A blazing row has broken out between Wise and money-transferring newcomer Atlantic Money over pricing.
Wise, which offers international transfers, publishes an exchange rate comparison, showing customers the cheapest options.
But the company, one of the UK’s largest fintech companies which was valued at nearly £9billion in its 2021 London listing, last week booted Atlantic off its list.
Wise, which offers international transfers, publishes an exchange rate comparison, showing customers the cheapest options
Atlantic claims this was because its rates were more competitive.
It has written to the Competition and Markets Authority (CMA) regulator to accuse Wise of ‘poorly managed conflicts of interest’ and ‘anti-competitive conduct’.
Atlantic launched in the UK last year and was founded by Neeraj Baid and Patrick Kavanagh. It wants the CMA to look at Wise’s management of comparison sites, said to include 30 separate sites.
Wise said: ‘We removed Atlantic for a number of operational reasons, including queries received from customers about their business. We take compliance with all applicable laws very seriously.’
The CMA declined to comment.
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