Wise Business, Wise’s business account for going global, has launched 'Groups', giving businesses enhanced control and flexibility over how their money is spent.

The Groups feature enables businesses to take charge of their finances by allowing them to segregate funds and assign set balances for card spending on specific projects, teams or business needs, all from within the Wise Business account. 

Groups also allows balances to be held in multiple currencies, allowing for an even more tailored approach to managing international payments.

In addition, business owners will have the power to add team members to specific Groups, who will then have access to their own digital cards, which come with customisable spending limits and permissions. Team members can use their digital cards to pay for anything their business needs. 

This innovative tool simplifies financial operations and streamlines expense management, ensuring greater transparency and control over company card expenditures. 

Jack Maddock, Product Lead, Wise Business, said: 

"We aim to make managing money internationally as simple and efficient as possible. With the introduction of Groups, we're taking a significant step toward achieving this goal by transforming the way businesses manage their expenses. 

“Whether it's handling international transactions, monitoring spending, or distributing funds for card spending among various departments, Groups provide a comprehensive expense management solution for global businesses everywhere.”