TransferWise obtains FCA license for digital wealth

The move will start with TransferWise offering its customers access to funds from reputable providers, helping them to move cash into investments. TransferWise’s investment product will be protected by FSCS of a value up to GBP 85,000, however as with all investments, their value can rise and fall, according to altfi.com.

The startup will enter in competition with Nutmeg, MoneyBox, Wealthify and Moneyfarm, albeit with a head start given by the GBP 2 billion currently sitting in TransferWise’s accounts. TransferWise has plans to move beyond payments and into a more full-featured banking service, as it first expressed by offering a debit card and borderless account in 2018.

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