Wise boss stands by decision to list on the London stock market

Wise’s CEO, Kristo Kaarmann, expresses no regrets about the company’s decision to list on the London stock market and states that they have no intention of following the trend of UK-based businesses heading to New York.

Kaarmann affirms that Wise is “comfortable” in the UK and appreciates recent efforts to make the City more appealing to tech companies.

These statements provide support for the government’s initiatives, including Chancellor Jeremy Hunt’s plans to enhance the UK’s attractiveness for startups and encourage their growth and retention.

Staying put: Wise chief exec Kristo Kaarmann (pictured) says London is its home

Hunt’s “Mansion House Reforms” aim to enhance the appeal of the London stock market for companies seeking to go public and remain listed by revising EU-era laws.

Wise achieved an £8 billion valuation in 2021, making it London’s largest-ever tech listing, but its valuation has since dropped to £6.9 billion. The City has suffered from the departure of companies like Cambridge chip designer Arm to the US.

Kaarmann, who will be taking a three-month sabbatical starting September to spend time with his family and newborn son, founded Wise 12 years ago. He acknowledges that the US has a more developed environment and listing rules for tech companies, but he is optimistic about the UK’s efforts to catch up and improve. He states, “We’re happy to see this happening, but we’re also comfortable in London. Europe is our base, and although we’re an international company, the [London] stock exchange works for us.”