Wise set to expand investment services across Europe with Estonian license

Wise is planning to expand its investing services across Europe having secured its investment license in Estonia.

The global technology company received the licence from the Estonian Financial Supervision and Resolution Authority, and said it will be bringing its Assets product to Estonia “in the coming quarters”.

Assets, which allows customers to choose how their money is held and potentially earn money in more than 50 currencies, is currently available in the UK.

Through the service, users can invest in funds while still having their money accessible for whenever it’s needed.

“We’re thrilled to be granted our new licence here in Estonia, which will allow us to take a big step forward in replacing traditional international banking with a faster, cheaper and more convenient system, initially for our customers in Estonia and eventually for people across Europe,” Wise head of product Lars Trunin said. 

The new license will allow Wise to begin bringing Assets to Europe, but the company said it also intends to apply for permission to passport it and bring it to more markets across the continent.

Unlike traditional investment accounts, through Assets customers have instant access to “the majority” of their money regardless of where it is invested, meaning they can hold a balance in Assets while still spending the money whenever they need it.