UK money transfer service Atlantic Money has submitted a complaint to regulators after rival Wise delisted it from the company’s price comparison tool.

Atlantic Money, which launched in July 2022, has accused the well-established FinTech of breaching a commitment to transparency.

The company, which claims it provides cheaper services than Wise, said that it was removed from the tool for “not being legitimate enough”, despite being authorised and regulated by the Financial Conduction Authority.

Atlantic Money, which has reported Wise to the Competition and Markets Authority (CMA), says that the move contradicts the transfer service’s mission statement and means customers won’t get to see whether they are getting the best deal on their transfer.

The newly established transfer service alleges that while Wise's strategy champions transparency, this is abandoned when it “no longer services the business interest”.

“We’re seeing this play out here, with price transparency. Transparency was great for Wise when they were mainly on top,” it said. “Now that they’re not, transparency disappears in favour of burying information and competitors – harming the consumer interest they promised to protect.”

Wise said that it is “not afraid to list cheaper competitors” and that it has done for years.

“We decided to remove Atlantic Money for the time being for a number of operational reasons, including queries received from customers about their business,” said a spokesperson at the company. “We take any complaints very seriously.”

Wise also recently rejected Atlantic Money for similar reasons from being listed on other external comparison sites it controls, like Exiap.com and Geldtransfer.

“Wise’s foundation is built on the promise of trust, transparency and doing the best for the people,” said Neeraj Baid, co-founder, Atlantic Money. “It’s disappointing to see now that they become what they have always fought against.”

Baid continued: “We are even more convinced now that we are on the right track. People deserve to have a fixed price on their international transfers instead of paying more the more they send.”

A survey by Atlantic Money conducted earlier this month suggests that some users of established FinTechs like Wise and Revolut are concerned that these companies are creating monopolies.

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