The payments app and fintech giant, Wise, is going public on the London Stock Exchange (LSE) today, under ticker symbol WISE, in a long-awaited public flotation that is set to cement its status as one of Britian’s most valuable start-ups of the last decade.
With an approximate valuation of around £8 billion ($11 billion), the company is offering its shares at 825 pence apiece.
Here is how you can buy shares
The stock can be found under the ticker symbol WISE.
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The London-based fintech company, formerly known as TransferWise, was founded by Estonian businessmen Kristo Käärmann and Taavet Hinrikus in January 2011, as a money transfer service. Since then, it has expanded, allowing customers to have multi-currency accounts and a debit card. With 14 offices around the world, it boasts 10 million customers, while it transfers £7 billion on their behalf every month.
The company became a so-called unicorn – a tech start-up worth at least $1 billion – in 2015 after having grown into an international payment giant and with early investors including Sir Richard Branson, Baillie Gifford and Andreessen Horowitz, one of Silicon Valley’s leading investment firms.
Its decision to go public in London comes at a time of intense debate about the capital’s attractiveness as a listing destination for technology companies.
Wise is listing without raising new capital from investors – typical of direct listings – while it plans to deploy a dual-class structure that will enable its founders and early investors to retain their voting control.
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