Wise planning aggressive North American expansion in 2022

Karthik Subramanian

Wise, one of the largest payment technology companies that are looking for different and easier ways to move money around the world, has announced that it would be looking to rapidly ramp up its team and its services in the North American region in 2022.

The focus on this region comes amidst the news that its business in this region has grown by 29% to £54.2 million in the half-year that ended on September 30, 2021, and this increase in revenue has given the signal that the company needed for its expansion.

Wise Looking to Ramp Up

The company would be looking to hire more than 150 people across its locations in the region and looks to grow its workforce by over 1,000 all around the world in 2022. This market has always been a very difficult and competitive market for any business to enter into, in the fintech sector, but the fact that Wise has been able to grow shows that the opportunity is available for those who are ready to take it.

“North America is a critical region for us as we continue to see demand and interest from people and businesses looking to move money instantly, conveniently, transparently, and without hidden fees,“ said Harsh Sinha, Chief Technology Officer, Wise. ”Our expansion plan demonstrates our commitment to addressing those needs, and represents a significant step forward in our regional growth strategy.”

Multiple Partnerships in the NA Region

This growth has also been fuelled by the range of partnerships that Wise has been able to enter into in this region including those with Google Pay, Payfare, and others and it had also managed to launch its Wise card which has also found some good traction. It should also be mentioned that the payments and remittances industry around the world has seen some strong growth over the last year or so due to the pandemic which forced people to stay indoors and use digital payments for even their basic needs.

This has created a habit among the users to rely on such payment service providers which have, in turn, helped companies like Wise to improve on their transaction volumes and this ongoing trend is expected to continue for the next few years at least. For well-entrenched businesses like Wise which have a long track record and also a strong userbase, the job has been made easier as they would just need to make sure that they ride the wave.

Read this next

Retail FX

Italian watchdog red flags Olympus Brokers, UnicoFX and Allfina Group

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

XTB revenues hits zł1.45 billion in 2022, Q4 earnings disappoint

Poland-based Forex and CFDs broker, XTB has reported its final results for Q4 of 2022 and the full fiscal year ending on December 31, 2022, showing one of its most successful corporate years.

Executive Moves

Lirunex Limited recruits Waleed Salah as head of MENA sales

Maldives-based brokerage firm Lirunex Limited has secured the services of Waleed Salah, who joined the company in the role of its head of sales for the MENA region.

Executive Moves

Trading 212 parts ways with co-founder Borislav Nedialkov

Trading 212 has a void to fill at its FCA-regulated business in London, following the departure of two key players, Raj Somal and Borislav Nedialkov.

Digital Assets

Binance acquires troubled crypto exchange GOPAX

Binance, the world’s largest digital asset trading platform, has reportedly acquired a majority stake in the troubled South Korea-based cryptocurrency exchange GOPAX.

Digital Assets

Kraken exits Middle East, closes UAE office

Digital currency exchange Kraken will close down its operations in Abu Dhabi, UAE and lay off the majority of its team focused on the Middle East and North Africa.

Industry News

CFTC comments on ION Cleared Derivatives issues after Russian-linked hack

“The ongoing issue is impacting some clearing members’ ability to provide the CFTC with timely and accurate data. As this incident unfolded, it became clear that the submission of data that is required by registrants will be delayed until the trading issues are resolved.”

Industry News

FCA took down 14 times more misleading ads in 2022 thanks to technology

The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021.

Executive Moves

HKEX appoints ex-Goldman Sachs Matthew Cheong to lead platform’s focus on derivatives

“He has worked for a number of the world’s leading investment banks and his experience will be invaluable to HKEX as we continue to enhance our derivatives product offerings and build on our innovative and robust platform business, connecting capital with opportunities.”

<