Authorization

TransferWise to offer investment products but has no plans to become a bank

TransferWise, the London-headquartered international money transfer service recently valued at $3.5 billion, has secured an additional license with U.K. regulators to enable it to offer investment products in the future.
This will mean that U.K. customers who have money deposited in a TransferWise multi-currency or so-called borderless account will be given the option to make that money work harder on their behalf. Total deposits currently sit at ?2 billion, so there is quite a lot of customer cash potentially idle.
However, the company isnt revealing much detail on its future investments product, except to say that it will initially offer simple, affordable funds from reputable providers so that customers can earn a return on their balances. Up to ?85,000 of money held as investments within a TransferWise account per customer will be protected under the Financial Services Compensation Scheme. The new offering is still in development and will launch in the next 12 months.
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