$6.6 billion fintech Sensible accused by rival of harming competitors

Sensible has been accused by a rival fintech firm of undermining competitors within the cash switch market.

Atlantic Cash, a smaller overseas trade service, made this allegation in a letter to the U.Ok. competitors watchdog, the Competitors and Markets Authority.

Shares of Sensible, which debuted on the London Inventory Trade in 2021, had been value £5.14 apiece at 10:30 a.m. London time, 2% under the Thursday market shut.

Sensible has a market capitalization of £5.three billion ($6.6 billion).

Within the letter Atlantic Cash shared with CNBC, the corporate says Sensible unfairly eliminated it from the worth comparability part of its web site and refused to incorporate it on Exiap — a overseas trade price comparability website that additionally belongs to Sensible.

Sensible owns two different forex switch comparability websites, Geldtransfer and Currencyshop.

Atlantic Cash mentioned within the letter that it was initially listed by Sensible on its web site on Oct. 14, 2022. It was later delisted on Jan. 20, 2023, with Sensible allegedly telling Atlantic Cash it was “now not deemed a official competitor.”

Within the letter, Atlantic Cash mentioned it believed Sensible’s conduct was “dangerous to competitors throughout the UK and EU and, we might submit, in the end ends in larger charges for finish shoppers.”

Atlantic Cash presents a flat £three price on all forex conversions as much as £1 million. Its charges are decrease than Sensible for transfers of £1,000 or extra.

Previously generally known as TransferWise, Sensible has lengthy touted itself as a champion of shopper rights, pushing for transparency across the charges charged by banks to maneuver cash throughout borders.

“We determined to take away Atlantic Cash in the intervening time for a variety of operational causes, together with queries acquired from clients about their enterprise. We take any complaints very severely,” a Sensible spokesperson instructed CNBC by way of electronic mail, in response to a request for touch upon the Atlantic Cash letter.

“We’re actually proud to have the comparability software as a part of our web site, and we’re not afraid to record cheaper rivals. We have accomplished that for years and nonetheless do.”

The letter could possibly be a precursor to a probe investigating whether or not Sensible’s conduct breaches competitors legislation.

A CMA spokesperson mentioned that the regulator was unable to touch upon particular instances exterior of a proper investigation.