Atlantic Money Takes Wise Quarrel to European Commission
(29 March 2023 – United Kingdom) Atlantic Money is taking its dispute with British fintech Wise to the European Commission after Wise delisted the payments firm from its price comparison tool.
Atlantic Money says it has "raised concerns" with the Directorate General about Wise's conduct and is "seeking greater clarity in the cross-border transfer market for EU consumers". The move comes two months after Atlantic Money wrote to the Competition and Markets Authority (CMA) regarding the issue in January.
A Wise spokesperson told The Home of UK Tech (UKTN) that the company is “not afraid to list cheaper competitors” and it has removed Atlantic Money “for a number of operational reasons, including queries received from customers about their business”.
According to Atlantic Money, the company has also been blocked from price comparison sites owned by Wise including Currencylive.com, Exiap.com and Geldtransfer.org.
"Wise’s conduct is clearly not in the interests of consumers who ultimately will suffer in the form of paying significantly higher fees. Wise is exploiting its previously established, and now false, image as a consumer advocate to drive profit for its shareholders by unfairly promoting its own products,” said Atlantic Money Co-Founder, Neeraj Baid.
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