Wise Denied US Banking License

Wise, an international financial technology and payment services company with Estonian roots, has been denied a US banking license, marking a setback for its expansion plans in its largest growth market. The US Office of the Comptroller of the Currency (OCC) rejected Wise's application for a national trust bank license.

Wise stated that the decision would not affect its existing US business and that it plans to submit a new application. The company noted that the regulator's decision related to its original application submitted over a year ago, and highlighted changes it has since made to its compliance systems, customer checks, and financial crime controls.

A banking license would allow Wise to operate under one federal regulator rather than relying on dozens of state licenses, making it easier to expand its products in the US. This setback comes months after Wise moved its primary listing from London to Nasdaq, while keeping a secondary listing in the UK.