UK fintech gains overwhelming investor support to redomicile listing to US exchange, with secondary listing to remain on LSE
Wise has received resounding shareholder approval for its planned redomiciliation to a US primary stock exchange.
At meetings held on July 28, Wise shareholders overwhelmingly voted in favour of the company’s proposed scheme of arrangement to transfer its primary listing from the London Stock Exchange’s (LSE) Equity Shares (Transition) category to a US exchange.
The move, which has been in consultation since June, also includes maintaining a secondary listing on the LSE.
The results of the Class A and Class B share meetings showed decisive support:
- 90.58% of Class A shareholders by share value voted in favour,
- 84.55% of Class B shareholders supported the motion, and
- All four special resolutions tabled at the Extraordinary General Meeting passed with over 84% of votes in favour.
Chair of Wise, David Wells, said the backing from “Owners” provided a “strong mandate to proceed,” reaffirming Wise’s focus on its cross-border payments mission.
“With this high level of support, our focus is firmly on moving forward, further accelerating our mission of money without borders and creating long-term value as we progress to moving trillions,” he said.
The proposal is expected to become effective in calendar Q2 2026, subject to final court sanction and satisfaction of other conditions set out in the Scheme Circular.
Co-founder dissent
The fintech firm announced in June that it planned to move its primary listing. But behind the headlines, a governance battle has played out.
Taavet Hinrikus, co‑founder and former chairman (now holding ~5.1% economic stake), publicly opposed the proposal, arguing that the extension of Class B super‑voting rights was “buried” within the listing vote and should have been split into a separate decision.
Hinrikus’s investment vehicle, Skaala Investments, denounced the combined vote as “inappropriate and unfair”, writing that it “deprives owners of a fair choice” by forcing an all‑or‑nothing decision on both governance and listing changes.
Proxy advisory firms echoed the concerns. PIRC explicitly recommended voting against the proposal, stating the dual‑class extension suggests “entrenching management control,” while Glass Lewis amended its analysis to express reservations, though it still maintained conditional support for the overall listing shift.
Under the revised structure, CEO and co‑founder Kristo Käärmann, who holds approximately 18% economic interest, retains nearly 50% voting control through Class B shares. Adjusted for this, total exercisable voting rights at the time of the meeting were approximately 2.7bn.
This reflects a move away from Wise’s early governance ethos: the dual‑class structure was originally contractually scheduled to sunset in July 2026 but has now been extended for another decade.
Wise has been a rare success story among fintechs in achieving profitability while scaling. In its fiscal year 2025, it processed over $197bn in cross-border transactions for more than 15.6m users, saving customers around $2.7bn.
Listing rationale and market context
Wise’s decision to pursue a US primary listing reflects a growing trend among high-growth UK firms seeking greater liquidity, higher valuations, and deeper capital markets in the US.
The move follows increasing concerns from London-listed tech firms around investor appetite and regulatory constraints.
Despite maintaining a secondary LSE listing, Wise’s transition may further fuel debate around the competitiveness of UK capital markets, following similar moves by firms such as CRH and ARM.
