Planning an IPO, Wise owes Brazil an explanation

A former partner in Brazil claims the London-based fintech was involved in fraud schemes

IPO forex trader Wise owes explanation
Photo: Michael Traitov/Shutterstock

At the beginning of the month, news broke that banking fintech Wise — formerly TransferWise — was in talks with British regulators to go public in May. The announcement was largely well received, with suggestions that it could provide a “boost” to the London Stock Exchange and attract more tech companies. However, before any potential IPO, Wise still has some pressing questions to answer concerning dodgy operations in Brazil.

In March, MS Bank — Wise’s long-term partner in Brazil — accused the fintech of illegally using Brazilian customers’ accounts to send some BRL 100 million (USD 17.96 million) abroad tax-free,...

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