We’re over halfway through the year, and we continue to make progress on our mission. However while the demand for new Wise personal and business accounts is at an all time high, we have not been able to serve all of you as fast or as smoothly as we would have wished.
To ensure your money is safe, and to remain compliant with local laws and regulations, we added a number of verification checks. We also introduced new processes to enforce global sanctions on Russian businesses and individuals since the start of the war in Ukraine.
Your money may be safer with Wise than ever before, but the downside is these checks can create transfer delays and longer customer support waiting times. Unfortunately, we also had to temporarily stop offering our Business accounts to new customers in some European markets. All of this has meant we are spending more on scaling up operational teams with fewer savings to pass back to lower your fees.
However, we continue to automate processes and improve your experience to keep money moving instantly, transparently, conveniently, and - eventually - for free. Read on to find out more.