The money transfer start-up says it expects to launch its first investing feature in the next 12 months.TransferWise co-founders Kristo Käärmann and Taavet Hinrikus.Financial technology firm TransferWise has obtained a license from the U.K. markets watchdog to offer retail investment services to clients.
Now, TransferWise plans to launch a service that lets users of the account invest passively in investment funds from third-party providers. The company said Wednesday that it had received permission from the U.K.'s Financial Conduct Authority to deal in investments. Käärmann said the problem the platform's users have had lately is finding a way to make a return on their cash. He added that TransferWise wanted to take a different approach to traditional banks, which lend out customer deposits and charge interest.
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