Wise launches UK multi-currency investment feature

Global technology company Wise, formerly TransferWise, has introduced a new multi-currency investment feature for UK customers.

The feature, called Assets, will give British people and businesses the opportunity to choose how their money is held and potentially earn a return on their money, across 54 currencies.

Wise Account holders in the UK will be able to access the new feature from today.

Wise Business customers can start using Assets on the web, with access on Wise mobile apps coming in a few weeks.

Wise has selected the first asset to be Stocks, a broad portfolio of 1,557 of the world’s largest public companies included in the MSCI World Equity index, such as Apple, Amazon, and Google, which are collectively worth more than £40 trillion.

The London-based FinTech, which currently has £4.3 billion held globally in account balances, has selected BlackRock to provide the tracking fund for this index.

The company said that “unlike money held in traditional investment accounts,” customers will have instant access to the majority of their money. This means they can hold their balance in Assets while still spending and sending money in real-time.

Wise also revealed that it would roll out the feature across Europe as a next step.

“People all over the world are holding billions in their Wise and Wise Business accounts for the long-term,” said Kristo Käärmann, chief executive and co-founder of Wise. “But holding money in various currencies can be hard to manage efficiently.”

Käärmann added: “Assets is seeking to solve that problem, by providing an opportunity for customers to earn a return on their money with us, in a host of different currencies, all in one place.

“It’s not a standard current account, or a savings account, or a stock picking investment platform. It’s something new we’ve built to give our customers a balance between the convenience, reliability, and potential returns of all three.”

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