Last year, it was reported that Transferwise (recently rebranded as Wise) had been approved in the UK to offer investment services for retail accounts. According to the FCA registry, “TIVN” is approved to offer various retail investment services. At that time, it was expected that investment features would be out before the end of 2020. But the end of 2020 has morphed into 2021 minus any announcement on the new service. While Wise has continued to add new features, the ability to generate a return on cash held in a Wise account has been noticeably absent from the Fintech’s offerings.
As we understand it, investment services are still on track for later this year – as soon as the second quarter. While perhaps a bit delayed, the services should be welcomed – at least by Wise UK customers who will be first in line to be able to hold cash in a Wise account while generating a return.
Wise continues to focus on moving money around the globe with minimal friction and affiliated cost. Currently, an account holder may store 50+ different currencies and send it just about anywhere at a cost that is said to be seven times less expensive than incumbent banks. The mission is “money without borders – instant, convenient, transparent and eventually free.” Currently, over 10 million people use Wise, which processes over £4.5 billion in cross-border transactions each month.
With the addition of investments, Wise will finally emerge from stealth bank to digital bank, executing on a mission established years ago. So when will the Wise Bank arrive in your market? Hopefully, we will know in the coming months.