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Wise said to be exploring UK banking license
(Sharecast News) - International payments firm Wise was said to be exploring the possibility of becoming a UK-licensed bank, according to the Times, with the firm said to be in early-stage discussions with regulators about the feasibility of securing a banking licence. If successful, the move will allow Wise to offer interest-bearing accounts and potentially issue loans-services currently off-limits under its existing electronic money licence. It would also bring the firm under the remit of the Financial Services Compensation Scheme, offering deposit protection up to £85,000 per customer and aligning Wise with traditional banks in terms of consumer safeguards.
Wise has not yet committed to making a formal application, with any move requiring significant investment in compliance, risk management, and regulatory infrastructure. The potential shift comes amid growing competition in the fintech space, with rivals such as Revolut and Monzo already offering full banking services.
As of 0900 BST, Wise shares were up 1.33% at 1,068p.
Reporting by Iain Gilbert at Sharecast.com
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