June fee review — here’s what’s changed
Our mission is to lower the cost of moving money across borders. And since we started 13 years ago, we’ve made good progress, particularly over the past...
A note about our proposed listing move
Update: This blog has been updated to remove a previous reference to PIRC’s recommendation to vote in favour of Wise’s proposal. PIRC’s report dated 15 July (which Wise received on 23 July) included a recommendation to shareholders to vote against the proposal. Our statement on this is available here.
Dear Owners,
We are one week away from deciding the next step in our journey as a public company – moving our primary listing to the US, while keeping a secondary listing in the UK.
The Board, the Wise leadership team and I believe this will be positive for the company and all our stakeholders over the long term. From the feedback I heard, it is clear that many of our Owners are excited about this proposal.
Some people see things differently. My co-founder Taavet expressed his reservations in a letter we shared earlier today. Taavet was an important part of our journey for years. In December 2021, he decided to step away from the board and no longer plays an active role at Wise. While he remains a valued owner of Wise, over the last few years he has been pursuing his own interests and supporting other founders on their journey.
Wise’s growth and success come from the long term alignment between our mission, customers and Owners. We believe that means moving our main listing to the US, which is the biggest market opportunity for our products today, and home to the world’s deepest and most liquid capital market. This move includes putting in place a corporate structure that includes dual-class shares similar to what we have in the UK, with a ten-year duration to run from the date our proposal is completely approved (expected Q2 2026). As outlined in our 2021 prospectus, this structure helps us build a sustainable and profitable business for the long term by fixing the world’s infrastructure for cross-border money and building amazing financial services for our customers.
Our plans are set out clearly and transparently. On our Owners page anyone can find details of our proposal in the “Scheme Circular” and further materials. This also includes a webinar, held by our CFO and Head of Owner Relations, in which they present our proposal and answer questions. We also offered Owners the opportunity to speak directly to our team and discuss their questions and since we announced our proposal we have held numerous meetings.
To date, our Owners have been overwhelmingly in favour of the proposal and shareholder advisers like ISS and Glass Lewis recommend to vote in favour. However you vote, we value your participation in this decision.
Onwards.
Money without borders
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