Wise's ambitions to deepen its presence in the U.S. suffered a setback after regulators rejected the fintech's application to become a national trust bank.

Wise's ambitions to deepen its presence in the U.S. suffered a setback after regulators rejected the fintech's application to become a national trust bank.

Wise has been denied a US banking licence, just months after it switched its primary stock market listing to New York.

The London-based business had applied for a national bank charter in the US.