Wise (LSE:WISE), a fast-growing global transfers Fintech and stealth bank recently completed a direct listing of its shares on the London Stock Exchange (LSE). Today, Wise is announcing American Depository Receipts (ADRs) enabling US-based customers and retail & institutional investors to invest in the Fintech beginning September 8. One ADR will be equivalent to one share of equity listed on the LSE. As of today, Wise has a market cap of about £10 billion. The ADRs will trade on OTC Markets.
Previously, only UK and EU-based residents could easily purchase and trade shares of Wise.
Wise’s shared debuted on July 7 as London’s largest-ever tech listing and is up nearly 14% since the public float.
Today, Wise is utilized by more than 10 million customers worldwide having facilitated £54 billion in international payments volume during the last fiscal year. Wise is also profitable having generated £41 million in pre-tax profits.
Wise, originally launched as Transferwise, has specialized in providing inexpensive and fast money transfers at a better spot rate than traditional firms. As you may hold funds in a Wise account with a bank numbered account, along with a card, it is akin to hold your money in any other bank. In the future, Wise is expected to offer interest-generating accounts putting another nail in the coffin of traditional banks.
