Securing a license in Estonia provides Wise with an opportunity to expand its Assets investing service across Europe
London-based fintech Wise has received Estonian Financial Supervision and a Resolution Authority (Finantsinspektsioon) investment license. Now, the Assets service which is available only in the UK can expand to the EU.
With an obvious start in Estonia, Wise plans to apply for more permissions and bring Assets to more European markets. The investment product lets users hold cash in multi-currency accounts in different asset classes while being able to spend and save as usual. Unlike typical investment accounts, users have 24/7 immediate access to 97% of their funds.
The service has already registered 20,000 customers in the UK, with a total investment amount standing at £60 million. The initial investment can be as little as £1 in any of the 50 currencies available in Wise. The 0.55% annual fee is charged monthly and includes managers’ fees.
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