Expanding a tech company to a new country

In 2017 I was working for Paxos in New York City. After some back-and-forth with our CEO over the course of 6 months, I agreed to move to London to set up an office and build a team there. 

Paxos had an office in Singapore, so this wasn’t the first time it had opened a foreign office, but it was the second. ;)

We were working on a big project with some UK partners and I was traveling to London for one week each month anyway–YOLO.

There were a million things to figure out when opening up a foreign office. Set up the legal entity. Find a payroll provider. Find and rent office space. Get new employment contracts. Learn the local laws. Get a visa for you and others. There is a lot. 

One thing that I didn’t think much about personally, and the company didn’t think much about either, was how volatile exchange rates could potentially impact salaries. 

Not thinking about currencies

For me, of course, the Post-brexit era wasn’t great on my newly negotiated USD-converted-to-GBP salary.

I was negotiating a cross-currency compensation package around this time.

I negotiated hard. At first, I was feelin’ good. 

I paid rent and food in GBP, but all my savings and investments were going back to USD. 

Then this happened. 

Feelin’ less good.

I took roughly a 15% pay cut in my disposable income.

From the job perspective, on the other hand, I was hiring UK staff. UK salaries were looking better and better for our USD-funded startup accustomed to NYC salary demands.

We built the headcount up from 1, to 3, to about 25. Talent in the UK looked like a bargain.

Then this happened.

Now, personally I was feeling a bit redeemed, but our payroll budgets were getting blown out and it looked like the UK-office was overpaying for talent. 

Felt like I couldn't win. 

My personal takeaway

Well, that was the lesson. 

I’m a product manager. I’m not a currency trader. Should I really be surprised that it felt like I was always bleeding from exchange rate movements?

If you’re not a currency trader, but find yourself trading currencies–reach out to explore how you can use Bound's app to minimise such losses and risk.

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All testimonials, reviews, opinions or case studies presented on our website may not be indicative of all customers. Results may vary and customers agree to proceed at their own risk.

Bound (Bound Rates Limited) is a limited company registered in England & Wales under number 13036275 with registered offices at 16 Great Chapel Street, London W1F 8FL

Bound Rates Limited (FRN 966723) is authorised and regulated by the Financial Conduct Authority to act as an Investment Firm.​

Over 200 fast-growing companies use Bound to manage their foreign currency

Curious to discover why?

Currency hedging technology with unrivalled speed and flexibility

Copyright @ 2025 Bound

All testimonials, reviews, opinions or case studies presented on our website may not be indicative of all customers. Results may vary and customers agree to proceed at their own risk.

Bound (Bound Rates Limited) is a limited company registered in England & Wales under number 13036275 with registered offices at 16 Great Chapel Street, London W1F 8FL

Bound Rates Limited (FRN 966723) is authorised and regulated by the Financial Conduct Authority to act as an Investment Firm.​

Over 200 fast-growing companies use Bound to manage their foreign currency

Curious to discover why?

Currency hedging technology with unrivalled speed and flexibility

Copyright @ 2025 Bound

All testimonials, reviews, opinions or case studies presented on our website may not be indicative of all customers. Results may vary and customers agree to proceed at their own risk.

Bound (Bound Rates Limited) is a limited company registered in England & Wales under number 13036275 with registered offices at 16 Great Chapel Street, London W1F 8FL

Bound Rates Limited (FRN 966723) is authorised and regulated by the Financial Conduct Authority to act as an Investment Firm.​