Wise Launches Multi-Currency Interest in Canada as Revolut Hits 70 Million Users
Two fintech milestones landed on the same day: Wise launched multi-currency interest accounts in Canada, while Revolut crossed 70 million customers worldwide.
What happened
On 4 May 2026, two significant fintech developments broke on the same day. According to Finextra, Wise introduced a feature in Canada that lets users earn interest on balances held in multiple currencies simultaneously within a single account — described as the first product of its kind in the Canadian market. Separately, Finextra also reports that Revolut announced it has surpassed 70 million customers globally, a sharp increase from the 50 million it recorded in November 2024.
Why it matters
These two announcements together sketch a clear picture of where retail banking is heading. Neobanks are no longer competing with traditional banks purely on low fees or slick apps — they are now moving into territory that was once reserved for full-service savings accounts and wealth management products. Wise's multi-currency interest feature is particularly notable because holding idle balances in foreign currencies has historically meant earning nothing, or even losing value to fees. Revolut's growth trajectory — adding roughly 20 million customers in under 18 months — signals that consumer appetite for digital-first finance is still accelerating, not plateauing.
Impact on personal finance
For anyone who regularly holds money in more than one currency — whether for travel, international freelancing, or cross-border transfers — Wise's new feature addresses a genuine gap. Previously, parking euros, dollars, or pounds in a multi-currency wallet typically meant those funds sat idle. Now, at least in Canada, those balances can generate a return. This sets a precedent that other markets, including the EU and UK, may follow as competitive pressure builds. Meanwhile, Revolut reaching 70 million users strengthens its negotiating position with regulators and partners, which could translate into broader product availability and potentially better rates for existing customers over time. Neither development removes the need to compare offerings carefully — interest rates and terms across fintech accounts vary significantly and can change.
Regional perspective
Canada is the launch market for Wise's multi-currency interest product, but the feature could serve as a benchmark for rollouts elsewhere. EU and UK users of both platforms should watch for similar announcements, as Revolut's European banking licence and Wise's existing footprint in these regions make expansion of such features plausible. In the US, regulatory complexity around interest-bearing accounts has historically slowed similar fintech launches, so a timeline there remains less clear.
This article is for informational purposes only and does not constitute investment or financial advice. It was created with AI assistance under human editorial review, drawing on publicly available sources listed below.
Sources
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1
Results of the ECB Survey of Professional Forecasters for the second quarter of 2026ECB Press Releases ·
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2
Piero Cipollone: Digital assets, payment efficiency and monetary policyECB Press Releases ·
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3
GDP (Advance Estimate), 1st Quarter 2026BEA News Release Feed ·
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4
FEDS Note: Detecting Tariff Effects on Consumer Prices in Real Time – Part IIFederal Reserve — FEDS Notes ·
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5
Wise introduces multi-currency interest feature in CanadaFinextra — Latest Headlines ·
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6
Revolut hits 70 million customers milestoneFinextra — Latest Headlines ·