TransferWise has obtained a licence from the FCA to offer retail investment services.
In Brief:
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It plans to allow users to passively invest in funds from third party providers.
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The feature will be launched within a year.
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TransferWise currently has 8mn users, whom it enables to send money internationally.
What does this mean?
Recently, TransferWise has branched out into banking relating services by offering a multi-currency account and corresponding debit card. It decided the next step was to help users make a return on their money, but didn’t want to go down the same route as traditional banks.
