Wise Plans to Trade on LSE through Direct Listing

Wise, the global technology company building a better way to move money around the world, announces it is considering applying for admission by way of a direct listing of the Shares to the standard listing segment of the Official List of the FCA and to trading on the main market of the London Stock Exchange.

According to the company's news release, in contrast to a traditional Initial Public Offering, a direct listing is a fairer, cheaper and more transparent way for Wise to broaden its ownership, in support of its mission to move money around the world faster, cheaper and more conveniently. All existing investors, including the company's team of current and previous employees who hold options and shares, will be offered time-limited enhanced voting shares to support Wise's focus on its mission as it transitions to being a listed company.

Wise also plans to establish a customer shareholder programme, OwnWise, which will reward customers joining as shareholders after admission to support its long-term mission. OwnWise, open for pre-applications from UK eligible customers today, provides participants with the chance to receive bonus shares in Wise, representing 5% of the value of the shares they buy and hold for at least 12 months (based on market value at the time of purchase) up to a cap of £100, amongst other perks.

The direct listing is possible due to the company's sustainable approach to growth. Wise has been profitable since 2017, with a 54% revenue CAGR2 over the last 3 years reaching £421 million of revenue in FY2021. The company has no plans to raise primary capital.

Kristo Käärmann, CEO and co-founder of Wise, said:“Wise is used to challenging convention, and this listing is no exception. We're ten years into building a new way to move money around the world - faster, cheaper, easier and completely transparent. A direct listing allows us a cheaper and more transparent way to broaden Wise's ownership, aligned with our mission.”