“““Wise Plc is rolling out everyday bank accounts in the UK as it seeks to take up more market share from longtime banks and other fintechs.
The London-based money transfer company is launching an account that will hold money and pay out a 3.26% variable interest rate on balances, according to a statement Monday. Customers will also be able to sign up for direct debit for recurring payments.
The fintech firm, known for its cheap foreign exchange offerings, is expanding its digital banking services in an increasingly crowded market. Monzo Bank Ltd. has 15 million personal and business customers, while Revolut Ltd. has 13 million in the UK, where it recently received its UK banking license.
“This is also what is very important to us: that our customers are not only spending but also holding and growing money with us,” Chief Finance Officer Emmanuel Thomassin said in an interview.
Wise currently holds an electronic-money license in the UK, which authorizes payment services but not lending. Its existing features allow users to hold, move and spend money in as many as 40 currencies abroad using the mid-market rate.
Yet Wise has been looking for more go-aheads from regulators. Last year, it applied to be a directly regulated bank in the US, after announcing plans to shift its primary stock listing from London to the US. Wise is still waiting for a decision on that application.
Wise is also opening a physical branch on London’s Oxford Street for two weeks to encourage account sign-ups and advertise its new offering.
Wise reported cross-border volume of £47.4 billion in the quarter ended Dec. 31, up 25% year-over-year. The firm’s active customers grew to 15.6 million globally in fiscal 2025, with holdings totaling £27.5 billion at the end of last year.
Customers are coming to Wise from “tier one banks” to access fast services, such as payments in less than 20 seconds, according to Thomassin.
Jefferies Financial Group Inc. analysts wrote in a note last week customer growth had helped Wise in “driving ever greater economies of scale and efficiency.” “““
