Wise latest to unveil plans to switch main listing from London to New York
The money transfer firm which listed in London in July 2021, said the move would 'help us accelerate our mission and bring substantial strategic and capital market benefits to Wise and our owners'.
It wants to drive greater awareness of the brand in the US, which it said was the 'biggest market opportunity in the world for our products'.
A primary listing on Wall Street would also give it 'better access to the world's deepest and most liquid capital market', it added.
It said the change would benefit the group by 'expanding the pool of investors able to invest in Wise, in particular US domestic institutional and retail investors, the largest global constituent of investors, many of whom are currently unable to hold our shares'.
Under the plans, the firm would be dual listed, with a secondary listing in London as part of its 'ongoing commitment to the UK'.
Kristo Kaarmann, co-founder and chief executive of Wise, said: 'The UK is home to some of the best talent in the world in financial services and technology, and we will continue to invest in our presence here to fuel our UK and global growth.'
It deals another blow to London's beleaguered stock market after a raft of companies have ditched their primary listing in London, including Paddy Power owner Flutter, mining group BHP, building materials group CRH and construction rental firm Ashtead, while a growing number of UK listed firms have also been bought out by foreign rivals or taken private.
And on Wednesday, Glencore-backed metal investment firm Cobalt scrapped its plans to list in London, just two days after drugs company Indivior said it would cancel the secondary listing it had retained in London, having already switched its main listing to the US last year.
Chinese fast fashion giant Shein has also reportedly ditched London for Hong Kong for its upcoming blockbuster initial public offering (IPO).
Wise, which was launched in 2011 under original name TransferWise, said it was not turning its back on the UK.
It said: 'Our confidence in UK talent and the tech ecosystem here remains undimmed.
'One-fifth of our employees are based in the UK and we plan to continue hiring and investing in our UK team.'
The group said it would call a shareholder meeting in the coming weeks for investors to vote on the proposal.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Herald Scotland
3 hours ago
- The Herald Scotland
Lord Sainsbury: Give Glasgow greater devolved powers
"A major challenge which government faces if it wants to increase Scotland's rate of growth is a way to find and support such clusters," he said. "All the evidence from other countries suggests that the only way to effectively support clusters is to do so at a city region level. Read more: "I appreciate in Scotland, unlike in England, metro mayors have not yet been introduced, but if you want to support high-tech clusters, this is something I think you should seriously consider, with Greater Glasgow being given powers similar to those devolved to Greater Manchester and the West Midlands." Lord Sainsbury was speaking at the Creating the Jobs of Tomorrow conference organised by Glasgow Chamber of Commerce, where he was introduced to the stage by former Labour chancellor and prime minister Gordon Brown. Mr Brown said growth and productivity have been perennial problems in the UK and Scotland, with innovation the key to boosting performance. A new study by economist Dan Turner, head of research at the Centre for Progressive Policy, has suggested this could unlock the creation of hundreds of thousands of high-value jobs. "There are huge sources of innovation and inventiveness in Scotland, just as has been traditional in our history," he said. "The question is can we turn that into scalable companies that stay in Scotland, invest in Scotland, create jobs in Scotland, and Dan's study suggests we could create 300,000 jobs in the next 10 years. "That's 300,000 well-paying jobs, 120,000 in the new industries, the spin-offs in terms of the service sector another 180,000 - that is a possibility if we invest in the infrastructure, the skills, and the development necessary to achieve that." Lord David Sainsbury (Image: Nate Cleary) Lord Sainsbury is a Labour peer and served as minister for science and innovation under Mr Brown and his prime ministerial predecessor, Tony Blair, between 1998 and 2006. He was appointed a life peer in 1997. Lord Sainsbury said there are new opportunities for employment and growth in sectors such as quantum computing, artificial intelligence and biotechnology. "There are economists that will argue that it is investment that is the engine of economic growth, but we have to realise today that capital flows easily around the world, and it flows as it has always done, to where the best investment opportunities are created by innovation," Lord Sainsbury said. "You can sit in London today and you can invest in Silicon Valley, you can invest in practically any country - until recently you could even invest in Chinese venture capital - because that is what modern communication enables you to do. That is why investment is not the real driver of the economy, it's innovation." Among the other speakers was Michael Spence, who won the Nobel Prize in Economics in 2001 for his work in the analysis of markets with information imbalances. Read more: "There are two things that [people] associate with Adam Smith correctly," Mr Spence said. "One the 'invisible hand', which is the market system is a reasonably efficient tool for decentralising and allocating resources. "That actually is not the most important thing that Adam Smith said, but it's the one that neo-conservatives remember because they elevate market systems to the status of a religion, rather than a way of accomplishing economic and social goals. The most important one for our purposes is specialisation. "Adam Smith meant specialisation within an economy, when of course everything that David Sainsbury talked about in the global economy is just the Adam Smith insight writ large, and of course it is the ultimate source of growth. "Without specialisation you don't get scale of spread your activity over too much territory, and you don't get innovation. You get nothing if everybody has to do everything. "The fundamental message I want to deliver today is that's still true, and that growth is fundamentally about specialisation and structural change."
South Wales Argus
7 hours ago
- South Wales Argus
Top environmental award for Celtic Collection of hotels
The Celtic Collection, which includes the Celtic Manor Resort and other properties in South Wales and the West, has been awarded Level 4 of the Green Dragon Environmental Standard across seven of its hotels and the International Convention Centre Wales (ICC Wales). This achievement marks a significant step forward in the group's sustainability journey. Fitzroy Hutchinson, energy and environment manager at The Celtic Collection, said: "With a track record of over 30 years of sustainable business practice, we are committed to making sustainability part of our everyday. "Having held the Green Dragon Environmental Standard at Level 3 at the Celtic Manor Resort for 20 years, we are delighted that our efforts to reduce our carbon footprint and our environmental impact have resulted in us achieving Level 4 across The Celtic Collection and ICC Wales. "We have made significant investment in our facilities to minimise our energy and water consumption, reduce our waste and raise our recycling levels but perhaps the most pleasing aspect of Level 4 recognition is that it reflects the enthusiastic participation of our team. "More than 1,300 people have been trained to recognise and enhance our sustainability practices and we have proactive working groups in all properties and across every department. "This engagement has been instrumental in reaching the Level 4 standard." The Green Dragon Environmental Standard is a UKAS-accredited certification owned and operated by Groundwork Wales. The Celtic Collection's Level 4 accreditation places it among just 19 organisations in Wales to reach this level or higher. Katy Stevenson, chief executive of Groundwork Wales, said: "We are delighted to have worked with the Celtic Collection and ICC Wales for a number of years, accrediting their venues through the Green Dragon Environmental Standard and now uplifting to Level 4. "This demonstrates consistent improvement and progress across a large and complex business." The Celtic Collection's commitment to sustainability is reflected in its daily operations and long-term investments. All of its properties use 100 per cent REGO-backed renewable electricity, send zero waste to landfill, and convert food waste into renewable energy and waste oil into biodiesel. In 2024, the group launched Tŷ Hotel Newport, the first all-electric large hotel in Wales. The hotel features energy-efficient electric ovens and induction hobs that use 40 per cent less energy than traditional gas equipment. At the Celtic Manor Resort, a new environment and ecology stewardship manager has led the planting of 5,000 trees, the installation of 120 bird boxes, and the introduction of four beehives supporting 150,000 honeybees. ICC Wales has also taken major steps to reduce its environmental impact, including eliminating single-use plastics and focusing on locally sourced produce. The venue offsets 465 tonnes of CO2 emissions annually thanks to its 230 acres of woodland, and its smart building management system helps minimise energy use. The Celtic Collection includes Celtic Manor Resort, Coldra Court Hotel, Newbridge on Usk, The Parkgate Hotel, and Tŷ Hotels in Magor, Newport, and Milford Waterfront. The group first achieved Level 3 in 2005, with the Celtic Manor Resort and ICC Wales reaching Level 4 in 2024. Other properties were brought up to the same standard in 2025.
The Courier
10 hours ago
- The Courier
First look inside new Dunfermline world buffet restaurant Booffi
A new world buffet restaurant has opened in Dunfermline. Booffi has taken over the former Kinema building on Carnegie Drive. The restaurant is a fourth venture for the Glasgow-based firm, which also has venues in Clydebank, Forge Retail Park and Glasgow Fort. The buffet offers a variety of dishes from different cultures around the world, including Italian, Indian and Chinese. The Kinema, a former dance hall and nightclub, first became a world buffet restaurant in 2018. However, it was forced to close during the Covid lockdowns. The Courier was given a look around the new restaurant before it opened to the public on Friday.
