Wise Accused of Hiding Prices of Cheaper Rivals
(27 January 2023 – London) London fintech Wise has come under attack after a rival firm Atlantic Money accused the group of unfairly promoting the affordability of its services by concealing the prices of other providers who were cheaper.
Wise, which offers international money transfers, publishes a daily exchange rate comparison on its website for multiple currencies. But money transfer startup Atlantic Money says it was dropped from Wise’s comparison after its own rates were seen to be lower.
Atlantic Money has filed a complaint with the Competition and Markets Authority alleging anti-competitive practices by its larger competitor Wise after being de-listed from the incumbent's price comparison search engines.
“Wise’s foundation is built on the promise of trust, transparency and doing the best for the people” said Atlantic Money Co-Founder, Neeraj Baid,
“People deserve to have a fixed price on their international transfers instead of paying more the more they send”, he added