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Wise, one of the UK’s largest financial technology firms, has received shareholder approval to move its primary stock market listing to the United States, a decision aimed at attracting global investors and boosting its valuation.
At an extraordinary general meeting held Monday, investors voted in favor of the shift — a move the company says will provide greater exposure in the US, its largest market opportunity, and improve access to the world’s deepest capital markets.
However, the vote was wrapped in controversy as it was tied to extending Wise’s dual-class share structure, giving enhanced voting power to holders of class B shares. The key beneficiary of this extension is Wise’s co-founder and CEO Kristo Käärmann, who holds 18% of the company’s economic interest but now commands 55% of the voting power (capped at 50%).
Critics, including fellow co-founder Taavet Hinrikus, opposed the “all-or-nothing” nature of the vote, saying the issues should have been separated. Hinrikus, who left the company in 2021, argued that “Wise owners deserve governance structures that enhance value, not entrench power.”
The dual-class system, initially set to expire next summer under a “sunset clause,” will now be extended by 10 years. The shareholder advisory group Pirc recommended voting against the resolution, warning it entrenches executive control.
Still, Wise secured overwhelming support:
91% of class A shareholders voted in favor
84.5% of class B shareholders approved the resolution
Wise Chair David Wells called the vote a strong mandate: “With this high level of support, our focus is on accelerating our mission of money without borders and creating long-term value.”
The company expects its US listing and new governance structure to take effect in Q2 of next year.
