Wise (previously TransferWise), one of the UK's top fintechs, confirmed Thursday that it will go public via a direct listing on the London Stock Exchange. It’s the first direct listing of a tech company in London.
The company said that “in contrast to a traditional initial public offering, a direct listing is a fairer, cheaper and more transparent way for Wise to broaden its ownership, in support of its mission to move money around the world faster, cheaper and more conveniently.”
Founded in 2010, Wise says it has been profitable since 2017. Revenue was £421m for the financial year of 2021, and it now claims to have 10m customers using its money transfer service.
The announcement comes as London tries to woo some of Europe’s growing stable of unicorns to list in the capital instead of heading to the US. Deliveroo’s rocky debut has cast a pall over that plan.
Wise’s most recent funding round valued the company at $5bn.
The company has not yet provided any further guidance on pricing for its listing. That will be determined through an opening auction when it goes public in the coming weeks.