Wise, the online payments company, has announced plans to move its main share listing from London to the US. The company, one of the biggest financial technology businesses in the UK, has been listed in London since 2021. On Thursday, Wise revealed its intention to dual list its shares in the US and the UK to attract more investors and boost its value.
Kristo Käärmann, the company’s chief executive, noted that relocating the main listing would drive greater awareness of Wise in the US, “the biggest market opportunity in the world for our products today,” and provide better access to the world’s deepest and most liquid capital market. He added, “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.”
This move represents another setback for London’s stock market, which has seen several high-profile companies defect to New York in search of better liquidity, higher valuations, and access to bigger investors.
Last year, the construction equipment rental company Ashtead and the gambling group Flutter Entertainment announced their moves to the US. The metal investment company Cobalt Holdings also scrapped its move to list in London, expected to raise about $230m (£170m). Wise, formerly known as TransferWise, joined the stock market in 2021 at a valuation of £8.75bn, marking it as the biggest ever listing of a UK tech company at that time.
Wise targets US for primary listing
The shares rose 10% on Thursday morning, valuing the company at more than £12bn. Its decision to pivot to the US also marks another setback for London as a venue for tech businesses.
In 2023, the chip designer Arm Holdings, headquartered in Cambridge, also decided to go public in New York rather than London. The company will call a shareholder meeting for investors to vote on the proposal in the coming weeks. Wise argued that moving its primary listing could provide a pathway to inclusion in major US share indices, which might improve the liquidity and demand for Wise shares.
Matt Britzman, an equity analyst at the broker Hargreaves Lansdown, noted that the decision to move the primary listing away from London created an obstacle for the company to join the FTSE 100, Britain’s blue-chip share index. “Keeping a presence in London makes sense, but it does little to sugarcoat the fact that yet another London-listed tech firm is looking across the Atlantic for better valuations – a story that’s becoming all too familiar,” he said. A fifth of Wise employees are based in the UK, and the company has stated it plans to continue hiring and investing in the country.
Wise was founded in 2011 and has grown rapidly by offering a cheaper money transfer service to individuals and small businesses. Alongside the announcement, the company also reported a 15% rise in revenue for its 2025 financial year to £1.2bn, with profit before tax up 17% to £564.8m.
