Wise halts new UK and EU business customers amid capacity strain

London-based fintech company Wise has recently announced a temporary freeze on the onboarding of new business clients in the UK and Europe.

In a recent announcement reported by City A.M., the renowned fintech company Wise has revealed its decision to temporarily suspend new sign-ups for its business accounts. This unexpected move comes in response to an unprecedented surge in demand, highlighting the company’s commitment to ensuring the quality of its services amidst rapid growth.

This development closely follows Wise’s decision to deactivate all US business cards the previous week, citing operational changes that impact the receipt of dollar payments. Despite these operational challenges, Wise emphasizes that the issues are distinct and unrelated, underscoring its dedication to addressing each issue separately to maintain seamless service delivery.

Wise, recognized for its innovative money transfer services and versatile accounts tailored for both individuals and businesses, garners a significant portion of its revenue from operations in the EU and UK. In a statement to City A.M., Wise clarified that the temporary suspension of new business account sign-ups aims to uphold service quality and ensure adequate support for incoming customers.

It’s important to note that existing Wise Business clients remain unaffected by this temporary policy adjustment, reassuring current users of uninterrupted service continuity. Originally launched as TransferWise in 2011, focusing on consumer money transfers across borders, Wise expanded its services to cater to businesses in 2016. Since then, the business segment has witnessed remarkable growth, reflecting Wise’s evolution and commitment to meeting the diverse needs of its expanding customer base.