Wise's US Primary Listing: A Bold Move to Capture Global Fintech Dominance

The fintech revolution is reshaping global finance, and Wise—once a disruptor in cross-border payments—is now doubling down on its ambitions to dominate this $32 trillion market. On June 5, 2025, the UK-based company announced its intention to shift its primary stock listing from London to the U.S., a strategic pivot that could unlock unprecedented growth. This move isn't merely about chasing higher valuations; it's a calculated play to tap into the world's deepest capital markets, align with its largest growth opportunity, and solidify its position as a fintech leader.

The Strategic Case for the U.S. Listing

Wise's decision to prioritize the U.S. market reflects cold, hard logic. The company's core mission—to “move money faster, cheaper, and more conveniently”—is now being amplified by access to U.S. indices, which could attract institutional investors and boost liquidity. While immediate inclusion in indices like the S&P 500 or Nasdaq 100 remains uncertain, the move positions Wise to work toward eligibility.

The financial rationale is equally compelling. In fiscal 2024, Wise reported a 26% surge in cross-border transaction volumes to £145.2 billion, driven by a 21% rise in active customers to 15.6 million. Pre-tax profits jumped 17% to £565 million, with earnings per share increasing 18%. These results underscore Wise's operational momentum, but the U.S. listing could supercharge this growth by enabling £2 billion in planned investments over the next two years. This capital will fuel infrastructure upgrades, marketing, and product development—critical to capturing its “biggest market opportunity in the world.”

Unlocking Liquidity and Market Access

The U.S. capital markets offer unparalleled depth and liquidity compared to London, which has struggled to retain listings amid regulatory complexity and stagnant growth. Wise CEO Kristo Käärmann framed the shift as a move to “accelerate investments” and “enhance profile visibility,” but the implications run deeper:
- Inclusion in U.S. indices could attract passive index funds, driving sustained demand for Wise shares.
- Lower cost of capital: U.S. investors historically offer more favorable terms for high-growth firms.
- Strategic partnerships: Access to Silicon Valley innovation hubs and Wall Street's capital could catalyze new collaborations.

Risks and Regulatory Challenges

No strategy is without risks. London's fading relevance as a financial center—exemplified by Wise's move—could strain its secondary listing. Meanwhile, regulatory divergence between the U.S. and EU poses compliance costs. The U.S. Securities and Exchange Commission (SEC) and the EU's Markets in Crypto-Assets (MiCA) regulations could create operational hurdles.

Yet Wise's track record mitigates these concerns. Its advocacy for transparency—such as pushing the U.S. Consumer Financial Protection Bureau to classify hidden fees as “junk”—demonstrates regulatory agility. Additionally, its multi-currency platform and partnerships with banks like Raiffeisen and Mox Bank provide a buffer against regional headwinds.

A Bullish Thesis: Why Buy Wise Now?

Wise's shift to the U.S. is a strategic masterstroke that aligns its financial health with its growth ambitions. With a customer base growing at 21% annually and transaction volumes hitting £145 billion, the company is already scaling at an impressive clip. The U.S. listing could amplify this trajectory by:
1. Unlocking liquidity: A broader investor base will stabilize its share price and enable reinvestment.
2. Capitalizing on the U.S. market: The world's largest economy represents a $14 trillion cross-border payments opportunity—a market Wise is uniquely positioned to dominate.
3. Index inclusion potential: Even partial entry into U.S. indices could trigger a valuation rerating.

The risks are manageable, and the rewards are asymmetric. Wise's valuation—currently trading at 15x forward earnings—remains reasonable given its growth profile.

Conclusion: A Play for Fintech Dominance

Wise's strategic shift is a clear signal of its ambition to lead the global fintech landscape. With a robust financial foundation, a customer-driven product suite, and a move into the world's most liquid markets, this is a company poised to capitalize on its $32 trillion opportunity. Investors seeking exposure to a disruptor with scale, innovation, and execution should take note: Wise is building a future where borders don't limit money movement—and its stock is a gateway to that future.

Act now before the indices—and the market—catch up.