British Fintech Giant Wise Starts Solidly After Debuting On The Stock Market
Wise launched on the London Stock Exchange earlier today and is already performing excellently. Analysts are optimistic that Wise’s listing on the market could serve as a boost to the London tech community.
Wise Now A Publicly Listed Company
Wise, formerly known as Transferwise, has become a publicly listed company. The London-based company went public via a direct listing method instead of the conventional initial public offering (IPO).
The direct listing method has become popular since Spotify debuted it in 2018. Via this listing method, the private backers are selling their existing shares to the public instead of raising money using an IPO. Leading cryptocurrency exchange Coinbase also went public via the direct listing method a few months ago.
Wise’s stock began trading at a modest £8 a share at 11 a.m. London time and it is currently trading around £8.40. The company is currently valued above £8 billion ($11 billion). The listing is considered a milestone event in the UK as the country looks to become a global tech hub after withdrawing from the European Union.
The company would be looking to fare better than Coinbase. The cryptocurrency exchange’s stock price has plummeted in recent months, and it is currently trading at $237 per share, down from its high of $429 in April.
UK’s Fintech Community is Growing
The United Kingdom is becoming home to some of the world’s leading fintech companies. Wise is one of the most popular fintech unicorn companies to emerge from the UK in recent years. The UK has produced other multibillion-dollar firms, including Revolut and Checkout.com.
Following Wise’s listing on the London Stock Exchange, the firm launched a program called OwnWise. The program allows its users to own a stake in the company, and participants in the scheme would get to enjoy bonus shares worth up to a maximum of £100 after 12 months. It is an unusual move because if people intend to own a stake in the company, the best way to achieve it would be to buy some of the company’s shares.