Wise shares fell 10% after the OCC denied its US national trust bank charter application, citing incompatibility with Federal Reserve policies on payment system access.
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Wise shares fall 10% after OCC rejects US bank charter bid
Wise Group's shares tumbled 10% in London on Friday after the US Office of the Comptroller of the Currency rejected the fintech company's application for a national trust bank charter, dealing a blow to its American expansion strategy.
"With the Federal Reserve generally pausing account access for an uninsured trust bank, the approach in our application became non-viable," Wise said in a statement.
The London-listed payment processor submitted its application in June 2025. The OCC also flagged a consent order from last year related to compliance violations, which Wise said it has addressed by strengthening its safety processes. The denial does not affect normal operations, the company said.
Wise plans to submit a new application under the GENIUS Act framework, which governs digital assets including stablecoins. The company said its infrastructure is well positioned to interoperate with digital assets alongside existing payment rails. Wise trades at 20.3x forward earnings with revenue growth of 19% year-over-year, but the regulatory setback raises questions about the timeline and cost of its US expansion.
The rejection comes amid a broader tightening of US financial regulation under the current administration, with the Fed pausing account access for uninsured trust banks. Competitors including PayPal and Block have also faced heightened scrutiny from US regulators over their banking and payments operations.
This article is for informational purposes only and does not constitute investment advice.
