Wise accused of ‘hiding prices from cheap rivals’ in comparison lists
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Money transfer company Wise accused of ‘hiding prices from cheap rivals’ in its comparison listings
A fierce row has broken out between Wise and money-transferring newcomer Atlantic Money over prizes.
Wise, which offers international money transfers, publishes an exchange rate comparison and shows customers the cheapest options.
But the company, one of the UK’s largest fintechs, valued at nearly £9bn in London by 2021, pulled Atlantic off the list last week.
Wise, which offers international money transfers, publishes an exchange rate comparison and shows customers the cheapest options
Atlantic claims this was because the rates were more competitive.
It has written to the Competition and Markets Authority (CMA) regulator to accuse Wise of “mismanaged conflicts of interest” and “anti-competitive conduct.”
Launched in the UK last year, Atlantic was founded by Neeraj Baid and Patrick Kavanagh. It wants the CMA to look into Wise’s management of comparison sites, reportedly 30 separate sites.
Wise said: “We removed Atlantic for a number of operational reasons, including customer inquiries about their business. We take compliance with all applicable laws very seriously.”
The CMA declined to comment.