Wise is considering applying for a banking licence in the United Kingdom. According to The Times, the company has approached senior figures in the financial sector in recent months regarding roles linked to a potential banking business.
Meanwhile, Wise has applied to the U.S. Office of the Comptroller of the Currency for approval to establish a national trust bank in Austin, Texas. If approved, this would allow the firm to settle U.S. dollar transactions directly with the Federal Reserve. The move would reduce its reliance on intermediary banks and support its plan to shift its primary stock listing to the United States.
UK Banking Ambitions Still at an Early Stage
The plans for UK banking license remain at an early stage. Wise is already a clearing member of the UK’s high-value payments network, Chaps.
You may find it interesting at FinanceMagnates.com: Business Transfers Boom at Wise, but Personal Accounts Still Dominate.
A banking licence would give the company the ability to pay direct interest on electronic money, providing an alternative to yields generated from money market funds or investment portfolios.
The company has been investing in infrastructure to gain direct access to payment systems in major markets. According to Wise, its longer-term goal is to process more than £1 billion in transactions and move trillions of pounds globally.
Wise Plans US Primary Listing Expansion
Wise plans to make its primary listing in the United States while retaining a UK presence. For the year ended March 31, the firm reported a 23% rise in transaction volumes to £145.2 billion and served 15.6 million customers, up 21%.
Revenue increased 15% to £1.2 billion, with underlying profit before tax rising 17% to £282.1 million. The US listing aims to broaden investor access and support strategic growth.
