Wise: the ‘Robin Hood’ of currency exchange

What the fintech pundits said after the UK’s biggest tech flotation

Taavet Hinrikus and Kristo Käärmann are the co-founders of Wise
Taavet Hinrikus and Kristo Käärmann are the co-founders of Wise
(Image credit: wise.com)

Wise up

“Blink and you missed it,” said Nils Pratley in The Guardian. The UK’s “biggest tech flotation” ever happened last week, “to about a hundredth of the pre-publicity generated by the overhyped and undercooked Deliveroo”. Wise – the profitable crossborder payments company formerly known as TransferWise – finished its first day in public form valued at a “punchy” £8.75bn, “more than twice its valuation at its last private funding round last year”. The company isn’t eligible for the FTSE 100 because its Estonian CEO and co-founder, Kristo Käärmann, “insisted on giving himself enhanced voting rights”, thus earning “a boo” from governance purists. “He gets a cheer, though, for demonstrating that appetite for high-growth, highly prized tech businesses is alive and well in London.”

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up