What Upwork Announced
Upwork has partnered with Wise Platform to improve international payout options for freelancers. The move allows workers in selected regions of South America, the Asia-Pacific and Europe to receive faster transfers when using the “Direct to Local Bank” withdrawal option, which has become the most widely used method on the platform. Transfer costs range from $0.99 to $4.99 depending on currency and country, making speed and efficiency critical in emerging markets where PayPal or Payoneer access is limited.
Upwork said the integration will initially serve specific geographies but could expand further as demand grows. The company currently supports freelancers and clients in over 10,000 cities worldwide, with $4.1 billion in gross services volume (GSV) in 2023.
Investor Takeaway
Why Wise Platform Matters for Freelancers
Wise officials said the agreement underscores the growing role of freelancers in the global workforce and their need for reliable financial tools. Wise processes over £11 billion ($13.6 billion) in monthly cross-border payments for 16 million customers. Its B2B arm, Wise Platform, powers payment services for major enterprises including Google, Morgan Stanley, Brex and Ramp.
By leveraging Wise’s API, Upwork can provide real-time FX conversion in more than 50 currencies and cut intermediary banking fees by up to 60%. Around 70% of Wise transactions are completed in under 20 seconds, according to company filings, reducing settlement times that can otherwise stretch for days.
Global Context: Freelancing as a Growth Driver
Freelancing is becoming a cornerstone of labor markets worldwide. Upwork’s own research shows that 28% of U.S. skilled workers now freelance, while the platform’s global base generates nearly $4 billion annually. Analysts say the growing professionalization of freelancing is creating demand for advanced financial infrastructure.
According to a Mastercard report, the global gig economy is on track to process more than $455 billion in payments by 2025. This highlights the competitive race among platforms to deliver seamless payout solutions that can win loyalty in emerging freelancer hubs where traditional banking options remain limited.
Investor Takeaway
What’s Next for Upwork
For Upwork, the Wise partnership is part of a broader push to keep pace with demand in 180+ countries. Emerging markets—particularly Brazil, the Philippines, India and Eastern Europe—remain crucial to its talent pool. With Wise integration, the platform hopes to reduce friction for freelancers and boost satisfaction in regions where payout speed often determines loyalty.
The collaboration may also strengthen Upwork’s competitive position against rivals offering faster or cheaper withdrawal methods. As the gig economy continues to expand, payments infrastructure will remain a strategic battleground for platforms seeking scale and trust with freelancers worldwide.
