Setting Your Business Up for International Success: Key Insights from the Fast Company Panel at SXSW

In March, the Wise Business team headed to the Fast Company at SXSW in Austin, Texas, where we were proud to sponsor a panel session packed with insights into how small businesses can set themselves up for success when scaling overseas.

The panel featured a a lineup of expert speakers including: Sebastien L. Taveau, Fintech Product Lead at Intuit who has built his own companies; Harsh Sinha, CTO and Wise US president; Bashak Ilhan, Founder and CEO of Road; and Jennifer Maman, Co-founder of Matto Espresso.

The panelists shared their experiences, challenges, and strategies for navigating global business expansion. The conversation was moderated by Greg Lindsay from FastCo Works, who brought his own first-hand experience of navigating international business in Canada into the discussion.

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The Complexity of Growing a Business Internationally

Greg opened the session by reflecting on his own experience moving to Montreal and the unexpected challenges that came with running a business across borders. “To me, the only thing more foreign than the Quebecois accent was learning to actually do payments and run a business, even as a sole proprietor in a foreign country,” he said. Despite the promise of borderless transactions in the digital age, he noted that it was far from easy.

Expanding into new markets presents both opportunities and challenges. As Bashak noted, “Growing a business can be chaotic. From opening new stores to entering new markets, there are countless challenges, including hidden fees in international transactions.” She explained how her company has relied on Wise to streamline operations: "We've been using Wise for almost seven years now. We use the integration with BatchTransfer to pay our contractors in different currencies.”

For Jennifer, global expansion is no longer just for large corporations. “Right now, we get our coffee directly from Italy. Our suppliers have been roasting for over 100 years and their commitment to quality, excellence, and sustainability is at the heart of our business.” When asked about potential challenges in expanding internationally, she explained: “When we go international, we would partner with Wise to streamline the international payment process, also ensuring our customers avoid excessive fees.”

Hidden Costs and Financial Efficiency

One of the biggest obstacles to growing a business internationally is navigating hidden fees and inefficient financial systems. Harsh highlighted the complexities of cross-border payments: “When you move money from, say, your domestic bank account to pay a supplier in Italy, it passes through multiple middlemen — each charging a different fee. So you actually don’t know how much you’re going to pay in the end.”

Sebastien added that businesses often underestimate the complexity of international financial regulations: “A net 15 or net 30 does not mean the same thing in different countries. There’s a more lax attitude toward terms and payment schedules in some places. You also need to understand local laws - you may not be able to report your own accounting and may have to go through a specific group of experts.”

His advice? “If you want to move money around, you have Wise - that’s pretty good. If you want to do accounting, invoicing, or payroll, you have Intuit. And there are also other solutions. At the end of the day, it’s really about having the time to focus on your business.”

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Leveraging Technology for Seamless Global Operations

Technology plays a crucial role in helping businesses expand internationally while maintaining efficiency. “We’re seeing a lot of interaction where people are trusting the apps they’re using,” says Harsh. He pointed out how businesses are closely monitoring exchange rate fluctuations on the Wise App: “There are people tracking the exchange rate between the US dollar and the Mexican peso (and of course other currencies) because they’re aware of how much this movement is affecting their business.”

Jennifer shared how technology has helped her business streamline operations. “Our coffee-ordering app allows us to engage directly with customers, track their preferences, and improve efficiency. We know exactly what they expect from us and it helps us inform what kind of products we want to create.”

Bashak added that AI is transforming market research and retail strategy. “We use AI to analyze trends, understand local markets, and optimize our retail strategy. We even use local weather data. We don’t show heavy clothing in Florida, for example. And if Austin is cold this week, we push that kind of clothing.”

Sebastien echoed the importance of technology and the growing trend of AI-driven automation in financial management: “If you have the right data, and the data quality is the best, then you can start building a proper agent to do tasks for you.” As technology continues to evolve, businesses are increasingly able to streamline operations, reduce costs, and focus on their core growth strategies.

Advice for Entrepreneurs Looking to Expand

The panelists closed the session with their advice for entrepreneurs looking to expand globally:

• Sebastien L. Taveau: "Don't be shy and ask for help as soon as possible. It may seem expensive to pay that lawyer’s fee, but it could save you a lot of trouble down the road."
• Harsh Sinha: "Look for specialized tools that help you solve the problem you're working on, whether it's international expansion or accounting."
• Jennifer Maman: "It’s always about the customer. Keep things simple. More menu items don’t necessarily mean more business. What matters is delivering a high-quality product and experience."
• Bashak Ilhan: "Networking is key. Sometimes it doesn't matter how much you know — it matters who you know."

Making Global Business Expansion Easier with Wise

Running an international small business can feel overwhelming, but with the right financial tools, the process can become much smoother. Wise Business helps companies move and manage money across borders instantly, conveniently, and transparently - eliminating hidden fees and giving businesses more control over their finances.

Ready to simplify your global expansion?

Learn more about Wise Business here