(Reuters) – London-based money transfer startup TransferWise said on Tuesday that it had been granted permission by the UK’s financial watchdog to offer retail investment services in Britain.
The company said it expects to offer its first investment product there over the next year, one that will enable customers to invest money stored in their multi-currency accounts into affordable funds by established providers.
Money held as investments of a value up to £85,000 will be protected under the Financial Services Compensation scheme, the company said.
The move into investment services makes TransferWise the latest financial technology startup to branch out into offering a wider range of financial products. Online investment managers Betterment and Wealthfront recently started offering cash or checking accounts, while student lender SoFi expanded into offering stock trading.
Founded in 2011, TransferWise is one of Europe’s most well-known financial technology startups. It has over 8 million customers worldwide