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.
$14.9bn remittance giant, @Wise is said to be exploring a UK Banking Licence. On the surface, this is a logical infrastructure move.But I think it could position them to win at stablecoins too.Here’s my thinking… pic.twitter.com/ltJoy8AySq
— Simon Taylor (@sytaylor) September 1, 2025
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.
This article was written by Tareq Sikder at www.financemagnates.com.
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