Wise (WSE.US) will be listed on Nasdaq for dual listing, British financial technology giant "Westward" seeks liquidity.

British financial technology company Wise Group Plc (WSE.US) has officially debuted on the Nasdaq, completing its trading debut on the US stock market. This cross-border payment platform hopes to reach a larger scale and broader investor base in the US capital market through this dual listing. According to regulatory filings, Wise stock will trade on the Nasdaq under the code "WSE", marking the culmination of the company's years-long plan to expand its investor base. Wise will continue to be listed on the London Stock Exchange as well. For Wise CEO Kristo Kaarmann, the dual listing aims to enhance stock liquidity and extend trading hours. At the same time, the company is actively expanding its US business - users can hold, transfer, and spend in up to 40 currencies at mid-market rates through the platform. Kaarmann stated in an interview before the listing, "We can trade in both London and New York markets, this is one of the considerations. On the other hand, we also take this opportunity to reach out to new American shareholders and US stock analysts and retell our story." Kaarmann revealed that Wise's early investors include billionaire Peter Thiel, Silicon Valley venture capital firm Andreessen Horowitz, and UK-based asset management company Baillie Gifford. Over the years, many large institutions have wanted to hold Wise's shares listed on the London Stock Exchange, but have been unable to do so due to lack of liquidity. Although liquidity improved after Wise's listing five years ago, Kaarmann admitted that "it is far from the trading level of American counterparts". He will celebrate the listing with customers and long-term shareholders in Times Square, New York. The preliminary financial report released by Wise on Monday estimated that for the fiscal year ending March 31, net income increased by 19% to $2.5 billion. Customer funds held reached $39 billion, up 40% year-on-year. The Nasdaq listing also allows Wise to retain a dual-class share structure - a structure more common in the US than in the UK. This structure gives Kaarmann crucial voting control, but in London, this arrangement was originally set to be phased out this year. The dual-class share structure has sparked some shareholder controversies over corporate governance, but ultimately, stakeholders voted to support the shift of the primary listing to the US. Wise is seeking to expand in the US market, especially through its Wise Platform business providing foreign exchange infrastructure to other banks. Kaarmann stated that Morgan Stanley is one of the financial technology company's largest clients, and the company is in talks with other banks. Additionally, Wise has applied to establish a national trust bank in the US to access the Federal Reserve's payment clearing system. Regulatory filings show that Wise has increased its workforce in the US to over 860 employees. Bloomberg compilation data shows that since its listing in July 2021, as of May 8, Wise's stock price in London has accumulated an approximately 33% increase. However, due to the dual-class share structure, Wise has not been included in the FTSE 100 index. As Wise's holding company is registered in Jersey, the company currently does not meet the criteria for inclusion in indices such as the S&P 500. Inclusion in such indices can unlock billions of pounds in passive investment funds (assets under management firms tracking the index will use this to invest). To qualify, Wise must prove itself as an "American company" - for example, by demonstrating significant US revenue, a substantial number of US shareholders, and leadership in the US.