Wise Business announces cashback for SMEs in UK ahead of global launch

Rick Steves

“Small and medium-sized businesses face a tough business environment, so we want to help where we can. Giving businesses cashback on their spending is just one way we can do this. We’ll continue to do all we can to give businesses the international banking services they deserve, from providing features like cashback to building a world where money can move without borders.”

Wise Business, the business account solution by Wise, has launched cashback for its customers, a feature that rewards Business customers with 1% cashback on their card transactions with a few exceptions.

The list of transactions excluded from cashback are:

  • cash or cash-like transactions, like ATM withdrawals or gift voucher purchases
  • Gambling transactions, including bookmakers and casinos
  • Payments to financial institutions (like a credit card provider)
  • Payments connected to commodities, investments, savings or cryptoassets
  • Payments to government bodies or tax authorities

Wise says SMEs have been long neglected by big banks

Wise Business currently has more than 300,000 active customers. The cashback service is available to all UK-registered businesses and allows them to earn cashback when making card payments across the world.

“No matter if a business is buying paper from Scranton, sourcing Christmas stock from Stockholm or paying for chilli crab on a business trip to Singapore, each transaction comes with cashback”, said the announcement which reminded that all current UK-registered Wise Business card holders are automatically registered with the new feature, with cashback paid at the start of each month.

While the feature is currently only available to UK-based businesses, Wise plans to bring to it more countries in the near future.

Clara Nobre, Head of Wise Business, said: “Small and medium-sized businesses face a tough business environment, so we want to help where we can. Giving businesses cashback on their spending is just one way we can do this. We’ll continue to do all we can to give businesses the international banking services they deserve, from providing features like cashback to building a world where money can move without borders.”

Wise Business caters to small and medium-sized businesses – “long neglected by big banks and offered slow, expensive services”, according to the firm – with the goal of helping solve their international banking needs.

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