Money transfer giant Wise is set to move its primary listing to the United States, marking a notable shift for the London Stock Exchange.
In its full-year results statement, Wise indicated that a dual listing in the US and UK aims to bolster its business growth in the US market, enhancing both awareness and investment opportunities.
Wise debuted on the London Stock Exchange in 2021 with a valuation of £8 billion, which has since climbed to £11.07 billion, according to LSEG data.
The recent results reflect ongoing strong growth, with increases in transaction volumes, customer numbers, revenue, profits, and instant payments.
As a global entity, Wise believes relocating its primary listing to the US will broaden its investor base, especially attracting US institutional and retail investors. This move will also enhance its visibility among potential customers, notably a network of 4,000 US banks that could benefit from integration with Wise Platform.
Kristo Käärmann, co-founder and CEO of Wise, stated: “We believe a primary US listing would help us accelerate our mission and offer significant strategic and capital market advantages. This includes increasing our brand awareness in the US, the largest market for our products today, and facilitating access to the world’s deepest and most liquid capital market.
“A dual listing would also allow us to continue effectively serving our UK-based stakeholders, as part of our commitment to the UK. The country hosts some of the best talent in financial services and technology, and we will maintain our investments here to support our UK and global growth.”