{"id":602281,"date":"2023-01-28T19:49:16","date_gmt":"2023-01-29T01:49:16","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/28\/startup-atlantic-money-accuses-uk-fintech-wise-of-targeting-its-business\/"},"modified":"2023-01-28T19:49:16","modified_gmt":"2023-01-29T01:49:16","slug":"startup-atlantic-money-accuses-uk-fintech-wise-of-targeting-its-business","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/28\/startup-atlantic-money-accuses-uk-fintech-wise-of-targeting-its-business\/","title":{"rendered":"Startup Atlantic Money Accuses UK Fintech Wise of Targeting Its Business"},"content":{"rendered":"
\n

Atlantic Money, a UK money transfer service startup, has accused fintech
\ncompany Wise (formerly TransferWise) of stifling fair competition by yanking it off its price comparison sites. The startup in a letter written to the UK Competition and Markets
\nAuthority (CMA) accused Wise of \u201ccreating a substantial barrier to entry for
\ncheaper and more innovative providers to establish themselves.\u201d<\/p>\n

Atlantic Money, which was founded in 2021 and listed on Wise in October 2022, alleged that Wise stopped quoting its transfer fees last week on the section on its [Wise’s] website that lists the fees and foreign exchange<\/span><\/span> <\/span>
\nrates charged by alternative currency transfer providers. The startup further alleged that the more established fintech company has refused its entry into Exiap, a Wise-operated currency transfer rates comparison website. Wise
\nalso runs similar sites, Geldtransfer and Currencyshop. <\/p>\n

Writing further in the letter, Atlantic Money, which launched in the UK and European
\nUnion in 2022, noted that Wise\u2019s action \u201cis harmful to competition across the
\nUK and EU,\u201d adding that the development could shoot up transfer fees charged by
\nmoney transfer providers.<\/p>\n

Watch the recent FMLS22 session on innovating in fintech.<\/em><\/strong><\/p>\n

Wise Says It Is Not Afraid of Listing Cheaper Competitors<\/h2>\n

However, a Wise spokesperson told Guardian UK that the company delisted Atlantic Money temporarily \u201cfor a number of operational reasons\u201d including
\nqueries it received from the startup\u2019s customers. \u201cWe take compliance with all
\napplicable laws very seriously,\u201d the spokeperson said. <\/p>\n

Atlantic Money\u2019s website says it charges a flat fee of \u00a33 for money
\ntransfer. According to reports, this fee can be cheaper for customers when they
\nwant to transfer certain amounts of money. However, Wise in a statement said it
\nis not afraid of listing cheaper alternatives.<\/p>\n

Wise was established in January 2011 and is one of the UK\u2019s top fintech firms. The company hit a value of almost \u00a39 billion after
\nit debuted on the London Stock Exchange in 2021. The London-headquartered company continues to guard its growth, posting an 80% year-over-year jump<\/a> in its total income
\nfor the third quarter (October-December 2022) of its fiscal year 2023.<\/p>\n

Meanwhile, the UK Financial Conduct Authority on Wednesday issued a statement of objections<\/a> against three money
\ntransfer firms for their possible unfair competition practices in 2017. The
\nregulator is also investigating the firms to determine if they have violated the country\u2019s Competition
\nActs of 1998.<\/p>\n<\/div>\n

\n

Atlantic Money, a UK money transfer service startup, has accused fintech
\ncompany Wise (formerly TransferWise) of stifling fair competition by yanking it off its price comparison sites. The startup in a letter written to the UK Competition and Markets
\nAuthority (CMA) accused Wise of \u201ccreating a substantial barrier to entry for
\ncheaper and more innovative providers to establish themselves.\u201d<\/p>\n

Atlantic Money, which was founded in 2021 and listed on Wise in October 2022, alleged that Wise stopped quoting its transfer fees last week on the section on its [Wise’s] website that lists the fees and foreign exchange<\/span><\/span> <\/span>
\nrates charged by alternative currency transfer providers. The startup further alleged that the more established fintech company has refused its entry into Exiap, a Wise-operated currency transfer rates comparison website. Wise
\nalso runs similar sites, Geldtransfer and Currencyshop. <\/p>\n

Writing further in the letter, Atlantic Money, which launched in the UK and European
\nUnion in 2022, noted that Wise\u2019s action \u201cis harmful to competition across the
\nUK and EU,\u201d adding that the development could shoot up transfer fees charged by
\nmoney transfer providers.<\/p>\n

Watch the recent FMLS22 session on innovating in fintech.<\/em><\/strong><\/p>\n

Wise Says It Is Not Afraid of Listing Cheaper Competitors<\/h2>\n

However, a Wise spokesperson told Guardian UK that the company delisted Atlantic Money temporarily \u201cfor a number of operational reasons\u201d including
\nqueries it received from the startup\u2019s customers. \u201cWe take compliance with all
\napplicable laws very seriously,\u201d the spokeperson said. <\/p>\n

Atlantic Money\u2019s website says it charges a flat fee of \u00a33 for money
\ntransfer. According to reports, this fee can be cheaper for customers when they
\nwant to transfer certain amounts of money. However, Wise in a statement said it
\nis not afraid of listing cheaper alternatives.<\/p>\n

Wise was established in January 2011 and is one of the UK\u2019s top fintech firms. The company hit a value of almost \u00a39 billion after
\nit debuted on the London Stock Exchange in 2021. The London-headquartered company continues to guard its growth, posting an 80% year-over-year jump<\/a> in its total income
\nfor the third quarter (October-December 2022) of its fiscal year 2023.<\/p>\n

Meanwhile, the UK Financial Conduct Authority on Wednesday issued a statement of objections<\/a> against three money
\ntransfer firms for their possible unfair competition practices in 2017. The
\nregulator is also investigating the firms to determine if they have violated the country\u2019s Competition
\nActs of 1998.<\/p>\n<\/div>\n

Read More<\/a>
\n Solomon Oladipupo<\/p>\n","protected":false},"excerpt":{"rendered":"

Atlantic Money, a UK money transfer service startup, has accused fintech company Wise (formerly TransferWise) of stifling fair competition by yanking it off its price comparison sites. The startup in a letter written to the UK Competition and Markets Authority (CMA) accused Wise of \u201ccreating a substantial barrier to entry for cheaper and more innovative<\/p>\n","protected":false},"author":1,"featured_media":602282,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4027,334],"tags":[],"class_list":{"0":"post-602281","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-atlantic","8":"category-startup"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/602281","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=602281"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/602281\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/602282"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=602281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=602281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=602281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}