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Wise, originally called TransferWise, was launched in 2011 as a money transfer company. It rebranded to Wise in February 2021 to reflect that its services had branched out into other areas, including bank-like services such as debit cards and multi-currency accounts. However, Wise is not a licensed deposit taker and operates under electronic money rules, meaning customer funds can’t be used for lending and must be ring-fenced.
“They could potentially look to convert the funds they safeguard into deposits, which they could then recycle into lending opportunities,” he said, per the report. “A banking license would give them direct access to the U.K.’s payment infrastructure, enabling them to reduce their reliance on third-party banks for clearing and settlement, potentially reducing costs and operational complexity.”
https://www.pymnts.com/news/banking/2025/wise-considers-becoming-bank-united-kingdom/
