Money transfer giant Wise is making strategic moves on both sides of the Atlantic to secure direct access to banking infrastructure, pursuing regulatory approvals that could transform its operations and reduce costs for customers.
US National Trust Bank Application
According to Reuters reporting from July 2025, Wise has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank in the United States. The application, documented in an OCC filing dated June 16, represents a significant step toward deeper integration into the American financial system.
If approved, this nondepository trust bank license would enable Wise to bypass intermediary financial institutions and settle U.S. dollar payments directly through the Federal Reserve system. This direct access to banking rails could deliver substantial benefits including reduced operational costs, faster transfer speeds, and enhanced control over dollar-denominated transactions - Wise's largest currency flow.
The company plans to establish its U.S. banking hub in Austin, Texas, where it already employs approximately 450 staff members. This move aligns with Wise's broader strategic shift toward the American market, including its decision earlier in 2025 to transfer its primary stock listing from London to New York.
UK Banking License Exploration
Simultaneously, The Times reported that Wise is exploring the possibility of obtaining a full banking license in the United Kingdom. The fintech has reportedly approached senior financial services professionals in recent months regarding roles related to establishing a UK banking operation.
These UK plans remain in preliminary stages, with no formal application yet submitted to the Financial Conduct Authority (FCA). However, the exploration represents a notable development given Wise's recent decision to delist from the London Stock Exchange as its primary venue.
Strategic Context
Wise's dual licensing strategy comes as the company seeks greater operational efficiency and regulatory autonomy in its two largest markets. The pursuit of direct banking access reflects broader trends in the fintech sector, where companies are increasingly seeking to reduce dependence on traditional banking partners.
The UK banking landscape has become increasingly competitive over the past decade, with numerous challenger banks and fintech companies securing licenses. However, the process has proven challenging for some firms - digital banking company Revolut faced significant delays in its licensing journey, though it continues to work toward full banking authorization.
In the payments sector, other fintech companies are also expanding their regulatory footprint. Swedish buy-now-pay-later firm Klarna recently received an electronic money institution license from the FCA in July 2025, positioning it to compete more directly with established UK payment providers.
Implications for Wise's Business Model
Success in obtaining these licenses could significantly alter Wise's operational structure and competitive positioning. Direct access to payment rails would reduce the company's reliance on correspondent banking relationships and potentially lower the costs passed on to customers.
For the U.S. market specifically, the trust bank license would provide Wise with enhanced credibility and regulatory standing while maintaining focus on its core money transfer and currency exchange services, rather than expanding into traditional deposit-taking banking.
The timing of these applications coincides with Wise's strategic pivot toward U.S. capital markets, having moved its primary listing from London to benefit from deeper liquidity and access to major American indices.
Sources: Reuters, The Times