Money transfer giant Wise (formerly TransferWise) – which went public in July and boasts a market capitalization of more than $14B – is expanding its wings beyond payments and testing investing products for its U.K. customers.

Why should we care?
The index investing feature, available to U.K. retail and business customers, allows them to convert cash to stock assets. In recent years, Wise has been increasingly moving on a trajectory toward becoming a full-service financial firm that resembles a bank, although its marketing messaging delivers a decidedly anti-bank message. “Banks invest the money you hold with them to make money for themselves. They use it to fund mortgages, business loans and credit cards for other customers — you’re effectively supporting their business for free,” the company said in a statement. “We built [index investing product] Assets to let you choose how to hold your money.” Wise, which was founded in 2010, made revenues of more than $580M last year amid rapid growth. The company has more than 10 million customers, and transfers around nearly $7B in client funds every month.