Wise Eyes UK Banking Licence
Wise, the London-listed fintech best known for cross-border money transfers, is exploring a potential banking licence application in the UK as it builds out infrastructure for its global payments network. According to The Times, the company has been in discussions with seasoned financial services professionals over the past two months, targeting roles tied to establishing a banking business. While plans remain at a very early stage, the move could mark a significant expansion in Wise’s strategy.
Currently, Wise is already a direct participant in the UK’s high-value CHAPS payment network through its RTGS membership. A banking licence would add new capabilities, including the ability to pay direct interest on electronic money accounts. This would position Wise as an alternative to traditional yield models built around money market funds and portfolio investments.
The UK push comes as Wise also advances efforts in the U.S., where it has applied for national trust bank status. If approved, the charter would allow Wise to connect directly to the Federal Reserve’s payment systems, enabling it to bypass intermediary banks. This dual-track approach highlights Wise’s ambition to expand its direct access to global payment rails.
The fintech has been making heavy investments in infrastructure to gain these connections in key markets. Wise’s vision is to process over a billion pounds in transactions while scaling toward moving trillions worldwide. Securing a UK banking licence would represent not just regulatory approval, but also a strategic foothold in its effort to compete with established financial institutions while offering customers faster and cheaper cross-border payments.
