Sensible plans to go public in London through direct itemizing

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In this photo illustration, the TransferWise logo is displayed on an Android mobile phone.

Omar Marques | SOPA Pictures | LightRakete | Getty Images

LONDON – UK financial technology company Wise said Thursday it expected to go public on the London Stock Exchange through a direct listing.

Wise, formerly known as TransferWise, sought a direct listing rather than an IPO. Direct listings enable companies to go public without raising fresh capital.

The news is a big win for the UK, which is hoping to get more big tech companies listed in London instead of New York.

Wise said it will also introduce a customer shareholder program called OwnWise, which would allow users to own an interest in the company.

“Wise is used to questioning convention and this listing is no exception,” said Kristo Kaarmann, CEO and co-founder of Wise.

“We’ve been developing a new way to move money around the world for ten years – faster, cheaper, easier, and completely transparent. A direct listing gives us a more cost-effective and transparent way to expand Wise’s holdings in line with our mission. “

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