Wise Shares Slump 9% After US Regulators Reject Banking License Application

Key Facts

In a move reflecting the increasing regulatory hurdles facing global fintech firms, Wise has encountered a significant setback in its US expansion plans. Shares of Wise fell 9% to 824p after the US Office of the Comptroller of the Currency (OCC) denied the company's application for a national trust bank charter. According to reports, the rejection was driven by concerns linked to historical compliance issues that were identified after the application was submitted over a year ago.

Despite the sharp decline, the company emphasized that the decision does not impact its existing services in the US, where it continues to operate via money transmitter licenses across 48 states. This pressure comes as global markets digest various economic signals; per market data, the UK unemployment rate held at 4.9% while Canada's annual inflation rate cooled to 2.8% as of July 20 and 21, 2026.

Looking ahead, Wise intends to submit a fresh application under the framework of the US "GENIUS" Act, which established new federal rules for fintech charters. While authoritative real-time price levels for Wise are currently unavailable in the database, investors are closely monitoring the company's efforts to strengthen its compliance program. Markets also await upcoming catalysts such as the Michigan Consumer Sentiment index from the US.