Wise secures funding and wants to bring assets to Estonia

UK based remittance platform Wise revealed its intention to expand its investment services across Europe following the launch of the Assets product in Estonia.

After receiving a license from the Estonian Financial Supervision and Resolution Authority, Wise revealed that she would be bringing her Assets product to Estonia. The Assets solution allows customers to choose how their money is held and provides opportunities to earn money in over 50 currencies, as users can invest in funds while retaining access to their money in case of need.

Compared to a traditional investment account, the Assets solution stands out by giving users instant access to a portion of their funds, regardless of where they are invested.

The Estonian investment license will allow Wise to start bringing assets into Europe, but the company has also revealed plans to seek permission to passport it and expand its availability to more markets across the continent.

Wise Receives $352 Million Syndicated Credit Facility

Wise received a syndicated credit facility worth $346 million from Silicon Valley Bank UK with participation from six other banks. The fintech company says it will use the funds to accelerate its growth, which could include the aforementioned European expansion.

Wise officials quoted by siliconcanals.com highlighted that this facility led by Silicon Valley Bank UK will provide flexible and efficient access to working capital, which could help improve the company’s services and ultimately benefit Wise’s millions of customers around the world. the world.

Silicon Valley Bank UK officials quoted by the same source revealed that this new facility is part of their long-term relationship with Wise following last year’s pre-IPO syndicated facility.

Wise has launched a SWIFT receiving service

In September 2022, Wise has launched the SWIFT receipt service allow bank customers to receive cross-border payments even if the bank is not connected to SWIFT.

With this new service, Wise makes it easier for neobanks to connect and allow their customers to receive international payments via SWIFT, using their existing account details. According to the official press release, many neobanks are not connected to SWIFT due to the time and resources required to connect to the system. Therefore, it prevents their customers from reliably receiving money from abroad.

The feature also allows financial institutions with an existing SWIFT setup to switch to Wise’s service and receive those incoming SWIFT payments faster. The service is already online with a European neobank at the time of writing.