Fintech Wise Planning Direct Listing

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We have a new post in our blog section titled “Fintech Wise Planning Direct Listing” which is a blog post, where we are also writing a paragraph that will start with “Fintech Wise Planning Direct Listing” and will be a content in our blog that is also a blog post on a website called “monero-rings”.

Fintech Wise Planning aims to be one of the leading fintech advisory firms in the industry. We strive to make the most informed financial decisions possible for our clients and to educate the public about the benefits of the cryptocurrency industry and its associated technologies.

Fintech Wise Planning Direct Listing Wise, the fintech company formerly known as TransferWise, has announced plans for a direct listing on the London Stock Exchange (LSE). It is estimated that the company could go public for a value of between $6 and $7 billion. By foregoing the traditional IPO route, Wise’s direct listing will be the largest in the history of a listing on the LSE. The listing is expected to be completed within 5 years. July, with the company aiming for a free float of 25%.

Alternative to cash transfers with lower cost

Wise, founded in 2011, specialises in cross-border money transfers. While traditional banks charge high transaction and call fees, Wise has entered the market and offers a low-cost alternative. With its transparent pricing structure, Wise has proven to be profitable in a highly competitive industry dominated by big players like Western Union and MoneyGram. In the last fiscal year, the company’s revenue rose from $422 million to $586 million. In any given month, 10 million customers send more than $7 billion in money through the Wise system. In addition to referrals, Wise has expanded its business in recent years by offering additional services. Wise recently added the ability to store 56 different currencies on accounts. By making this feature available, Wise has attracted many new users to use it. This feature has proven useful for groups such as freelancers who work with clients in other regions or who are constantly moving to new countries. In addition, the company has begun offering a Wise Business service. Although Wise is not registered as a bank in the UK, it can provide accounts to business owners and issue business Mastercard debit cards. However, because of its status, it is not insured under the Financial Services Compensation Scheme.

Decision by direct listing

The decision to go public directly came as a surprise to potential investors, as most companies going public usually opt for the IPO route. The main difference between these two options is that in an initial public offering, new shares are created and sold on the open market. Direct listing, on the other hand, does not create new shares, but only sells existing and outstanding shares.  Companies often opt for a direct listing when they do not consider it necessary to raise additional funds. Since the company has been profitable since 2017, raising funds for growth is not a top priority for Wise. Recent names that have gone the direct listing route include Spotify, Coinbase and Slack. The company intends to introduce a two-class share structure, which means that existing shareholders will have more voting rights in the short term. The list of existing shareholders includes employees of the company, as well as prominent investors such as Richard Branson, founder of Virgin Group, and Peter Thiel, co-founder of PayPal. The move is also unexpected because the company had originally planned an IPO in January 2020. Another surprising aspect of this news is that the company has decided to list on the LSE. Attracting more tech investment to the country is a stated goal of the UK government, and Wise’s decision is a step in the right direction for the country’s fintech sector.

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Emilia James
By Emilia James

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