Wise sees Irish market bump from bank exits

Fintech giant Wise has seen demand from Irish companies surge as exits from KBC and Ulster Bank loom.

The £6.4 billion British online payments company serves 3,000 business customers in Ireland.

Harsh Sinha, Wise’s Chief Technology Officer, said they had seen an increase in interest from Irish SMEs sending and receiving money in different currencies.

The exit of KBC and Ulster Bank has forced many companies to look for alternative financial services.

“It’s an interesting place because we see a lot more interest when certain banks leave. Obviously, people need to start looking for different alternatives,” Sinha said Sunday independent.

“Concentration drives some customers to us – but overall it’s worse for customers with such a consolidation.

“Too few banks in the market and having these big incumbents doesn’t help anyone — because it doesn’t drive competition.”

When companies have an international customer base, navigating multiple currencies in stock market transactions can prove difficult.

“By definition, most SMEs start with a global mindset. In an economy like the one we have right now – where there’s inflation and a drop in sales – people want customers no matter where they are.

“This is driving the spread of Wise across Ireland.”