Fortune favours the Wise: Wise to launch own investing product

Less than a week after it was revealed that Wise was beta testing a new investing product, the fintech has officially launched its own investing service, Assets.

Wise’s answer to investing will be available to all UK customers from today and will give users the chance to invest initially in stocks— from a universe of 1,557 of the world’s largest public companies—before expanding the new offering further.

From today, all fully-fledged Wise customers will be able to access Assets in the app and Business customers on the web and start to trade shares in 54 currencies, with the mobile app being updated in the coming weeks to allow Business customers to access Assets on their mobiles. 

Unlike other investing platforms, users will have instant access to the majority of their money, meaning they can hold their balance in Assets and still spend and send money in real-time as and when they need it.

Assets will be taxable, with customers able to download a full statement of their activity for record-keeping and reporting.

Kristo Käärmann, CEO and co-founder of Wise said: “People all over the world are holding billions in their Wise and Wise Business accounts for the long-term. But holding money in various currencies can be hard to manage efficiently.”

“Assets is seeking to solve that problem, by providing an opportunity for customers to earn a return on their money with us, in a host of different currencies, all in one place." 

Wise selected BlackRock’s iShares World Equity Index as its tracking fund for the new product.

“People are increasingly turning to a single app to manage their financial lives and improve their wellbeing,” Joe Parkin, head of banks and digital channels in the UK at BlackRock added. 

“Offerings, such as Assets from Wise, are bringing financial services into the digital age and in-line with consumers’ expectations. Providing people with investments alongside other financial products is critical to helping them achieve their long term goals.”

To use the new feature, users will have to pay a 0.55 per cent service fee and a 0.15 per cent fund fee to BlackRock.

Any investments held in Assets will be covered under the Financial Services Compensation Scheme (FSCS) up to £85,000.