Wise Takes Steps Toward UK Banking
Hey Digital Banking Fanatic!
14 years after its launch, Wise is now in talks with regulators about becoming a UK bank. That shift could let it offer interest accounts and loans, services it cannot provide with its current licence.
For customers, it would also mean deposit protection of up to £85,000 through the Financial Services Compensation Scheme, bringing Wise closer to the safety net of traditional banks.
This comes after its US banking application earlier this summer, and now Wise finds itself waiting to become a bank. Is this a shift in strategy?
Will Wise face the same long wait as Revolut? What do you think? Let me know in the comments 👇
Cheers,
INSIGHTS
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NEWS
🇬🇧 Wise is said to be exploring a UK banking license. 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.
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