Wise shareholders have overwhelmingly approved the fintech’s plan to transition its primary listing from London to the US.
Despite some controversy surrounding the decision to tie the vote to an extension of the company’s dual-class share structure, nearly 91% of class A shares and 84.5% of class B shares voted in favor of the special resolution.
When Wise went public in London in 2021, it implemented a dual-class share structure that allows a small group of investors to maintain control over the company. Originally set to expire in 2026, the vote to move the listing to New York included a proposal to extend this dual-class structure until 2036.
Co-founder Taavet Hinrikus, who holds over 5% of Wise through his Skaala Investments OÜ, criticized the “all or nothing” nature of the vote. Despite this, the majority endorsement from shareholders reflects strong support for the move.
“We’re pleased that our owners have overwhelmingly approved the proposal, giving us a strong mandate to proceed,” stated David Wells, chair of Wise.