Wise Temporarily Halts New Business Client Onboarding Amidst Regulatory Challenges and Rapid Growth #
Wise, a London-listed fintech company, has temporarily halted the onboarding of new business clients in the UK and Europe due to overwhelming demand. This decision follows their recent deactivation of business cards in the US, citing operational changes. The company, known for its money transfer services, announced this on their website, highlighting that existing Wise Business customers will not be affected. Wise, originally launched as TransferWise in 2011 and expanded to business services in 2016, has seen significant growth in this sector, contributing £190 million to its £846 million revenue last year. Despite a recent increase in profits and customer numbers, Wise has faced regulatory challenges, including fines for inadequate money laundering controls and investigations into the personal tax affairs of its founder.