Atlantic Money has escalated competition concerns about rival Wise to the European Commission.

The move comes after Wise de-listed Atlantic Money from its price comparison tool in January. The FinTech also alleges that Wise denied it access to several third-party price comparison sites that the London stock exchange-listed company owns.

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 attests that these actions have been taken by Wise as a consequence of it becoming a “commercial threat” and believes Wise’s conduct is in breach of Article 102 of the Treaty of the Functioning of the EU – an article which strives to encourage competition and innovation for consumers within the bloc.

In a letter to the EU directorate-general for competition. Atlantic Money also suggests that the actions taken by Wise contradict its mission and philosophy Statement, meaning its users will not be able to see whether they are getting the best deal on their transfer.

“The issue of transparency and Wise’s questionable conduct extends beyond the borders of the UK,” said Neeraj Baid, co-founder of Atlantic Money.

Explaining its decision to contact the EU Commission, he continued: “We have raised our concerns with the Directorate-General for Competition within the European Commission as a means to try and ensure consumers in the EU are protected.”

Responding to the news, Wise said was proud to have the comparison tool as part of our website, and that it is "not afraid" to list cheaper competitors.

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

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