Wise deals fresh blow to London Stock Exchange with plans to shift to US

British fintech firm Wise has announced plans to move its primary stock market listing to the United States, delivering another setback to the London Stock Exchange (LSE) amid growing concerns over the city’s appeal as a destination for major tech listings.

In its full-year earnings report last week, the cross-border payments company said it would pursue a dual listing, retaining a secondary listing in London but shifting its main trading hub to a U.S. stock exchange.

“This would allow Wise’s shares to trade on both a U.S. stock exchange and the LSE,” the company said in a statement.

Wise shares surged on the news, closing 7.1% higher after briefly rising nearly 11% during Thursday’s session.

From London darling to transatlantic migration

The move marks a sharp turn from Wise’s celebrated 2021 direct listing on the London Stock Exchange, which valued the company at £8 billion ($10.84 billion). Today, Wise commands a valuation of approximately £11.07 billion, according to LSEG data.

At the time of its debut, Wise’s London listing was held up as a symbolic win for the UK government’s efforts, under the then-Prime Minister Rishi Sunak, to attract high-growth global tech firms to British markets. But just four years later, the migration of one of London’s most prominent tech companies to the U.S. underscores growing dissatisfaction with the U.K. capital’s equity ecosystem.

London’s listing drought

Wise’s decision follows a string of similar moves and withdrawals that have put pressure on London’s standing as a global financial center. Only a day earlier, Cobalt Holdings, a Glencore-backed metals investment firm, canceled plans for a London IPO that was expected to be the city’s largest since early 2024.

Industry critics argue that London lacks the liquidity depth and analyst coverage required to support growth-stage tech companies, especially compared to US markets, where the tech sector enjoys a robust investor base and higher valuations.

“The tide is turning,” one market analyst said. “London isn’t losing individual listings, it’s losing the narrative.”

What’s next for Wise?

The company did not specify a timeline for the transition but emphasized that dual listing would give it access to a broader investor base while maintaining ties to its home market.

Wise joins a growing list of U.K. tech firms exploring or pursuing U.S. listings, including chip designer Arm, which opted for a Nasdaq IPO last year despite significant lobbying from the British government to stay local.