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Wise stops accepting new UK and EU customers due to capacity issues

Monday 13 November 2023 13:58 CET | News

UK-based money transfer fintech Wise has temporarily stopped onboarding new business clients across the UK and Europe because of ‘high demand’.

 

Wise, which provides money transfer services and accounts to people and companies, has posted an update on its website saying it has ‘temporarily paused onboarding’ for new businesses across the EU and UK, where it makes over half of its revenues. This temporary decision ensures that all businesses joining them get the support and experience they expect.

The pause comes shortly after the company announced it was ‘deactivating’ its business cards in the US due to ‘operational changes’ which had impacted the account details customers use to receive dollars. The two incidents are unrelated.

Wise has stopped onboarding new business clients across the UK and Europe because of ‘high demand’.

Companies already using Wise Business are not impacted by the blockage, Wise said. Launched as TransferWise in 2011 for consumers to send money overseas, the money transfer fintech rolled out its business offering to customers in 2016 and has grown the division rapidly since then.

Business accounts made up GBP 190 million of its GBP 846 million revenue in 2022. As revenue jumped 50% in the same year. The company’s management hiked its profit guidance for 2023 after a boom in customer numbers and bumper income from interest rates.

More news from Wise

In October 2023, Payhawk and Wise Platform joined forces, introducing an International Payments characteristic for seamless worldwide transactions. Payhawk clients can now with ease pay personnel and suppliers in over 50 currencies across one hundred sixty nations, streamlining rate management via an included platform. The collaboration targets to offer finance teams with a comprehensive tool to effectively cope with the whole lifecycle of worldwide enterprise charges.

In September 2023, Wise integrated Apple Pay and Google Pay for cardholders in Malaysia, enabling contactless transactions in-store, online, and on public transport. Celebrating their fourth year in Malaysia, Wise has expanded its product range, offering diverse financial services tailored to the region, including affordable money transfers, a multi-currency account, prepaid card, and the ability to transfer funds to 11 mobile wallets in Asia. Wise is the first non-bank entity in Malaysia to provide access to Apple Pay and Google Pay, responding to the growing demand for convenient mobile payments.


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Keywords: money transfer, remittance, fintech, digital onboarding
Categories: Payments & Commerce
Companies: Wise
Countries: Europe, United Kingdom
This article is part of category

Payments & Commerce

Wise

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