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Fintech start-up TransferWise to Offer Retail Investment Services to Clients in 12 Months

June 30, 2020 / Ryan Browne
SHARESHARESHARE

Financial technology firm TransferWise has obtained a license from the U.K. markets watchdog to offer retail investment services to clients.
The London-based firm started life as a means of sending money internationally online. In 2018, it made a deeper push into banking by offering a “borderless” multi-currency account tied to a debit card. Users have so far deposited £2 billion ($2.5 billion) with the account.
Now, TransferWise plans to launch a service that lets users of the account invest passively in investment funds from third-party providers. The company said Wednesday that it had received permission from the U.K.’s Financial Conduct Authority to deal in investments.