British fintech firm Wise has revealed plans to switch its primary listing from London to New York in yet another setback for the City.
The money transfer firm said the move would “help us accelerate our mission and bring substantial strategic and capital market benefits to Wise and our owners”.
It wants to drive greater awareness of the brand in the US, which it said was the “biggest market opportunity in the world for our products”.
A primary listing on Wall Street would also give it “better access to the world’s deepest and most liquid capital market”, it added.
It said the change would benefit the group by “expanding the pool of investors able to invest in Wise, in particular US domestic institutional and retail investors, the largest global constituent of investors, many of whom are currently unable to hold our shares”.
Under the plans, the firm would be dual listed, with a secondary listing in London as part of its “ongoing commitment to the UK”.
Kristo Kaarmann, co-founder and chief executive of Wise, said: “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.”
