Wise set to make Nasdaq debut as company completes shift from London to New York

• Wise originally debuted on the London market in 2021 and will maintain a secondary listing there while moving its primary listing to Nasdaq
• The company has applied for a U.S. trust bank charter and Federal Reserve master account to settle dollar payments directly with the Fed, potentially cutting costs and speeding transfers
• Wise's U.S. hub will be in Austin, Texas, with more than 750 U.S. employees supporting its expansion in its largest currency market

Summary

Key Development: Fintech company Wise is set to debut on the Nasdaq on Monday, May 11, shifting its primary listing from London to New York while maintaining a secondary London listing. The company originally went public in London in 2021.

Key Figures:

• Wise facilitated $243 billion in cross-border payment volume for the fiscal year ending March 31, representing a 31% year-over-year increase
• The company employs more than 750 people in the U.S., with its American hub located in Austin, Texas
• Founded in 2011, Wise provides low-cost cross-border payments and multi-currency banking services

Rationale for Move:

CEO Kristo Kaarmann cited the U.S. having the world's deepest and most liquid capital markets, offering easier investor access and enhanced capital markets benefits. The move aims to increase the company's U.S. visibility and market presence.

Regulatory Strategy:

Wise applied for a trust bank charter under the Office of the Comptroller of the Currency in July and is seeking a Federal Reserve master account. These moves would allow the company to bypass intermediary banks, settle U.S. dollar payments directly with the Fed, potentially reducing costs, accelerating transfers, and providing tighter control over its largest currency flows.

Market Implications:

The listing shift represents another setback for London's efforts to retain major tech companies, as deeper, better-performing markets elsewhere continue to attract firms away from the UK capital. This reflects broader challenges facing London's financial markets in competing with U.S. exchanges for high-profile listings.