Layoff of Around 300 Employees and Closure of Tampa Office
Wise, a London-based money transfer firm, is set to close its Tampa office, resulting in the layoff of 307 employees. This move is part of a strategic consolidation of Wise's Americas teams, with the company centralizing its operations in Austin, Texas.
Wise US, a wholly owned subsidiary of Wise PLC, is headquartered in New York and offers services through a mobile app, prepaid accounts, and debit cards. The company currently employs around 6,000 people worldwide and supports approximately 12.8 million customers.
The Tampa office, located at 4925 Independence Parkway, will officially close in November. However, most roles have already been reassigned to other sites, such as Austin, New York, and São Paulo, Brazil. The layoffs will occur between April 8 and November 3, with at least 60 days' notice given to each employee.
Last year, Wise processed approximately £118.5 billion in cross-border transactions. The office closure is due to a $2.5 million penalty from the Consumer Financial Protection Bureau over remittance violations.
Wise continues to maintain global offices in multiple cities, including London, Budapest, Brussels, and others. The closure likely aims to optimize resources and leverage Austin’s growing tech ecosystem as a strategic location for the Americas market.
- Wise US's strategy to optimize resources includes leveraging Austin's growing tech ecosystem, aiming to strengthen its presence in the Americas market.
- Despite the closure of the Tampa office, Wise continues to support personal-finance needs on a global scale, with services available through a mobile app, prepaid accounts, and debit cards.
