Wise is negotiating a settlement with HM Revenue & Customs after software failures led to incorrect tax statements for some investment customers between 2021 and 2025. The company contacted around 4,000 UK users of its Wise Asset service, which manages $9bn globally, to inform them of the miscalculations caused by a third-party supplier. The errors affected capital gains and income figures used in self-assessment tax returns, though not all affected users necessarily paid incorrect amounts due to changes in personal circumstances. Wise said it has fixed the issue, issued corrected statements, and is proactively addressing potential liabilities with no ongoing risk to customers. The incident is the latest challenge for the fintech, which has faced scrutiny over money laundering controls and compliance. In June, Belgian authorities investigated Wise over potential money laundering offences, and in July, US regulators rejected its banking licence application due to deficiencies in anti-money laundering checks. Wise, founded in 2011 by Taavet Hinrikus and Kristo Käärmann, has 19mn users globally. Käärmann, Wise's chief executive, was fined £350,000 by the UK financial regulator in 2024 for breaching conduct rules. The company launched its Assets service in 2021 to diversify beyond money transfers.
HM Revenue & Customs, 4,000, $9bn, Kristo Käärmann, £350,000
Source: Financial Times Companies · Summarized by HeadlinesBriefing