Wise Explores UK Banking Licence to Reduce Reliance on Partner Banks #
Wise, the London-based international payments company, is examining whether to apply for a full UK banking licence. While no application has yet been submitted, the company has begun internal work and discussions with financial services experts to assess the feasibility. A licence would allow Wise to directly access the UK’s payments infrastructure and potentially cut costs tied to reliance on third-party banks
Founded in 2011 and now serving more than 15 million customers, Wise reported £565 million in pre-tax profits for the year ending March 2025. The firm currently operates under UK electronic money rules, which prohibit lending customer funds. Expanding into banking would open the door to new services, while aligning with Wise’s broader strategy: in the U.S., the company has already applied for a national trust bank charter to settle dollar transactions directly with the Federal Reserve
If successful, Wise would follow rivals such as Revolut, which has already obtained a UK banking licence. Industry observers say the move could strengthen Wise’s competitive edge in cross-border transfers and widen its product set beyond payments.