Fintech giant Wise has confirmed plans to transfer its primary listing from London to the US this quarter, cementing the latest upset to the UK public markets.
In a Q4 trading update published on Monday, the company said it was on track to complete its Nasdaq listing on May 11, highlighting greater US visibility, significant market opportunity and access to a more liquid market as benefits of the move.
Wise first announced plans to move its primary listing to a US stock exchange and maintain a secondary listing in London in June last year.
The company joins a host of prominent European scaleups — including Swedish streaming giant Spotify, Romanian automation platform UiPath and British cybersecurity firm Darktrace — to have turned their noses up at home markets in favour of the US.
Earlier this year, Wise’s chief product officer Nilan Peiris told Sifted the company was preparing a number of products that could put it in closer competition with US fintechs and banks.
Wise saw a 26% increase in financial transactions to £49.4bn in its latest quarter, according to the latest update, as well as a 22% rise in active customers to 11.3m.
Last month, the company launched UK current accounts, as it looks to take on traditional banks and challengers.
