Global tech firm Wise is doubling down on its ongoing investment in India through a new full stack hub in Hyderabad, with plans to hire hundreds of roles over the next few years.
Wise is also rolling out its highly requested international account details feature which will allow freelancers and businesses to get paid from abroad in eight currencies at the mid-market exchange rate.. These include USD, GBP, EUR, AUD and SGD.
Wise started powering payments for India’s diaspora in 2013. Today, about 10% of all the money sent from abroad to India is done so on Wise.
In 2021, Wise launched lightning fast transfers from India at the mid-market rate and today Wise’s customers in India can send up to $250,000 abroadunder its own AD-II Licence.
That is the maximum amount allowed under the Liberalised Remittance Scheme (LRS).
Due to open in the second half of this year, the Hyderabad hub will start with core regional teams across product, engineering, servicing operations.
Wise plans to expand to host global product development and operations as hiring ramps up.
Wise’s APAC head of engineering, Smrithi Ravi, will relocate back to India to lead Wise’s hub in Hyderabad.
Wise takes note of an independent research from Benori Knowledge, which says high transaction fees (40%), non-transparent pricing (37%), and complicated processes (31%) were top challenges for businesses in India who receive payments from abroad.
