British fintech Wise to move primary listing to the U.S. in blow to London stock exchange

LONDON — British money transfer firm Wise on Thursday said that it plans to move its primary listing location to the U.S., dealing a fresh blow to the London stock exchange.

Wise said in its full-year earnings statement that it will move to a dual listing, with its main listing hub shifting to the U.S. while maintaining a secondary listing in London.

“This would allow Wise’s shares to trade on both a US stock exchange and the LSE,” Wise said in its earnings announcement.

Shares of Wise traded 7% higher during early morning deals Thursday.

Wise debuted on London’s stock market in 2021 in a direct listing that valued the company at £8 billion ($10.84 billion) at the time. It is now valued at £11.07 billion, according to LSEG data.

The listing was viewed as a symbolic win for the U.K., as then British Prime Minister Rishi Sunak’s government was looking to encourage more global tech companies to choose London as their IPO destination.

Since then, London has been mired in doubts over whether it can play host to major tech listings. The city is often criticized for lacking the depth of liquidity and industry expertise from investment analysts to accommodate such transactions.