UK Payment Firm Wise to Shift Primary Share Listing to the US After Shareholder Approval
The UK-based online payments company Wise will relocate its primary share listing to the US following overwhelming support from shareholders.
Investors in Wise, one of the largest financial technology firms in the UK with a market value of approximately £11bn, backed the move to a dual listing in the US, a step intended to expand its investor base and increase its market valuation.
The decision, made at an extraordinary general meeting, was contentious as it also involved an extension of the company’s "dual class" share structure, granting greater voting power to holders of "B" class shares.
A key beneficiary of this structure is co-founder and CEO Kristo Käärmann, whose 18% economic stake translates to 55% voting influence, though his voting rights are limited to a 50% cap.
The company stated that transferring its main listing would increase visibility in the US—its largest potential market—while providing access to deeper and more liquid capital markets.
However, Taavet Hinrikus, the Estonian co-founder with a 5.1% stake and 11.8% voting control, publicly opposed the bundled vote. Having departed shortly after the firm’s 2021 listing, he argued the matters should have been decided separately, asserting that "Wise owners deserve governance structures that enhance value, not entrench power."
Initially introduced during the 2021 listing, the dual class arrangement was set to expire next summer but will now be extended by a decade under the approved measure. Shareholders were required to approve both the US listing and the extended structure in a single vote.
A shareholder advisory service urged investors to reject the proposal, suggesting that retaining preferential voting rights could reinforce management control.
The resolution required a 75% supermajority by value across both share classes, with at least a 50% turnout in each. Nearly 91% of Class A shares supported moving the primary listing and maintaining the dual class system, while 84.5% of Class A shareholders endorsed the move.
David Wells, Wise’s chair, expressed satisfaction with the outcome, stating the company now has a clear path forward. "Our focus remains on advancing our mission of frictionless cross-border transactions and delivering lasting value to our shareholders," he added.
The new listing and share structure are expected to take effect in the second quarter of next year.
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