- New invoicing tool enables small businesses to create invoices, receive payments faster and automate reconciliation
- Last financial year, more than 600,000 businesses used Wise Business globally, marking a 20% year-on-year increase
Singapore, 17 October 2024 – Wise Business, the international business account for going global, has announced the launch of a brand new invoicing feature for Singapore small and medium enterprises (SMEs). The free-to-use service simplifies the process of generating invoices, making and receiving payments, and tracking finances — all within the Wise Business account.
Designed with smaller businesses in mind, the service is available free of charge to Wise Business customers, and offers users the ability to:
- Create and issue professional, well-formatted invoices – which can be automatically issued via email
- Automatically reconcile payments without hassle, with invoices seamlessly integrated into the Wise Business account
- Track an invoice’s status to see what’s paid or overdue
- Issue invoices in multiple currencies — including USD, JPY, EUR — and receive payments free of inflated exchange rates and hidden fees
- Attach payment methods, allowing clients to pay quick and securely – a “Pay with Wise” option provides the cheapest, fastest experience for users whose customers also use Wise
In Singapore, SMEs make up 99% of enterprises and contribute over S$200 billion to the economy, nearly half of the nation’s GDP. Despite Singapore pushing the boundaries of innovation in its robust banking system, many SMEs still remain underserved, particularly in their payment needs. Wise’s new invoicing feature is designed specifically to address these challenges by simplifying payments and supporting the continued growth of these vital businesses.
Surendra Chaplot, Head of Product at Wise, said: “Invoicing is an essential yet often dreaded part of running a business anywhere in the world. Existing B2B tech companies, offering cross-border payments solutions to SMEs, lack essential features and fail to address the specific needs of small businesses. This forces small businesses to rely on expensive accounting software, or manually maintained spreadsheets.”
“We have built this new feature to take the pain out of invoicing, and to make getting paid as simple as possible. With Wise, Singapore SMEs can now create and send invoices in just a few clicks, and the payments flow seamlessly — saving them time and effort, all while using the mid-market exchange rate. Best of all, it’s free.”
Wise Business serves 600,000+ customers globally
This launch further amplifies the growing success of Wise Business, which has surpassed 600,000 active customers globally — marking a 20% year-on-year increase over the last financial year. Wise Business helps SMEs across the world go global from day one. It enables users to hold and send money in over 40+ currencies to 160+ countries, with account details in 9+ currencies. Other features include employee expense cards, batch payments, and integrations with major account platforms, like Xero and QuickBooks.
Users can also earn a return* on USD and SGD, thanks to ‘Wise Interest’, a feature allows customers to earn interest while maintaining the flexibility to send, hold and receive money into their Wise Business account.
* Currently, the annual variable yields are 3.28% on SGD balances (after 0.68% annual fee) and 4.12% on USD balances (after 0.85% annual fee). These are our variable rates for SGD as of 26/09/2024 and USD as of 14/06/2024. The rate we show is how much your money could grow over a year. Return not guaranteed, past performance is not an indicator of future results, capital at risk.
About Wise
Wise is a global technology company, building the best way to move and manage the world’s money.
With Wise Account and Wise Business, people and businesses can hold 40 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new network for the world’s money. One of the world’s fastest growing, profitable tech companies, Wise launched in 2011 and is listed on the London Stock Exchange under the ticker, WISE.
In fiscal year 2024, Wise supported around 12.8 million people and businesses, processing approximately £118.5 billion in cross-border transactions, and saving customers over £1.8 billion.
