Wise Halts New Business Client Onboarding Amid High Demand

Published 6 months ago

Wise, the London-listed fintech company, has announced a temporary halt to the onboarding of new business clients in the UK and Europe. The decision, attributed to unusually high demand, is a significant development for the firm which generates over half its revenue from these regions.

Suspension Follows US Business Card Deactivation

This move comes shortly after Wise “deactivated” its business cards in the United States. The company cited “operational changes” affecting the account details customers use to receive dollars as the reason for the US suspension. Despite the proximity of these events, Wise confirmed that the two are unrelated.

Company Assurance for Existing Clients

Existing clients of Wise Business will not be affected by this suspension. The firm emphasized that the pause in onboarding is to ensure that new clients receive the level of support and service they are promised. Wise has experienced rapid growth in its business account sector since its inception in 2011 as TransferWise and the subsequent launch of its business services in 2016.

Financial Growth Amid Regulatory Challenges

Despite the current onboarding freeze, Wise has reported substantial growth in its business accounts, which contributed £190 million to last year’s total revenue of £846 million—a 50% increase from the previous year. The company also saw a significant rise in customer numbers, which boosted profits and led to the increase of its profit guidance last month.

However, the company has faced various regulatory issues in the past year, including a fine in the UAE for its subsidiary’s money laundering controls and an investigation into the personal tax affairs of its founder and chief executive.

Wise’s commitment to maintaining service quality during periods of high demand illustrates the company’s focus on customer experience, even as it navigates through regulatory and operational challenges.