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Wise tipped for July market debut

Wise tipped for July market debut

Money transfer outfit Wise appears set to make its stock market debut in London early next month.

The much-anticipated move - revealed earlier this month by co-founder Kristo Käärmann - could happen as early as 7 July, Bookrunners tell Reuters.

Wise intends to do a direct listing, with the price set at an open auction. The firm has opted for a dual class share structure, giving its founders and employees extra voting rights for their shares and allowing them to retain control after going public.

The firm is also introducing a customer shareholder programme called OwnWise, which will let users own a stake in the company.

Käärmann says: "Since announcing our expected intention to float last week, we've had over 60,000 expressions of interest in our customer shareholder programme."

Founded in 2010, Wise claims 10 million customers who use its money transfer service to send £5 billion each month. Revenue grew at a compound annual rate of 54% to reach £421 million in its latest financial year. Profit before tax for the year more than doubled to £41 million compared to the prior year.

Wise is also stepping further into core banking territory with its borderless bank account. The company has issued more than 1.6 million debit cards and customers held £3.7 billion in deposits as at 31 March 2021 across 56 different currencies in Wise accounts.

The listing is expected to give Wise a valuation anywhere between $6 billion and $12 million. The firm's most recent funding round valued the company at $5 billion.

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