Wise dips as FT reports company to pay customers’ tax bills after errors

Wise's shares fell by 2.6% on Thursday following a report from the Financial Times that the money transfer company will cover customers' tax bills due to software errors in its investment service. The company reached out to approximately 4,000 UK users who had been provided incorrect tax statements from 2021 to 2025. The errors were caused by inaccuracies in third-party software calculating capital gains and income figures from stocks and fund investments that customers must declare to HM Revenue & Customs.

Wise is currently negotiating a bulk settlement with HMRC to address any tax shortfalls resulting from the mistake and will compensate customers who overpaid, according to the report. The company emphasized that not all users with erroneous statements would have paid incorrect taxes, given changes in their personal circumstances.

Wise had $9 billion in assets invested globally in its Wise Asset service. The company confirmed it had resolved the issue and issued corrected statements to affected customers, stating there is no ongoing risk to customers. This tax statement error joins other regulatory challenges Wise has encountered this year; the company faced Belgian investigations into potential money laundering offenses and a U.S. regulator's rejection of its banking license application due to insufficient anti-money laundering checks.