Wise, a fintech company valued at $6.6 billion, has been accused by a rival of harming competition in the money transfer market. Atlantic Money, a smaller foreign exchange service, made this claim in a letter to the Competition and Markets Authority (CMA) in the UK. As a result, Wise’s shares dropped 2% on the London Stock Exchange on Friday morning.

Wise, a fintech company with a market capitalization of £5.3 billion ($6.6 billion) has been accused by rival fintech firm Atlantic Money of engaging in anti-competitive practices in the money transfer market. The allegations were made in a letter sent by Atlantic Money to the Competition and Markets Authority (CMA) in the UK.

The letter claims that Wise removed Atlantic Money from the price comparison section of its website and refused to include it on Exiap, a foreign exchange fee comparison site owned by Wise. Wise also owns two other currency transfer comparison sites, Geldtransfer and Currencyshop.

Atlantic Money, a fintech company that specializes in foreign exchange services, has accused Wise, a larger fintech firm with a market capitalization of £5.3 billion ($6.6 billion), of engaging in anti-competitive behavior. The accusation was made in a letter sent to the U.K. Competition and Markets Authority (CMA).

According to the letter, Wise removed Atlantic Money from the price comparison section of its website and refused to include it on Exiap, another foreign exchange fee comparison site that is owned by Wise. Atlantic Money claims that Wise initially listed it on its website on October 14, 2022, but delisted it on January 20, 2023, stating that it was “no longer deemed a legitimate competitor.” Atlantic Money argues that Wise’s actions harm competition and result in higher fees for consumers.

Atlantic Money, a smaller foreign exchange service, has accused fintech giant Wise of harming competition in the money transfer market. In a letter to the UK’s Competition and Markets Authority, Atlantic Money alleged that Wise removed it from the price comparison section of its website and refused to include it on a foreign exchange fee comparison site that it owns, Exiap.

Atlantic Money also claimed that Wise’s actions would result in higher fees for end consumers, as it offers a flat fee of £3 for all currency conversions up to £1 million, which is lower than Wise’s fees for transfers of £1,000 or more. Wise, which has a market capitalization of £5.3 billion, has previously positioned itself as a consumer advocate, advocating for transparency in bank fees for international money transfers.

Atlantic Money, a foreign exchange service company, has accused Wise, a fintech firm with a market capitalization of £5.3 billion ($6.6 billion), of harming competition in the money transfer market by removing Atlantic Money from the price comparison section of its website and refusing to include it on Exiap, a foreign exchange fee comparison site owned by Wise.

Atlantic Money claims that Wise’s conduct is harmful to competition and results in higher fees for consumers. Wise, which was formerly known as TransferWise, has long been a proponent of consumer rights and transparency in fees charged by banks. The letter from Atlantic Money may lead to an investigation by the U.K. Competition and Markets Authority (CMA) into whether Wise’s conduct violates competition law. The CMA has said that it is unable to comment on specific cases outside of a formal investigation.