The UK-based fintech company Wise Group Plc (WSE.US) has made its trading debut on the Nasdaq stock exchange. This cross-border payments platform aims to access the larger and more diverse U.S. capital market through a dual listing. According to regulatory filings, Wise's shares will trade on Nasdaq under the ticker symbol "WSE," marking the culmination of a multi-year plan to broaden its investor base. The company will maintain its secondary listing on the London Stock Exchange.
For Wise CEO Kristo Kaarmann, the dual listing is designed to enhance stock liquidity and extend trading hours. Concurrently, the company is actively expanding its U.S. operations. Users can hold, transfer, and spend funds across up to 40 currencies using the platform's mid-market exchange rates. In a pre-listing interview, Kaarmann stated, "Being able to trade during both London and New York hours is part of the consideration. Additionally, it provides an opportunity to engage with new U.S. shareholders and equity analysts, allowing us to retell our story."
Kaarmann revealed that Wise's early investors include billionaire Peter Thiel, Silicon Valley venture capital firm Andreessen Horowitz, and the long-established UK asset manager Baillie Gifford. For years, many large institutions have wanted to hold Wise shares listed in London but were deterred by insufficient liquidity. Although liquidity improved after Wise's initial public offering five years ago, Kaarmann acknowledged it was "nowhere near the trading levels of U.S. peers." He will celebrate the listing in New York's Times Square with customers and long-term shareholders.
Preliminary financial results released by Wise on Monday estimate that for the fiscal year ending March 31, net revenue grew 19% year-over-year to $2.5 billion. Customer holdings increased 40% to $39 billion.
The Nasdaq listing also enables Wise to retain its dual-class share structure—an arrangement more common in the United States than in the UK. This structure grants Kaarmann key voting control. In London, this arrangement was originally set to be phased out this year. The dual-class structure has sparked some shareholder debate over corporate governance. Ultimately, stakeholders voted in favor of relocating the primary listing to the United States.
Wise is seeking to expand in the U.S. market, particularly through its Wise Platform business, which provides foreign exchange infrastructure to other banks. Kaarmann noted that Morgan Stanley is one of the fintech firm's largest clients, and discussions are ongoing with other banks. Furthermore, Wise has applied to establish a U.S. national trust bank to gain access to the Federal Reserve's payment and settlement systems. Regulatory documents show that Wise's U.S. workforce has grown to over 860 employees.
According to data compiled by Bloomberg, Wise's share price in London has risen approximately 33% since its July 2021 listing through May 8. However, due to its dual-class share structure, Wise has not been included in the FTSE 100 Index. Because Wise's holding company is registered in Jersey, it currently does not qualify for inclusion in indices such as the S&P 500. Inclusion in such indices could unlock billions in passive investment funds, as asset managers tracking these indices would establish positions accordingly. To qualify, Wise must demonstrate it is a "U.S. company"—for example, by showing significant U.S. revenue, a substantial number of U.S. shareholders, and leadership based in the United States.
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