US-listed FinTech Wise is negotiating a settlement with HM Revenue and Customs (HMRC) after incorrectly calculating tax statements for around 4,000 of its UK investment service users, the Financial Times has reported.

The company, best known for its international money transfer service, contacted affected users of Wise Asset this week, the paper said. The cause was third-party software that miscalculated applicable capital gains and income tax figures from stocks and fund investments between 2021 and 2025.

These numbers affect how much tax a UK resident owes, and must be declared to HMRC.

In a letter seen by the FT, Wise has offered a “bulk settlement” with HRMC to cover the shortfalls in tax paid by its clients, and offered to compensate customers who overpaid.

In a statement to the paper, Wise said: “Wise identified that errors in software used by a third-party provider led to incorrect tax statements for a limited number of customers using our Wise Interest and Stocks investment products.

“We have fixed the issue, issued corrected statements to affected customers and are proactively redressing potential liabilities, with no ongoing risk to customers.”

This is the latest in a series of challenges for the company.

In June, it emerged that Wise was under investigation by Belgian prosecutors over allegations criminals used its accounts for money laundering. Prosecutors told French press at the time that the investigation was “at an advanced stage”, and reports by The Bureau of Investigative Journalism suggest the suspected figure could be as high as €500 million.

One month later, Wise’s application for a US banking licence was rejected over what the Office of the Comptroller of the Currency called “longstanding deficiencies” in its anti-money laundering checks.

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