One of the world’s most recognized fintech companies, Wise, has unexpected roots in Ukraine. While widely known as an Estonian-founded enterprise, Wise’s early development was driven by a dedicated team of Ukrainian engineers based in Cherkasy. This lesser-known story highlights the contributions of Ukrainian talent in building a company that has revolutionized international money transfers.
The Early Engineering Foundations of Wise
Founded in 2011 by Taavet Hinrikus and Kristo Käärmann, Wise set out to eliminate the high costs and inefficiencies of international money transfers. In its early days, before becoming the billion-dollar company it is today, Wise did not have its own in-house engineering team. Recognizing the strength of Ukrainian tech talent, the founders turned to a group of engineers in Ukraine.
One of the key figures in this early team was Nikolay Mironenko, who joined Wise as the fourth engineer and the eleventh overall employee. He played a crucial role in developing Wise’s payment infrastructure and real-time currency pricing system. Initially hired as part of an outsourced team alongside Estonian and other international professionals, Mironenko and his colleagues later transitioned into full-time Wise employees, significantly contributing to the company’s rapid expansion.
Contributions to Wise’s Growth
The Ukrainian engineering team was instrumental in developing several critical technical solutions that fueled Wise’s global expansion, including:
- P2P Currency Exchange System: An innovative model that matched individuals looking to exchange currencies at real exchange rates, ensuring sufficient liquidity for transactions.
- Request Money Feature: Initially designed as a cost-effective solution for sending money abroad, Wise soon identified a growing demand for requesting payments. The Ukrainian team developed the first iteration of this feature.
- Expansion of Currency Routes: New currency corridors were essential for Wise’s growth and global reach. The early engineering team played a key role in launching numerous currency routes, enabling customers to send money to more destinations worldwide.
Scaling the engineering team from a small startup to a global operation with thousands of employees required building robust systems and processes to manage growth effectively.
Engineering at Wise: Simplicity and Scale
Wise has always been a mission-driven company, focused on reducing costs for international money transfers with the long-term goal of making them free. The product development strategy revolved around three key pillars: speed, convenience, and price. Each engineering team was dedicated to enhancing these aspects to ensure seamless and cost-effective transfers for users.
From Startup Agility to Scalable Stability
In its early stages, Wise prioritized rapid development and iteration, emphasizing agility in decision-making and execution. However, as its user base expanded, the company needed to balance speed with stability. Transitioning from a monolithic web application to a distributed, microservices-based architecture allowed Wise to scale efficiently, ensuring reliability without compromising innovation.
Key strategies included:
- Modular, Service-Based Architecture: Independent, scalable services replaced the monolithic system, enabling targeted scaling without affecting the entire platform.
- Global Data Replication: Distributed databases ensured fast and reliable payments across multiple regions.
- Real-Time Currency Pricing Engine: Unlike traditional banks that update rates infrequently, Wise developed a system that continuously syncs forex data, offering users the best exchange rates.
- Load Balancing for Performance: Dynamic traffic routing prevented bottlenecks, maintaining smooth performance even during high-demand periods.
The Future of Fintech: Lessons from Wise
Wise’s success challenges the belief that major fintech innovations can only emerge from Silicon Valley, London, or Berlin. Key takeaways from Wise’s journey include:
- Outsourcing can be a strategic advantage. Wise’s early reliance on external engineering teams laid the foundation for its long-term success.
- Eastern Europe is a fintech powerhouse. Many of the industry’s leading companies, including Revolut and Monobank, have roots in this region.
- Simplicity is key in fintech engineering. The most successful financial products prioritize efficiency over complexity.
- Scalability should be a priority from day one. Building an architecture designed for growth ensures long-term sustainability.
- Location is secondary to talent. Wise’s infrastructure was developed by a distributed team, proving that innovation is not limited to traditional startup hubs.
A Legacy of Innovation
Wise’s evolution from a bold startup idea to a global financial leader demonstrates the power of technical excellence and mission-driven innovation. The contributions of its early engineering team, including those from Ukraine and individuals like Nikolay Mironenko, helped shape a platform that millions rely on today. As Wise continues to expand, the foundational principles of customer-centricity, continuous improvement, and financial fairness remain at the core of its mission.
