$6.6 billion-worth fintech Wise accused by rival of harming competition

Wise has been accused by a rival fintech institution of undermining contention successful the wealth transportation market.

Atlantic Money, a smaller overseas speech service, made this allegation successful a missive to the U.K. contention watchdog, the Competition and Markets Authority.

Shares of Wise, which debuted connected the London Stock Exchange successful 2021, were worthy £5.14 apiece astatine 10:30 a.m. London time, 2% beneath the Thursday marketplace close.

Wise has a marketplace capitalization of £5.3 cardinal ($6.6 billion).

In the missive Atlantic Money shared with CNBC, the institution says Wise unfairly removed it from the terms examination conception of its website and refused to see it connected Exiap — a overseas speech interest examination tract that besides belongs to Wise.

Wise owns 2 different currency transportation examination sites, Geldtransfer and Currencyshop.

Atlantic Money said successful the missive that it was initially listed by Wise connected its website connected Oct. 14, 2022. It was aboriginal delisted connected Jan. 20, 2023, with Wise allegedly telling Atlantic Money it was "no longer deemed a morganatic competitor."

In the letter, Atlantic Money said it believed Wise's behaviour was "harmful to contention crossed the UK and EU and, we would submit, yet results successful higher fees for extremity consumers."

Atlantic Money offers a level £3 interest connected each currency conversions up to £1 million. Its fees are little than Wise for transfers of £1,000 oregon more.

Formerly known arsenic TransferWise, Wise has agelong touted itself arsenic a champion of user rights, pushing for transparency astir the fees charged by banks to determination wealth crossed borders.

"We decided to region Atlantic Money for the clip being for a fig of operational reasons, including queries received from customers astir their business. We instrumentality immoderate complaints precise seriously," a Wise spokesperson told CNBC via email, successful effect to a petition for remark connected the Atlantic Money letter.

"We're truly arrogant to person the examination instrumentality arsenic portion of our website, and we're not acrophobic to database cheaper competitors. We've done that for years and inactive do."

The missive could beryllium a precursor to a probe investigating whether Wise's behaviour breaches contention law.

A CMA spokesperson said that the regulator was incapable to remark connected circumstantial cases extracurricular of a ceremonial investigation.