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UK fintech Wise plans to switch its primary listing to New York in an attempt to attract more investors and boost its valuation, dealing a fresh blow to the London market.
The company, which listed to great fanfare in London in 2021, said the move would increase its appeal to US investors and enhance its expansion plans in the world’s biggest economy.
Announcing the decision on Thursday, Wise said: “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.”
Founded in London in 2010 by Estonians Kristo Käärmann and Taavet Hinrikus, about a fifth of the company’s staff are based in the UK. Its decision to go public in London rather than New York was hailed as a rare coup for the UK market.
Wise began as a provider of money transfers that undercut banks but has recently expanded its services to include interest-yielding investment products and a debit card.
Wise said the decision to shift its primary listing to New York would be put to a shareholder vote. The company intends to retain a listing in London.
The decision by Wise is likely to fuel anxieties over the appeal of the London market, which has historically struggled to compete with Wall Street.
Construction equipment rental group Ashtead in December announced plans to move its listing to New York, saying that the US was its biggest market.
