What is treasury management? Find out in this helpful guide to companies trading overseas.
In the fast-evolving world of pet e-commerce, one company has ridden to the forefront with its dedication to top-notch care, products, and helpful content about our four-legged friends. Introducing Pangolia, a Singapore-based pet e-commerce company established by 25-year-old Danish entrepreneur Simon Treulle who saw an opportunity to transform the world of pet care while channelling his enthusiasm for animals.
"I've always had a passion for pets and taking care of them. I really want to help them to live a better life."
In this article, we'll delve into Simon's journey and how Wise Business has played a crucial role in helping Simon grow his idea for a pet company into an international team of 110. Today, Pangolia benefits from Wise's fast, affordable and transparent payments in multiple currencies and last year saved $70k on sending money overseas.
"Wise is a game-changer. It's easy to use, helps us save money, and is perfect for paying our remote team."
Simon's entrepreneurial journey began with various ventures across industries ranging from gardening to home improvements and pets. However, he realised that specialising in a particular niche was the key to making a substantial impact on the world of business. In 2020, Simon decided to pivot his focus exclusively on the pet industry, founding Pangolia.
''Singapore is a really good place to have a business for a lot of reasons. Wise is available there, for example. That's one good reason.''
Originally from Denmark, Simon moved to Singapore in 2020 to set up his business selling specialised cat furniture. Perfectly aligning with his international ambitions, Simon finds Wise Business to be an essential tool for his international payments needs such as paying team members and suppliers in multiple currencies or using Wise Business debit cards. He explains: ''I chose Wise because it's very easy to use, we save money, and it's perfect for paying a remote team''.
Simon initially discovered Wise when he opened an account as a personal customer, having signed up to traditional bank account providers and experiencing ''high fees, and a slow, very bulky user experience''. He chose Wise as an alternative to support his international lifestyle and when Pangolia was founded, he naturally extended his relationship to Wise Business.
Wise's multi-currency account is ideally suited to Simon's international operations. With the batch payment feature, he is able to pay all of his 110 remote team members at once, in a mix of currencies such as USD, Philippines pesos or Mexican pesos, by uploading just one spreadsheet. In one year, Pangolia has saved an estimated $70k on sending money overseas. ''I have this spreadsheet I've created that I can upload to Wise. And it's super helpful to pay the whole team at once and it saves so much time,'' Simon says.
When it comes to cross-currency and multi-currency capabilities, Simon says he's yet to find alternative providers that are able to match Wise's affordable international payments and fast transfers.
Pangolia's portfolio comprises various brands. From Hepper, an e-commerce brand designing modern cat furniture, to Excited Cats or Petkeen, information hubs full of helpful tips and guides for pet owners.
"We work closely with suppliers to ensure our products meet our high standards. Wise plays a significant role in facilitating these transactions."
The ability to pay suppliers in their currency with ease and efficiency helps Pangolia maintain its commitment to customer satisfaction. Simon says that his suppliers are in the US and China, and one standout feature for Pangolia is Wise's ability to facilitate payments in multiple currencies to suppliers worldwide. Wise's transparent payment tracking and the ease of sharing payment links have also proven invaluable for Pangolia's international transactions.
Simon has also found that Wise's virtual debit cards help to simplify his business operations: "The Wise debit card is really helpful. It offers flexibility that traditional banks couldn't provide," Simon noted. Unlike his past experiences, Wise's virtual cards enable him to create and manage multiple cards, each tailored to specific needs.
''I can create virtual cards, they're super helpful, I can set limits, and cancel it very fast if I don't need it anymore''
For example, Pangolia's team members can use these cards for essential payments, such as supplier transactions, without the need for constant involvement from Simon. Pre-set approvals and spending limits as well as team member roles mean Simon does not need to approve every transaction in the account, saving his team valuable time.
Pangolia and Wise have a shared mission to make their industries work better for customers around the world. Simon's aspirations for Pangolia are bold and clear."We're on a mission to build the biggest, most helpful pet company globally," he says.
With an impressive readership of over 72 million across their websites, they've got a strong start on their mission while Wise is proud to be supporting Pangolia as part of our mission to make money without borders work for businesses around the world with fast, easy and transparent international payments.
In an increasingly interconnected world, Wise Business has become an invaluable partner for Pangolia, enabling seamless international transactions, saving money on fees, and simplifying payment processes. As Pangolia continues to expand its global presence, Wise Business is excited to be on the journey with them. And what would Simon say to other businesses considering opening a Wise Business account? ''It's the wise thing to do''.
This testimonial is voluntarily provided by a real Wise Business customer, who was not compensated in exchange for their statements. Results may vary based on the unique circumstances of each individual.
Pangolia saved approximately $70k on their annual USD volume in terms of paying out in Philippine pesos compared to the average of Wise Business competitors.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
A guide to international treasury management for UK entities, including what it is and best practices.
Are you looking to start a business in Romania? Explore steps, entity types, challenges & opportunities in this guide to success in a thriving market.
New research by Wise Business has revealed the reality of international payments for SMEs in the North of England and what this means for expansion plans
Ramp is a partner of Wise and a leading finance operations platform that brings together spend management, price intelligence, and finance automation to help...
The ultimate guide to key features in the Wise Business account that will help you to grow your business without borders.