How Mathema.me is making education count with Wise Business

In our increasingly digital world, education is evolving at an unprecedented pace, and platforms like Mathema.me are reshaping the way students learn and teachers earn. What sets this online education platform connecting students in Ukraine apart, is its focus on creating a seamless personalised experience for both qualified teachers and students, encouraging both parties to provide feedback and improve.

Co-founded by Wise product manager Pavlo Pedenko in 2021, Mathema.me started life as a manual operation involving Google calendars and a simple lead collection form for booking lessons. It has now transformed into a robust platform, connecting 600 teachers worldwide with over 8,500 clients globally. The company counts on Wise Business to pay their teachers in USD, EUR and uses their USD account details to convert USD to UAH (Ukrainian Hryvnia). This seamless multi-currency account is enabling the company to provide more than 34,000 lessons a month worldwide.

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Empowering teachers

While it's clear that while Mathema.me started out as a casual hobby, it's now taken on a life of its own: ''My co-founder started this mass side hustle, and asked me whether I would like to join him. We initially saw it as a lifestyle business experiment but as it gained traction, we realised its immense potential''.

As Pavlo describes, the platform carefully onboards mathematics teachers, providing them with opportunities to train and grow professionally and earn more while ensuring quality education for students. ''We want teachers to have their 80% of capacity filled in the first couple weeks, showing our commitment to both quality education and sustainable income for teachers. Students provide feedback after their lessons and teachers can gain rewards and increase their hourly rate that way,'' Pavlo says.

''I find a lot of fulfilment in my business, it's something that gives me energy. I'm only making dividends at the moment. When we make money, I'll make money.''

Operating mainly in the Ukrainian (50%) and Polish (20%) markets with future international expansion plans, Mathema.me was inspired by Pavlo's upbringing and the transformative power of mathematics in his career as a product manager. ''Did you know that according to a Forbes article, 9 out of the 10 best paid jobs in the US have something to do with mathematics skills?'', explains Pavlo. He also shares how he as a Ukrainian feels that teaching the next generation these valuable skills is his way of contributing to the society he feels a part of, as well as emphasising his commitment to providing stability for teachers and students in Ukraine.

Co-founders Pavlo Pedenko (left) and Vitaliy Shkil (right)

Counting on Wise Business

Pavlo says that on many levels, the success of Mathema.me wouldn't have been possible without the support of Wise - both as his employer and as a business account provider. Pavlo describes that when he received his job offer from Wise, he needed to relocate to the UK and was in need of local account details for his salary to be paid into: "I didn't know how to set up an account, so I thought I'll try my employer's consumer account and I have actually not bothered to set up an account with a domestic bank since."

''We really value Wise coverage for how we expand, as we need to receive payments and pay out in multiple currencies. Ultimately, we wouldn't push into a market we cannot properly operate in, and Wise is crucial for our business operations in new markets."

When it came to setting up the business and choosing an account, Pavlo says they considered multiple options but ''Wise felt like the best one available''. He explains how Wise's batch payment tools have enabled them to disburse 275 payments in a single transaction in USD, EUR and UAH, saving them significant time and money with low conversion fees.

Batch payments

The company now manages two entities: one in Estonia and the other in the US, with Mathema.me using two separate Wise Business accounts to manage their finances. Pavlo says that both accounts make full use of the range of features available.

On his US account, this includes opting into the interest feature * , which offers for eligible customers the ability to opt in to earn an annual percentage yield (APY**) and the benefit of added protection on their USD balance with passthrough FDIC insurance of up to $250,000 through our Program Bank***. He explains: "In the US, we also use our account to send, get paid and batch payments."

Mathema.me's platform

Mathema.me employs various payment processors depending on the region, integrating solutions like Stripe in the US and European-based payment methods in Estonia. Diving deeper into their operational processes, Pavlo shared insights on their transaction habits. "We also use the account for paying for subscriptions and services, mainly software solutions. It gives a lot of flexibility and removes the burden of me and my partner paying for business expenses” he says.

When it comes to the reasons why Pavlo continues to choose Wise for his business Pavlo says: "I think for me the main reasons for staying with Wise are price, speed and the interest feature - it's the cheapest and fastest **** option, really.”

Mathema.me's team

Expanding overseas

Looking ahead, Mathema.me has ambitious expansion plans, targeting markets in Europe such as Romania and Hungary. Pavlo credits Wise's coverage and reliability as crucial factors in determining their expansion strategy, emphasising the importance of operating efficiently in new markets. ''We consider Wise coverage for how we expand as we need to receive payments and be able to pay out. Ultimately, there is no point for us to push for a market if we cannot properly operate there and Wise is crucial for our business operations'', Pavlo says.

Giving an insight into the growing pains of scaling a business, Pavlo says one of the struggles is ensuring they have enough teachers: ''We need to make sure we continue to increase the amount of teachers as we're growing and we're already selling out of classes''.

With Wise Business as a trusted partner, Pavlo hopes to continue changing lives with excellence in mathematics teaching, while multiplying the impact he can make by growing the business across borders.

Disclaimers

*What is the Wise interest feature?

*The interest feature is not currently available to New York and Alaska customers.

** Annual Percentage Yield (APY) - rates shown are true as of 01/01/2024. See Program Agreement for details.

*** The current Program Bank is JPMorgan Chase Bank, N.A., see Appendix 1 of the Program Agreement for the most updated list of Program Bank(s). Eligible customers must opt in to the interest feature. Participants will have the balance of their USD funds held in their Wise Account “swept” into a Federal Deposit Insurance Corporation (“FDIC”) insured interest-bearing account at one or more participating banks (each, a “Program Bank”) that will hold and pay interest on the deposit funds. For a complete list of Program Banks, please see Appendix 1 of the Program Agreement. For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the Program Banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The Program is not intended to be a long-term investment option, checking or savings account, investment contract or security.

**** Results may vary based on the unique circumstances of each individual.