London’s hopes of attracting more technology companies looking to float on the stock market have received a shot in the arm after the fintech firm Wise chose the city for a rare direct listing expected to value the company at up to £9 billion ($12.42 billion), The Guardian reports. The news confirms reporting earlier this week that the fintech was mulling a direct listing in the UK.
The international money-wiring company, formerly known as TransferWise, claims to have revolutionised cross-border transactions by cutting out exchange rate markups charged by banks.
The business, created by two Estonians set to become billionaires in the float, plans a direct listing on the London Stock Exchange without issuing new equity.
The float, likely to be seen as a victory for the chancellor’s planned stock market changes, will also break new ground for London. Read more.
