Wise, the renowned UK-based fintech firm formerly known as TransferWise, has expanded its presence into the Philippines, transitioning its operations to Wise Pilipinas. Recently, Wise Pilipinas has appointed Isabel Ridad, the founder of Monetize, as Independent Director and Chairman of its board.
Founded in 2011 by Kristo Käärmann and Taavet Hinrikus, Wise specializes in cross-border payment transfers. The company enables its users to hold 40+ currencies, move money between countries, and spend money abroad. Individuals with a Wise account can send money to over 80 countries, with international transactions to a designated account reflecting in just a few days. Wise is currently utilized by an estimated 16 million individuals and businesses, facilitating £9 billion in cross-border transactions monthly.
Beginning September 20, 2023, Wise announced that it would be managing and expanding its services in the Philippines under Wise Pilipinas, Inc. This means that anyone with a personal Wise account and registered address in the Philippines sending, receiving, spending, or holding money through the money will now be regulated by Philippine law, including an additional Value Added Tax on transaction fees.
Ridad is the founder of Monetize, a fintech venture advancing the SME sector with Nexa, its AI Business Assistant. Monetize is dedicated to streamlining core business operations like accounting, expense management, tax, and payroll through its unified and intelligent platform, providing SMEs with an integrated solution for efficient business management in today’s digital era.
Before founding Monetize, Ridad was the acting CEO of payment solutions startup PayMongo where she successfully co-led the company’s Series B fundraising round alongside then PayMongo CFO Jay Olos, securing $31M in capital. Ridad continues to sit on the Board of PayMongo after having stepped down from management early last year. She is also currently an Advisor to Tookitaki, a Singapore headquartered anti-financial crime platform.