclusive

5 takeaways from Marqeta’s Q3 results: What you need to know

  • Marqeta released its third quarter 2021 results, posting strong revenue growth.
  • The company continued to expand existing partnerships while launching new products.
Iulia Ciutina | November 17, 2021
Member Exclusive

How crypto firms are using Marqeta’s platform to build crypto spending and rewards products

  • Marqeta has announced new applications of its platform to support cryptocurrency payments and crypto-based rewards on debit and credit card spending.
  • Coinbase, Fold, Shakepay and Bakkt are using Marqeta’s platform to build card solutions around crypto spending and rewards.
Ismail Umar | November 16, 2021
Member Exclusive

With N26’s $900 million round of funding, could it be retreating from the US market?

  • N26 raised $900 million, valuing the firm at $9 billion.
  • In spite of the new investment, the challenger bank's commitment to the U.S. market may be flagging.
Subboh Jaffery | November 05, 2021
More Articles