Research by Wise Business reveals that 76% of UK small and medium-sized businesses anticipate a challenging Christmas, comparable to the previous two years impacted by COVID. Rising energy costs and inflation are major concerns, with 57% and 51% of businesses indicating these as primary worries, respectively. Nearly half anticipate needing to increase prices, while 38% of consumers plan to cut back on gift spending. Despite these challenges, some businesses, such as Spice Kitchen, are exploring international expansion and boosting online presence to adapt.
Firstbase partners with Wise to integrate the Wise Platform API into Firstbase Loop, enabling newly incorporated businesses to send international payments quickly and affordably. This collaboration offers businesses a streamlined account creation and verification process, enhancing their ability to manage cross-border transactions. Wise currently processes over $8B in transactions monthly and is trusted by 13M users globally. This integration aims to alleviate the complexities of international payments, a common concern for many small businesses operating worldwide.
A recent Wise study revealed that 34% of U.S. small and medium businesses (SMBs) are operating internationally, yet 49% feel deterred by complex international payment processes. Cost and complexity in sending money overseas were highlighted by 45% of respondents as major hurdles. The survey, involving 4,800 SMBs, shows tech enabled opportunities for growth despite challenges, with 79% of micro-multinationals struggling due to banking issues. Wise offers solutions like local account details in 10 currencies to simplify international transactions.
Payfare has partnered with Wise to integrate international money transfer capabilities into its digital banking platform, serving gig workers in North America. Starting in 2022, users will be able to send instant payments to over 80 countries through Wise's infrastructure, enhancing financial convenience and reducing costs. This collaboration aims to address the challenges faced by gig workers who traditionally rely on costly legacy services. Wise, known for its competitive pricing and transparency, complements Payfare's mission to empower the global gig economy.