Wise to Shift Main Listing to US in Blow to London Stock Market

Wise, the online money transfer giant, has announced its decision to move its primary share listing to the United States, representing a significant setback for the London Stock Exchange. The decision, revealed on Thursday, marks another high-profile defection from London as global companies increasingly look to the US for stronger investor bases, improved valuations, and enhanced market liquidity.

Founded in 2011 by Kristo Käärmann and Taavet Hinrikus, Wise, formerly known as TransferWise, revolutionised financial technology by offering consumers and small businesses low-cost money transfer options, challenging established banks. Since its initial public offering in London in 2021, the company’s valuation has surged from £8.75 billion to over £12 billion. Its recent decision to dual list shares in both the UK and US aims to further drive growth, with shareholder approval for the move set to be sought in upcoming weeks.

According to Käärmann, CEO of Wise, shifting the primary listing will provide the company with crucial access to the US, the largest market opportunity for its products. He stated that this move enables Wise to tap into the world’s most liquid capital market while ensuring better exposure among investors. Furthermore, the inclusion of Wise shares in major US stock indices may improve liquidity and demand, boosting overall shareholder value.

Despite the switch, Wise reaffirmed its commitment to the UK, where a significant portion of its workforce is based. Käärmann highlighted the talented financial and technology professionals in the region, promising continued investments to support operations there. The decision to retain a dual listing underlines the company’s intention to serve UK-based shareholders while expanding globally.

This announcement is the latest in a series of blows to the London Stock Exchange, which has witnessed several major departures in recent years. Notable examples include the gambling group Flutter Entertainment, construction equipment firm Ashtead, and chip designer Arm Holdings, all of which opted for primary listings in New York. Earlier this week, drugmaker Indivior confirmed plans to cancel its London secondary listing.

Equity analyst Matt Britzman of Hargreaves Lansdown remarked that the move highlights a growing trend of London-listed companies seeking higher valuations overseas. Although maintaining a London presence offers some reassurance, it underscores the challenges facing the UK stock market in retaining high-growth firms, particularly in the technology space.

With Wise’s revenue rising 15 per cent to £1.2 billion for 2025 and its pre-tax profit increasing by 17 per cent to £564.8 million, the company appears well-positioned for continued expansion. Its decision signals a strategic manoeuvre to capitalise on US investor interest and the market’s unparalleled resources while maintaining ties to its British roots.