Wise IPO: From TransferWise to Nasdaq
The Wise IPO took place on 7 July 2021. Wise joined the London Stock Exchange through a direct listing. It sold zero new shares that day.
Five years later, the company moved its main listing to New York. Trading on Nasdaq began on 11 May 2026 under the ticker WSE. London kept a secondary listing.
Today the shares trade on Nasdaq in US dollars and on the LSE in pence.
Wise describes itself as one of the world's fastest growing, profitable tech companies. In its 2026 financial year it reported net revenue of $2.5 billion and income before tax of $660.4 million, according to its FY26 results.
Below, you will find the full listing story. After that come the latest numbers and the main risks.
The information in this article is provided for educational purposes only and does not constitute financial advice. Consult a financial advisor before making investment decisions.
Wise at a Glance
| Item | Detail |
|---|---|
| Former name | TransferWise (until February 2021) |
| Founded | January 2011, London |
| Founders | Kristo Käärmann and Taavet Hinrikus |
| First listing | 7 July 2021, LSE Main Market, direct listing |
| Primary listing today | Nasdaq, ticker WSE, since 11 May 2026 |
| Secondary listing | London Stock Exchange, ticker WISE |
| Customers served in FY26 | Nearly 19 million people and businesses |
| Cross-border volume in FY26 | $243 billion, up 31% year on year |
| Market capitalisation | About $11.3 billion (Yahoo Finance, intraday, 18 September 2026) |
Quick Answers About the Wise Listing
When Did Wise Go Public?
Wise went public on 7 July 2021 on the LSE Main Market. Most sources treat this as the IPO date. Technically, it was a direct listing.
Is Wise a Public Company Today?
Yes. Since 11 May 2026, the primary listing has been on Nasdaq. London hosts the secondary listing.
Wise Stock Ticker Guide
| Exchange | Ticker | Currency | Role |
|---|---|---|---|
| Nasdaq (New York) | WSE | US dollars | Primary listing |
| London Stock Exchange | WISE | Pence (GBp) | Secondary listing |
Data terminals often show the London line as LON: WISE.
What Is Wise (Formerly TransferWise)?
Wise is a British fintech with Estonian roots. It helps people and businesses move money between currencies at low cost.
How Wise Started
Wise was founded in January 2011 in London. The founders were Kristo Käärmann and Taavet Hinrikus, two Estonians working in the UK.
Hinrikus had been Skype's first employee and was paid in euros. Käärmann earned pounds but had bills back in Estonia.
The two began swapping money with each other at the mid-market rate. That trick dodged bank fees on both sides. It soon became TransferWise.
In its first year, TransferWise processed more than €10 million in transfers. PayPal co-founder Max Levchin was an early investor.
The Rebrand to Wise
In February 2021, TransferWise became Wise. The shorter name reflected a wider product range. Accounts and cards had grown alongside the transfer business.
How Wise Works
Wise holds money in local bank accounts around the world. When you send pounds to India, you pay Wise in the UK. Wise then pays out rupees from its local account in India.
The money often never crosses a border in one piece.
Customers see the mid-market exchange rate and an upfront fee. In FY26, the average cross-border take rate was 52 basis points, according to Wise. In Q1 FY27, it fell to 50 basis points.
Wise also reported that 75% of its Q4 FY26 payments arrived in under 20 seconds.
| Product | What it does | Main users |
|---|---|---|
| Wise Account (formerly the TransferWise Borderless account) | Holds and converts 40+ currencies | Individuals |
| Wise Business | Multi-currency account with payment tools | Small and mid-sized firms |
| Wise Platform | Lets banks plug into the Wise payment network | Banks such as UniCredit and Morgan Stanley |
| Wise Assets | Lets eligible customers hold balances in funds | Individuals |
The 2021 Wise IPO: A Direct Listing in London
The listing came five months after the rebrand. Wise chose a direct listing on the LSE. Spotify and Slack had used the same route in New York.
Direct Listing vs Traditional IPO
| Feature | Traditional IPO | Direct listing |
|---|---|---|
| New shares | Usually issued to raise capital | Usually none |
| Banks | Underwriters buy and resell shares | Act as advisers only |
| Fees | Often several per cent of proceeds | Much lower |
| Opening price | Set in advance by the banks | Found by buyers and sellers on day one |
| Lock-ups | Common for insiders | Often absent |
New to the topic? Our guide on how initial public offerings work covers the traditional route step by step.
Listing Price and Day One
The LSE set a reference price of 800p per share. The shares opened at that level and closed the first day at 880p.
At the closing price, the market valued Wise at around £8.75 billion. Media reports at the time called it the largest tech listing in London's history. Past performance is not a reliable indicator of future results.
Major Shareholders at Listing
| Shareholder | Stake |
|---|---|
| Kristo Käärmann (co-founder) | 19.8% |
| Taavet Hinrikus (co-founder) | 11.5% |
| Valar Ventures | 10.8% |
| IA Ventures | 10.1% |
| Andreessen Horowitz | 9.8% |
| Baillie Gifford | 5.2% |
| D1 Capital Partners | 4.1% |
| IVP | 3.9% |
Source: Wise Registration Document, June 2021. Holdings have changed since then.
From London to Nasdaq: The 2026 Move
In June 2025, Wise said it planned to move its primary listing to the US. Shareholders backed the plan. The switch used a court-approved scheme of arrangement.
The scheme placed a new parent company, Wise Group plc, at the top of the group. The old Wise plc shares left the market. Wise Group plc shares replaced them in London and New York, as set out in the scheme announcement.
Timeline of the Move
| Date | Step |
|---|---|
| June 2025 | Wise announces plans for a US primary listing |
| 13 April 2026 | UK prospectus published alongside preliminary FY26 figures |
| April 2026 | High Court sanctions the scheme of arrangement |
| 8 May 2026 | Scheme becomes effective |
| 11 May 2026 | Trading starts on Nasdaq under WSE |
Moving the listing across the Atlantic took about 11 months.
Why Wise Chose Nasdaq
Wise says the US is its largest growth opportunity. CEO Kristo Käärmann points to $43 trillion moving across borders every year, per the Nasdaq debut release.
The company also wants more US bank partners. Bloomberg reported a target of more than 4,000 banks across the country.
How the Two Share Lines Work
The Nasdaq line trades in US dollars. The London line trades in pence. Both represent the same company, so prices tend to move together once you adjust for the exchange rate.
Wise Results: Revenue, Profit and Customers
Wise now reports in US dollars under US GAAP. Older results were in pounds under IFRS. Figures on different bases are not directly comparable, so treat the tables below as separate snapshots.
FY26 Revenue and Profit
| Metric (year to 31 March 2026) | Value | Change |
|---|---|---|
| Net revenue | $2.5 billion | +19% |
| Income before tax | $660.4 million | 26% margin |
| Cross-border volume | $243 billion | +31% |
| Customer holdings | $39 billion (incl. $9 billion in Wise Assets) | +40% |
| Card spend | $44 billion | +37% |
| Average take rate | 52 basis points | n/a |
Source: Wise Group plc FY26 results, 25 June 2026. The 26% margin equals income before tax of $660.4 million divided by net revenue of $2.5 billion.
Wise estimates that its pricing saved customers more than $3.3 billion in fees during FY26.
Q1 FY27 Update
| Metric (quarter to 30 June 2026) | Q1 FY27 | Year on year |
|---|---|---|
| Active customers | 11.9 million | +21% |
| Cross-border volume | $69.3 billion | +26% |
| Customer holdings | $41.2 billion | +31% |
| Net revenue | $714.0 million | +25% |
| Cross-border take rate | 0.50% | −2 bps |
| Instant transfers | 77% | +7 pp |
Source: Wise Q1 FY27 results, 16 July 2026. Unaudited.
Two Ways Wise Counts Customers
Wise uses two customer figures. The 19 million counts people and businesses served across a full year.
Active customers are narrower. They count everyone who made at least one cross-border transfer in the period. That figure was 11.9 million in Q1 FY27.
How Wise Grew Before Listing
| Year to 31 March | Revenue | Transfer volume | Net profit |
|---|---|---|---|
| 2019 | £177.9 million | £27.1 billion | n/a |
| 2020 | £302.6 million | £41.7 billion | £15.0 million |
| 2021 | £421.0 million | £54.4 billion | £30.9 million |
Source: Wise Registration Document, June 2021 (IFRS, pounds sterling).
What Wise Expects for FY27
Wise's own guidance for FY27 points to net revenue growth of 15% to 20%. It also guides to an income before tax margin of 20% to 25%. Company guidance is a forecast. It can change, and actual results may differ.
Wise Share Price in 2026: What Moved It
The shares have been volatile since the Nasdaq debut. On Yahoo Finance, the 52-week range for WSE ran from $10.36 to $17.47. The shares closed at $11.45 on 18 September 2026. Past performance is not a reliable indicator of future results.
At that level, Wise's market capitalisation stood at about $11.3 billion, based on Yahoo Finance intraday data.
Comparing today's dollar price with the 2021 price in pence can mislead. The currency differs, and the share line changed in 2026. For a like-for-like history, use the official data on the Wise investor website.
Key 2026 Events and Reported Share Moves
| Date | Event | Reported share move |
|---|---|---|
| 13 April | FY26 preliminary figures beat forecasts | Shares rallied (Bloomberg) |
| 11 May | Nasdaq debut | Trading starts under WSE |
| 1 to 3 June | Reuters reports a Brussels prosecutor probe into Wise Europe | Fell 16.05% over three sessions to $10.72 |
| 21 July | Wise launches a £405 million share buyback | n/a |
| 24 July | WSJ reports the OCC denied a US trust bank charter | Fell 6.2% to $11.33 |
| 31 July | US securities class action filed | n/a |
Past price moves are not a reliable indicator of future results.
Analyst Views
Brokers publish a wide range of views on Wise, from positive to negative. Admirals does not endorse any third-party rating or price target. Readers who look at such views should check the date and the method behind them.
The Legal and Regulatory Overhang
On 1 June 2026, Reuters reported a Brussels prosecutor investigation into Wise's European entity. It reportedly involves more than €500 million in suspicious transactions.
On 24 July 2026, the Wall Street Journal reported that the US OCC had denied Wise's national trust bank application. The report cited AML weaknesses at the US business.
A US securities class action followed on 31 July 2026. It alleges that Wise understated its AML risks around the Nasdaq debut. These are allegations. A court has not ruled on them. The D&O Diary has a useful summary of the case.
The outcome of these cases is uncertain. Further news on them may affect the share price in either direction.
Buybacks and Dividends
In July 2026, Wise launched a £405 million share buyback across its US and UK lines. It also buys shares for its Employee Share Trust to offset dilution from staff options.
Wise does not pay a dividend at present.
Wise vs Rivals: How the Alternatives Compare
Investors often compare Wise with other payment firms. The table sums up the main business models.
| Company | Listing | Business model |
|---|---|---|
| PayPal (owner of Xoom) | Nasdaq: PYPL | Digital wallet and online checkout, with Xoom for remittances |
| Remitly | Nasdaq: RELY | Digital remittances, mostly to families abroad |
| Western Union | NYSE: WU | Cash agent network plus a digital app |
| WorldRemit (Zepz) | Private | Digital remittances |
PayPal is a much larger business overall. It also owns Xoom, whose numbers sit inside PayPal's reports. Wise is more focused on cross-border money.
Western Union still leans on its cash agent network. Wise runs almost everything through its app and website.
Remitly is also digital, with a focus on remittances to families abroad. WorldRemit is private, so its shares are unavailable on public exchanges.
The listed rivals are the easiest to analyse, because they publish audited results.
Is TransferWise Safe?
Wise is a regulated firm. In the UK, Wise Payments Limited is authorised by the Financial Conduct Authority as an electronic money institution. You can check the entry on the FCA register.
In the EU, the business once known as TransferWise Europe SA now operates as Wise Europe SA. It is authorised by the National Bank of Belgium.
E-money firms must safeguard customer funds and keep them separate from their own money. Safeguarded e-money sits outside deposit guarantee schemes such as the FSCS. Money invested through Wise Assets can also fall in value.
Regulation is designed to help manage some risks. The 2026 Belgian investigation shows that serious questions can still arise.
| Entity | Regulator | Status |
|---|---|---|
| Wise Payments Limited | Financial Conduct Authority (UK) | Authorised e-money institution |
| Wise Europe SA | National Bank of Belgium | Authorised e-money institution |
| Wise US business | US state regulators | Trust bank charter denied in July 2026 (reported) |
Before Looking at Wise Shares: Points Investors Often Check
The list below covers research steps only. It is general information and may not suit your situation.
- Read the latest trading update on the Wise investor website.
- Compare the take rate trend with volume growth, since lower prices can squeeze revenue per transfer.
- Track the Belgian case and the US class action, because legal news has moved the shares in 2026.
- Check how much profit comes from interest on customer balances, as rate cuts could shrink it.
- Think about how a single share fits your wider portfolio and your own risk tolerance.
How the Market Has Reacted to Wise News
| News type | 2026 example | Reported reaction |
|---|---|---|
| Results above expectations | FY26 preliminary figures, 13 April | Shares rallied |
| Legal investigation | Belgian probe report, 1 June | −16.05% over three sessions |
| Regulatory setback | OCC charter denial, 24 July | −6.2% in one day |
These are past reactions. Future news may produce very different moves.
How to Access Listed Shares with Admirals
Admirals offers the Invest.MT5 account for buying listed shares and ETFs. The account runs on MetaTrader 5, a multi-asset trading platform.
Before placing any order, check whether a specific share is available on the platform. Review the current fees and costs too, since they can change. Costs can include commissions and currency conversion fees, depending on the account.
New to share dealing? Our guide on how to buy shares online walks through the basics. Our article on the Arm listing shows how another tech listing played out.
How to Buy Wise Shares: The General Process
- Open and verify a share dealing account with a regulated provider.
- Check whether the provider offers the Nasdaq line or the London line.
- Review the costs, including any currency conversion charges.
- Decide on any order size only after assessing your own finances and risk tolerance.
Main Risks to Consider
| Risk | What it means for Wise |
|---|---|
| Regulation and AML | Investigations or licence refusals can slow growth and lead to penalties. |
| Interest rates | Lower rates reduce income earned on customer balances. |
| Pricing pressure | Wise keeps cutting its take rate, which lowers revenue per transfer. |
| Competition | Banks and other fintechs target the same customers. |
| Currency | Results are in US dollars, so pound or euro investors face exchange rate swings. |
| Litigation | The US class action could bring legal costs or damages. |
| Concentration | A single share carries more risk than a diversified fund. |
FAQ
When did Wise go public?
Wise listed on the London Stock Exchange on 7 July 2021 through a direct listing under the ticker WISE.
Is Wise a public company?
Yes. Wise Group plc has a primary listing on Nasdaq and a secondary listing on the London Stock Exchange.
What is the Wise stock ticker?
The Nasdaq ticker is WSE, quoted in US dollars. The London ticker is WISE, quoted in pence.
What was the Wise IPO price?
The LSE used a reference price of 800p in July 2021. The shares closed their first day at 880p. Past performance is not a reliable indicator of future results.
Why did Wise move to Nasdaq?
Wise says the US is its largest growth opportunity and that a Nasdaq listing raises its profile there.
Does Wise pay a dividend?
Wise does not pay a dividend at present. It has returned cash through buybacks, including a £405 million programme.
Is TransferWise safe to use?
Wise is an authorised e-money institution in the UK and Belgium. Deposit guarantee schemes do not cover e-money balances.
What moves the Wise share price?
Company results and regulatory news have both moved the shares in 2026. Past moves do not predict future ones.
Sources
- Wise Group plc FY26 results, 25 June 2026
- Wise Group plc Q1 FY27 results, 16 July 2026
- Wise newsroom: Nasdaq debut, 11 May 2026
- Scheme of arrangement announcement, April 2026
- The D&O Diary on the Wise securities class action, August 2026
- Wise Registration Document, June 2021.
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