Wise is considering applying for a banking licence in the UK as it builds out infrastructure for a globally connected money movement network.
According to The Times, the company has reached out to financial services experts over the past two months regarding roles related to starting a banking business in the UK. Plans are understood to be at an early stage.
Wise is already an RTGS clearing member of the UK’s high-value payment network, Chaps. A banking licence would allow the fintech to pay direct interest on electronic money, providing an alternative to yields derived from money market funds and stock portfolios.
The move follows Wise’s application for national trust bank status in the US. If granted a non-depositary national trust bank charter, the firm would be able to connect directly to the Federal Reserve payment systems, bypassing intermediaries.
Wise has been investing heavily in its infrastructure to gain direct access to payment rails in key markets, aiming to cross the £1 billion transaction processing threshold and move trillions of pounds globally.
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