Wise Plots Primary New York Listing, Shaking London Confidence
The London Stock Exchange suffered another blow today when cross-border payments specialist Wise announced plans to shift its primary listing to New York, while maintaining a secondary quotation in London, citing deeper US capital markets and greater investor reach.
Wise said a US primary listing would open the door to inclusion in major American equity indices, expand its shareholder base and improve liquidity. CEOKristo Käärmann called the United States “the biggest market opportunity in the world for our products”, arguing that stronger brand recognition across the Atlantic should accelerate growth. The company’s market capitalisation briefly topped £12 billion after the announcement, with shares up almost ten per cent in early London trading.
Investor response and timetable
The board intends to convene a shareholder meeting in the coming weeks to seek approval for the change. Under UK rules, at least 75 per cent of votes cast must back the proposal. While management forecasts limited operational disruption, analysts note that a switch could remove Wise from the FTSE 100 if its London line loses “premium” status, potentially triggering forced selling by index-tracking funds. Wise stressed that retail investors in Britain would continue to trade the stock locally and would gain access to US venues through most online brokers.
Wise joins a growing list of large UK-founded groups, including Ashtead, Flutter Entertainment, and CRH, that have opted for New York amid perceptions of lower valuations and thinner trading volumes in London. Bloomberg data suggest companies worth about $100 billion have either moved or signalled an intention to move their main listings to the US since 2023. City lobbyists fear the departures could erode London’s status as Europe’s premier equities hub and undermine government efforts to nurture high-growth tech firms domestically.
Policy and regulatory backdrop
Ministers have floated reforms ranging from simplified prospectus rules to dual-class share structures in an attempt to arrest the drift. The Financial Conduct Authority’s new “listing regime”, due later this year, aims to modernise rules that some founders view as restrictive. Market practitioners warn, however, that structural issues such as limited pension-fund appetite for equities and a shrinking pool of domestic research analysts may take longer to fix.
Alongside the listing plan, Wise reported a 15 per cent rise in revenue to £1.2 billion for the year to 31 March 2025 and a 17 per cent jump in pre-tax profit to £564.8 million, driven by a 23 per cent increase in cross-border payment volumes. Active customer numbers reached 15.6 million, up 21 per cent year-on-year, and the firm reiterated guidance for compound annual income growth of 15–20 per cent over the medium term. Management plans to invest roughly £2 billion in technology and marketing over the next two years, underlining confidence that regulatory approvals in both jurisdictions will be forthcoming.
Conclusion
Wise’s proposed migration highlights both the firm’s US growth ambitions and the City of London’s struggle to compete for tech-enabled listings. Supporters argue that tapping the world’s deepest capital market will lower the company’s cost of capital and raise its global profile. Critics counter that another high-profile departure could sap liquidity in the domestic market and weaken the UK’s innovation ecosystem. The final verdict now rests with shareholders, whose forthcoming vote will test whether London can still offer enough advantages to keep its brightest fintech stars anchored at home.
