Stock exchange dealt another blow as £12bn fintech ditches main London listing
The online payments company Wise has said it will move its main share listing to the US, in the latest blow to London’s beleaguered stock market.Wise, which is one of the biggest financial technology businesses in the country and has been listed in London since 2021, said on Thursday that it now intends to dual list its shares in the US and the UK in an attempt to attract more investors and boost its value.The company’s chief executive, Kristo Käärmann, said moving its main listing would help “drive greater awareness of Wise in the US, the biggest market opportunity in the world for our products today, and enabling better access to the world’s deepest and most liquid capital market.“A dual listing would also enable us to continue serving our UK-based owners effectively, as part of our ongoing commitment to the UK.The UK is home to some of the best talent in the world in financial services and technology, and we will continue to invest in our presence here to fuel our UK and global growth.
”It represents yet another setback for London’s stock market, as a string of high-profile companies have defected to New York in search of better liquidity, higher valuations and access to bigger investors.Last year, the construction equipment rental company Ashtead announced it would move its primary listing to the US, following companies such as the gambling group Flutter Entertainment and the building materials provider CRH.Earlier this week the drugmaker Indivior said it planned to cancel the secondary listing it had retained in London after switching its main stock listing to the US last year.Also this week the metal investment company Cobalt Holdings scrapped its move to list in London, which was expected to have raised about $230m (£170m).Wise, formerly known as TransferWise, joined the stock market in 2021 at a valuation of £8.
75bn, making it the biggest ever listing of a UK tech company.The shares rose as much as 10% on Thursday to value the company at more than £12bn.Its decision to pivot to the US also marks another setback for London as a venue for tech businesses.In 2023 the chip designer Arm Holdings, which is headquartered in Cambridge, also decided to go public in New York rather than London.Wise will call a shareholder meeting for investors to vote on the proposal in the coming weeks.
It argued that moving its primary listing could provide a possible pathway to inclusion in major US share indices, which could improve liquidity and demand for Wise shares.Matt Britzman, an equity analyst at the broker Hargreaves Lansdown, noted the decision to move the primary listing away from London created an obstacle for the company to join the FTSE 100, Britain’s blue-chip share index.Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotion“Keeping a presence in London makes sense, but it does little to sugarcoat the fact that yet another London-listed tech firm is looking across the Atlantic for better valuations – a story that’s becoming all too familiar,” he said.A fifth of Wise employees are based in the UK and the company has said it plans to continue hiring and investing in the country.Wise was founded by Käärmann and Taavet Hinrikus in 2011, and has since grown rapidly as it has taken market share from big banks by offering a cheaper money transfer service to individuals and small businesses.
Alongside the announcement, the company also reported a 15% rise in revenue for its 2025 financial year to £1.2bn, with profit before tax up 17% to £564.8m.
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