Money transfer behemoth Wise is to move its primary listing to the United States, in a fresh blow to the London Stock Exchange.
In its full-year results statement, Wise says the plan for a dual listing in the US and UK will help the firm to grow its business in the US market and deliver greaterr awareness and investment benefits.
Wise first listed on the London Stock Exchange in 2021 at a valuation of £8 billion. It is now valued at £11.07 billion, according to LSEG data.
The year's results show a continuation of strong growth, with transaction volumes, customer numbers, revenue, profits and instant payments are all on an upward curve.
As a global business, the firm believes that the switch of its primary listing to the US will expand the pool of investors able to invest in Wise, in particular US domestic institutional and retail investors. It will also significantly enhance its profile among potential customers, including a pool of 4000 US banks that could benefit from an integration with the firm's tech infrastructure via Wise Platform.
Kristo Käärmann, co-founder and CEO of Wise says: "We believe the addition of a primary US listing would help us accelerate our mission and bring substantial strategic and capital market benefits to Wise and our Owners. These include helping us 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.”