Cross-border payments firm Wise Plc has indicated it is on track to move its primary listing from London to Nasdaq next month. This development coincides with the remittance company reporting key profit metrics for its fourth fiscal quarter that surpassed analyst forecasts.
Wise CEO and Co-founder Kristo Käärmann stated on Monday that the planned U.S. listing, expected around May 11, is anticipated to "further enhance" the company's profile in the United States. The firm is actively seeking to establish partnerships with over 4,000 banks across the nation. The fintech company initially announced its intention to list in the U.S. last year. It has applied to charter a national trust bank in the U.S., which would grant Wise access to the Federal Reserve's payment systems. Wise's U.S. workforce currently exceeds 750 employees, with 450 based in Austin.
Wise's decision is part of a broader trend. In recent years, a significant movement of companies shifting their primary listings from the U.K. to the U.S. has emerged in global capital markets. Driven by factors such as higher valuations, greater market liquidity in U.S. markets, and a strategic pivot of business focus toward the U.S., several industry leaders have made this move. Building materials giant CRH Plc and gambling leader Flutter Entertainment have already transferred their primary listings from London to New York, while U.K. chip design leader Arm opted for a direct listing on Nasdaq.
Separately, Wise reported that its underlying revenue for the fourth quarter ending in March increased by 24% year-over-year to £435.3 million ($583.5 million), exceeding the average analyst estimate of £428.7 million. Growth in customer numbers helped drive an increase in deposits. For the full fiscal year, the volume of cross-border transactions processed by Wise grew by 25% to £181.7 billion, while its customer base expanded by 21% to nearly 18.9 million.
Last month, Wise announced plans to launch an everyday checking account in the U.K., aiming to capture more market share from traditional banks and other fintech competitors. The company currently holds an electronic money institution license in the U.K., which authorizes it to provide payment services but does not permit lending activities. Wise is also actively seeking regulatory approvals from authorities overseas. Its existing platform enables users to hold, transfer, and spend in up to 40 currencies internationally using the mid-market exchange rate.
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