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$6.6 billion fintech Wise accused by rivals of stifling competition

The Wise logo displayed on a smartphone screen.

Pablo Gonchar | SOPA Images | Lightrocket via Getty Images

wise has been accused by rival fintech firms of undermining competition in the remittance market.

Small forex service Atlantic Money made this claim in a letter to the Competition and Markets Authority, the UK’s competition watchdog.

Listed on the London Stock Exchange in 2021, Wise shares were valued at £5.14 per share at 10:30 London time, 2% below the market’s closing price on Thursday.

Wise has a market capitalization of £5.3 billion ($6.6 billion).

In a letter shared with CNBC by Atlantic Money, the company said Wise had wrongfully removed it from the price comparison section of its website and refused to list it on Exiap, a foreign exchange commission comparison site that also belongs to Wise. said.

Wise owns two other currency transfer comparison sites, Geldtransfer and Currencyshop.

Atlantic Money said in a letter that Wise will first go public on its website on October 14, 2022. It was subsequently delisted on January 20, 2023, and Wise told Atlantic Money that it was “no longer considered a legitimate competitor.”

In a letter, Atlantic Money said it believed Wise’s conduct would be “harmful to competition in the UK and the EU as a whole, ultimately resulting in higher fees for end consumers.”

Atlantic Money offers a flat fee of £3 on all currency conversions up to £1 million. Its fees are lower than Wise for transfers over £1,000.

Formerly known as TransferWise, Wise has long described itself as an advocate for consumer rights, promoting transparency in the fees banks charge to move money across borders.

A Wise spokesperson told CNBC via email in response to a request for comment. To Atlantic Money letter.

“We are really proud to have a comparison tool as part of our website. We are not afraid to list cheaper competitors. We have been doing that for years and still going.”

The letter could portend an investigation into whether Wise’s conduct violated competition laws.

A CMA spokeswoman said the regulator cannot comment on specific cases outside of formal investigations.

https://www.cnbc.com/2023/01/27/6point6-billion-worth-fintech-wise-accused-by-rival-of-harming-competition.html $6.6 billion fintech Wise accused by rivals of stifling competition

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