Wise was accused of harming competition in the money transfer market by delisting a rival, Atlantic Money, from its currency exchange comparison tool.
Pavlo Gonchar | SOPA Images | LightRocket via Getty Imageshas been accused by a rival fintech company of undermining competition in the money transfer market.
Shares of Wise, which debuted on the London Stock Exchange in 2021, were worth £5.14 apiece at 10:30 a.m. London time, 2% below the Thursday market close.In the letter Atlantic Money shared with CNBC, the company says Wise unfairly removed it from the price comparison section of its website and refused to include it on Exiap — a foreign exchange fee comparison site that also belongs to Wise.Atlantic Money said in the letter that it was initially listed by Wise on its website on Oct.
Atlantic Money offers a flat £3 fee on all currency conversions up to £1 million. Its fees are lower than Wise for transfers of £1,000 or more. "We decided to remove Atlantic Money for the time being for a number of operational reasons, including queries received from customers about their business. We take any complaints very seriously," a Wise spokesperson told CNBC via email, in response to a request for comment on the Atlantic Money letter.
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