Wise Denied A US Banking Licence
Hey Digital Banking Fanatic!
Wise just got denied a US banking licence.
The OCC rejected the payments giant's application for a national trust bank charter, an application Wise submitted more than a year ago.
The company says it has since invested significantly in upgrading its compliance systems, customer checks, and financial crime controls.
The timing stings. Wise moved its primary listing from London to Nasdaq just months ago, calling the US its "biggest market opportunity."
A federal banking licence would have let it operate under one regulator instead of juggling dozens of state licences.
Wise says the rejection won't affect its existing US business and plans to submit a new application.
But it's a reminder that wanting to become a bank and actually becoming one are two very different things, especially in the US, where regulators have shown little appetite for fast-tracking FinTech charters.
Meanwhile in the UK, Wise is still waiting to get its banking licence. The company operates under an e-money licence in Europe.
At a certain scale, the gap between what you can do and what a bank can do starts to matter more and more.
What will the next application look like? And will the regulatory mood shift before Wise tries again?
You'll also find my roundup of How Digital Banking Performed Last Week, where I look at some of the industry's biggest movers. Among the highlights, SoFi and Nubank both reported outstanding Q1 2026 results, but in very different ways. SoFi continued to improve profitability and grow deposits, while Nubank surpassed 135 million customers and $5 billion in revenue, demonstrating the power of scale combined with AI-driven execution.
See what else is shaping Digital Banking. 👇
See you tomorrow!
Cheers,
HOW DIGITAL BANKING PERFORMED LAST WEEK
📈 How did Digital Banks' stocks perform last week? Let's find out:
NEWS
🇲🇽 Nu México will begin operating as a commercial bank on August 6 after completing its regulatory transition and technology migration. The process starts on August 5 with a planned app migration, while debit and credit cards will continue operating normally throughout the transition.
🇵🇹 Domestic payments accounted for 57% of Revolut’s transactions in Portugal during 2025, one year after launching its local branch. According to the digital bank, its user base in the country, including retail and business customers, increased 49% in 2025 year over year. The growth lifted its market penetration to 20%, making Revolut Portugal’s third-largest bank by customer numbers, according to the company.
🇺🇸 Wise’s application for a US national trust bank licence was denied by the Office of the Comptroller of the Currency, delaying its US expansion plans. The FinTech said the decision will not affect its existing operations and plans to submit a new application after strengthening its compliance controls.
🇺🇸 Quontic Bank is using Alkami’s integrated digital banking platform and MANTL technology to streamline the customer journey from account opening to digital engagement. The bank increased account opening-to-digital banking registration from 53% to the mid-70% range within three months of implementation.
🇱🇹 iDenfy has launched a Bank Card Verification platform that lets businesses manage card verification separately from its identity verification flow. Partners can create verification requests, generate links, review results, and integrate through dedicated APIs, configurations, permissions, and billing.
🇺🇸 Upstart has received conditional approval from the Office of the Comptroller of the Currency to establish Upstart Bank, N.A. The charter would allow Upstart to reduce operational, regulatory, and financial complexity for itself as well as for its third-party capital partners, and enable the AI lending platform to offer its full range of products across all 50 U.S. states.
📊 SoFi 🆚 Nubank in Q1 2026
🇸🇬 Ant International has expanded the Alipay+ network with new banking partners, enabling more banks to offer cross-border mobile payments through a single integration. The platform is accepted in over 220 markets and supports QR code payments across more than 55 countries and regions.
🇨🇭 Mbanq has received its first institutional investment from a Swiss private bank through its newly launched funding program. The investment supports the expansion of its lending and Earned Wage Access platform, with the program structured through loan participation notes listed on the Düsseldorf Stock Exchange and a capacity of up to $100 million.
🇨🇴 Banco Caja Social has enabled businesses to generate QR codes linked to their Bre-B keys through its online business portal. Companies can register, manage, and update their Bre-B keys while creating QR codes instantly, allowing them to receive secure real-time payments at any time.
🇺🇸 Ally Financial announced leadership transitions, appointing Sean Leary and Dan Ignacio to new leadership roles. Leary will serve as Head of Consumer Servicing Operations for the Auto Finance business after previously leading financial planning and investor relations, while Ignacio will take over as Executive Director of Investor Relations & Corporate FP&A.
Want your message in front of 315.000+ FinTech fanatics, founders, investors, and operators?
Shoot me a message on LinkedIn or send me an e-mail.
