The London Stock Exchange faced another blow as the £12bn fintech company, Wise, announced its decision to shift its main share listing to the US, marking a significant move in the financial technology sector. Wise, a prominent online payments company, has been listed in London since 2021 but now plans to dual list its shares in both the US and the UK to attract more investors and enhance its market value.
Kristo Käärmann, the CEO of Wise, emphasized that the move aims to increase the company’s visibility in the US market, which presents significant growth opportunities for their products. The decision to dual list also reflects Wise’s commitment to its UK-based stakeholders and its intention to leverage the expertise in financial services and technology that the UK offers for its global expansion.
This move by Wise is part of a trend where several high-profile companies have opted to shift their primary listings to the US, citing reasons such as better liquidity, higher valuations, and access to a larger investor base. Companies like Ashtead, Flutter Entertainment, and CRH have previously made similar transitions, underscoring the competitive landscape and investor preferences in the global market.
London’s stock market has witnessed a series of setbacks with companies choosing to migrate to the US, seeking enhanced market opportunities and valuations. Recent decisions by firms like Indivior and Cobalt Holdings to cancel listings or scrap plans to list in London further reflect the challenges faced by the UK stock market in retaining tech businesses.
Formerly known as TransferWise, Wise’s initial public offering in 2021 set a record as the largest ever listing of a UK tech company, valuing the firm at £8.75bn. The subsequent surge in Wise’s share price on Thursday pushed its market value beyond £12bn, underlining its strategic significance in the fintech industry.
London’s diminishing appeal as a tech business hub is evident with companies like Arm Holdings opting for US listings over London. The decision by Wise to seek shareholder approval for its primary listing relocation underscores the evolving dynamics of the global financial landscape and the strategic imperatives for companies to adapt to changing market conditions.
Industry analysts, including Matt Britzman from Hargreaves Lansdown, noted that while maintaining a presence in London has its merits, the trend of tech firms seeking better valuations in the US is becoming increasingly common, posing challenges for London’s position as a leading financial center.
Wise’s strong presence in the UK, with a significant portion of its workforce based there, indicates its continued commitment to investing in the country and fostering growth opportunities. The company’s founders, Käärmann and Hinrikus, established Wise in 2011, and its rapid expansion underscores the disruptive impact fintech companies are having on traditional banking services.
Alongside the listing announcement, Wise reported a substantial increase in revenue and profit for the 2025 financial year, signaling its robust performance and market traction. The company’s strategic shift to the US market aligns with its growth objectives and aspirations to leverage opportunities in the world’s largest economy.
As Wise navigates its transition to a dual listing structure and seeks approval from investors, the move underscores the evolving dynamics of the fintech sector and the strategic considerations that companies must address to remain competitive in the global marketplace.
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