Takeaways:
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Wise is weighing a UK banking licence for direct access to sterling systems.
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A licence could unlock interest income and reduce reliance on intermediaries.
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Fits Wise’s global push to build its own payment rails.
Wise, the global money-transfer platform, is weighing an application for a UK banking licence—a move that would give it direct entry into UK payment systems.
The company recently reached out to financial services veterans about building a UK banking arm, according to The Times, though the project is still in its early stages.
This follows Wise’s earlier steps to cut out middlemen in payments. It became the first non-bank to connect directly to the Bank of England’s Faster Payments system back in 2018. In recent years it has secured settlement accounts in countries like Hungary and the Philippines and tapped Singapore’s PayNow network. Such direct links reduce costs and give Wise greater operational control.
The potential UK licence would mirror its US strategy. In June, Wise filed for a non-depository national trust bank charter in the US, aiming to connect straight to Federal Reserve systems—again, bypassing correspondent banks.
Putting boots on the ground as a UK-licensed bank would also allow Wise to hold insured deposits and access other sterling-based systems such as cheque clearing and Bacs. That would let Wise deepen its payment offering, especially as the Bank of England prepares major upgrades to its domestic payment infrastructure. Governor Andrew Bailey flagged that work earlier this summer, noting a “new approach to retail payments infrastructure.”
Wise may already handle Faster Payments, but having a full banking licence could open new business lines—like earning interest on UK customer balances. That matters now more than ever as rising rates have driven competitors with bank licences to snap up interest income, and Wise has so far missed out.
On the corporate front, Wise is preparing to switch its primary listing from London to New York following a shareholder vote in July. The company has also contended with regulatory scrutiny—chief executive Kristo Käärmann was fined by the UK’s Financial Conduct Authority last year for failing to declare a personal tax penalty. Wise described that issue as resolved.
Getting a full licence could take time. Revolut, for instance, received a UK licence with restrictions in mid-2024 and is still building out its capabilities under supervisory watch.
The broader picture is Wise has methodically built out its own payment plumbing around the world. As such, a UK bank licence would give it full control over sterling payments, just as its planned US charter would anchor its dollar flows.
