Startup Atlantic Money accuses UK Fintech Wise of targeting its business
Atlantic Money, a UK money transfer services start-up, has accused fintech company Wise (formerly TransferWise) of stifling fair competition by ripping it off its price comparison sites. The startup in a letter written to the UK Competition and Markets Authority (CMA) accused Wise of “creating a significant barrier to entry for cheaper and more innovative providers to establish themselves.”
Atlantic Money, which was founded in 2021 and listed on Wise in October 2022, alleged that Wise stopped disclosing the transfer fees last week on the section about its [Wise’s] website showing fees and foreign Exchange
Exchange
A stock exchange is known as a marketplace that supports trading in derivatives, commodities, securities and other financial instruments. In general, an exchange is accessible via a digital platform or sometimes at a concrete address where investors organize to conduct trade. Among the main tasks of a stock exchange will be to maintain honest and fair trading practices. These are instrumental in ensuring that the distribution of supported security rates on that exchange is efficient
A stock exchange is known as a marketplace that supports trading in derivatives, commodities, securities and other financial instruments. In general, an exchange is accessible via a digital platform or sometimes at a concrete address where investors organize to conduct trade. Among the main tasks of a stock exchange will be to maintain honest and fair trading practices. These are instrumental in ensuring that the distribution of supported security rates on that exchange is efficient
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rates charged by alternative currency transfer providers. The startup further claimed that the more established fintech company has refused to enter Exiap, a Wise-operated currency transfer comparison website. Wise also operates similar websites, Geldtransfer and Currencyshop.
Atlantic Money, which launched in the UK and EU in 2022, wrote further in the letter, noting that Wise’s action “is harmful to competition in the UK and EU,” adding that the development could increase transfer fees charged by money transfer providers. .
Watch the recent FMLS22 session on innovation in fintech.
However, a spokesperson for Wise told the Guardian UK that the company was temporarily removing Atlantic Money “for a number of operational reasons”, including requests it received from the startup’s customers. “We take compliance with all applicable laws very seriously,” the spokesperson said.
Atlantic Money’s website says it charges a flat fee of £3 for money transfers. According to reports, this fee may be cheaper for customers when they want to transfer certain amounts. However, Wise said in a statement that they are not afraid to list cheaper options.
Established in January 2011, Wise is one of the UK’s top fintech firms. The company reached a valuation of almost £9 billion after it debuted on the London Stock Exchange in 2021. The London-headquartered company continues to guard its growth, with an 80% year-over-year jump in total revenue for the third quarter ( October-December 2022) in the financial year 2023.
Meanwhile, the UK Financial Conduct Authority on Wednesday issued a statement of objections against three money transfer firms for their possible unfair competition practices in 2017. The regulator is also investigating the firms to determine whether they breached the country’s 1998 competition laws.
Atlantic Money, a UK money transfer services start-up, has accused fintech company Wise (formerly TransferWise) of stifling fair competition by ripping it off its price comparison sites. The startup in a letter written to the UK Competition and Markets Authority (CMA) accused Wise of “creating a significant barrier to entry for cheaper and more innovative providers to establish themselves.”
Atlantic Money, which was founded in 2021 and listed on Wise in October 2022, alleged that Wise stopped disclosing the transfer fees last week on the section about its [Wise’s] website showing fees and foreign Exchange
Exchange
A stock exchange is known as a marketplace that supports trading in derivatives, commodities, securities and other financial instruments. In general, an exchange is accessible via a digital platform or sometimes at a concrete address where investors organize to conduct trade. Among the main tasks of a stock exchange will be to maintain honest and fair trading practices. These are instrumental in ensuring that the distribution of supported security rates on that exchange is efficient
A stock exchange is known as a marketplace that supports trading in derivatives, commodities, securities and other financial instruments. In general, an exchange is accessible via a digital platform or sometimes at a concrete address where investors organize to carry out trades. Among the main tasks of a stock exchange will be to maintain honest and fair trading practices. These are instrumental in ensuring that the distribution of supported security rates on that exchange is efficient
Read this term
rates charged by alternative currency transfer providers. The startup further claimed that the more established fintech company has refused to enter Exiap, a Wise-operated currency transfer comparison site. Wise also operates similar websites, Geldtransfer and Currencyshop.
Atlantic Money, which launched in the UK and EU in 2022, wrote further in the letter, noting that Wise’s action “is harmful to competition in the UK and EU,” adding that the development could increase transfer fees charged by money transfer providers. .
Watch the recent FMLS22 session on innovation in fintech.
However, a spokesperson for Wise told the Guardian UK that the company was temporarily removing Atlantic Money “for a number of operational reasons”, including requests it received from the startup’s customers. “We take compliance with all applicable laws very seriously,” the spokesperson said.
Atlantic Money’s website says it charges a flat fee of £3 for money transfers. According to reports, this fee may be cheaper for customers when they want to transfer certain amounts. However, Wise said in a statement that they are not afraid to list cheaper options.
Established in January 2011, Wise is one of the UK’s top fintech firms. The company reached a valuation of almost £9 billion after it debuted on the London Stock Exchange in 2021. The London-headquartered company continues to guard its growth, with an 80% year-over-year jump in total revenue for the third quarter ( October-December 2022) in the financial year 2023.
Meanwhile, the UK Financial Conduct Authority on Wednesday issued a statement of objections against three money transfer firms for their possible unfair competition practices in 2017. The regulator is also investigating the firms to determine whether they breached the country’s 1998 competition laws.
