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June 17 2021

Wise expects valuation of £9bn with new London listing

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Wise, former TransferWise, is about to go public on the London Stock Exchange through a direct listing.

The payments and remittance company was valued at about $5 B last July. However, wise could be seeking a valuation of up to £9 billion.

Read also: N26 exceeds 2 million customers in France

Wise is receiving advice from Goldman Sachs and Morgan Stanley and the deal could be announced this week, according to Sky News.

Wise is also expected to apply a dual-class share structure. This will give enhanced voting rights for co-founder Kristo Kaarman and some early stage investors, including Richard Branson and Baillie Gifford.

“We’re taking steps to become a public company in a way that’s transparent and fair,” Kristo Kaarmann, CEO and co-founder of Wise, told reporters on a conference call on Thursday.

“We chose a direct listing because everyone has the same opportunity to own a part of Wise, from large institutions to customers. It’s less expensive than an IPO which helps us keep costs down and ultimately helps us on our mission to lower prices.”

“I hope Wise has opened an alternative avenue to the public markets for other U.K. technology businesses to ensure we have a thriving tech scene for decades to come,” said Stephen Kelly, chair of industry body Tech Nation.

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“The U.K. needs more poster-children and role models to inspire the next generation and it is good to see Wise live its values joining the London listing family.”

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