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Wise, a payments app known for facilitating international transactions, has been granted an Australian Financial Services Licence for Investments (AFSL) by the Australian Securities and Investments Commission (ASIC). This development aligns with the company surpassing 1 million active customers in Australia, both personal and business, who are now holding more than A$1 billion in balances.
The increase in customer numbers and balances is attributed to the strong adoption of the Wise Account and Wise Business products, particularly appealing to Australians with financial needs beyond domestic borders.
Investment Opportunities Expanding with Assets
The new licence will allow Wise to introduce its popular investment product, Assets, to Australia later this year. This product responds to customer demand for opportunities to grow the money they hold with Wise.
Wise will become one of the first companies in Australia to offer personal and business customers the ability to invest in money market funds across multiple currencies. There will be no minimum balance requirement, and customers will maintain instant access to their funds, allowing them to send and spend as needed.
Tristan Dakin, ANZ Country Manager at Wise, said, “We’re thrilled to have completed this first important step in bringing Assets to Australia. We’ve seen strong uptake in other regions, and with more personal and business customers in Australia choosing to hold their money with Wise, we want to give them a way to make that money work for them.”
Globally, Wise customers in the UK, Europe, and Singapore have already invested £2.9 billion GBP (A$5.6 billion) through the Assets product as of the 2024 financial year. The success in these regions signals potential demand in Australia.
Transparency and Flexibility for Australian Customers
Dakin emphasised that Wise’s approach is focused on transparency and flexibility, contrasting the product with traditional banking offerings in Australia. “While some Aussie banks do offer a decent return on money, it comes with a lot of fine print and hoops to jump through. With Assets, we want our customers to stay in control of how their money is held with complete transparency over how it’s being used.”
He added that Wise is committed to giving customers total flexibility, allowing them to continue using their funds as usual while earning returns. “On top of this, we want customers to have total flexibility to keep using their money like normal,” Dakin said.
Significant Milestones for Wise
Wise has made several advances in the past financial year, and the granting of this new licence marks another step in its expansion into the Australian market. “We’ve made a number of significant strides this past financial year, and we’re excited to keep building on that momentum with the granting of this new licence and to bring Assets to Australia soon,” Dakin added.
Customers in Australia will have access to the Assets product later this year, offering them more control over their investments and flexibility in managing their international finances.
For more information about Wise’s services and the upcoming launch of Assets in Australia, customers are encouraged to visit the Wise website.
