Shareholders of British fintech leader Wise have voted overwhelmingly in favour of relocating the company's primary stock market listing from London to New York. The decision signals a strategic pivot for the money transfer firm as it seeks greater access to international investors and deeper capital markets.
The move comes amid growing concerns about London's ability to retain fast-growing tech companies, with several UK-based firms opting for US listings in recent years. Wise, which was valued at nearly £9 billion at its 2021 London debut, believes the transition will enhance its global profile and liquidity.
Why the Shift Matters
Financial analysts highlight several key reasons behind Wise's decision:
- Access to larger pools of institutional investment
- Higher valuations typically afforded to tech companies in US markets
- Increased trading volumes and liquidity
- Alignment with the company's predominantly international customer base
The company will maintain a secondary listing in London, but its primary shares will now trade on the New York Stock Exchange. This dual-listing approach aims to balance global ambitions with continued ties to its British roots.
Industry Reaction
The decision has sparked mixed reactions across the financial sector. Some see it as a blow to London's standing as a fintech hub, while others view it as an inevitable consequence of global capital flows. Bank of England officials have expressed concern about the trend, but acknowledge the competitive pressures facing UK-listed firms.
Wise executives emphasized that the relocation reflects business rather than political considerations. "This move positions us for the next phase of growth," said CEO Kristo Käärmann. "While we're proud of our British heritage, our mission has always been global."
The transition is expected to complete within six months, subject to regulatory approvals in both jurisdictions. Market observers will be watching closely to see if other UK fintech firms follow Wise's lead in pursuing transatlantic listings.
