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Wise Flags Brazil Police Investigation Ahead of U.K. Listing

  • Probe stems from legal dispute with Brazilian lender MS Bank
  • Wise says it will cooperate, not able to predict outcome
Payment App Wise As Company Plans Direct Listing
Photographer: Chris Ratcliffe/Bloomberg

Digital-payments provider Wise, which is set to start trading in London next week, said it expects Brazil to open a police investigation after a local lender alleged misconduct by the U.K. company.

Wise’s prospectus, published Friday, laid out risks stemming from a previously reported legal dispute between the company and Brazilian lender MS Bank. Wise said it took a 6.7 million-pound ($9.3 million) provision in its latest financial results to account for 6 million pounds withheld by MS Bank that was used to provide liquidity for Wise’s money-transfer business.