Wise makes its debut on Nasdaq as the London-based fintech seeks a US banking charter and a master account with the Federal Reserve.

      TL;DRWise has started trading on Nasdaq under the ticker WSE after relocating its primary listing from London. The fintech processed $243 billion in cross-border volume last year and is seeking a US banking charter and a Federal Reserve master account as London’s stock market continues to lose significant tech firms. Wise’s shares debuted on Nasdaq at $15.96. Founded in London, the fintech went public through a direct listing on the London Stock Exchange in July 2021 with a valuation of $11 billion. It has now established its main listing in New York while maintaining a secondary listing in London, with nearly 91% of class A shareholders approving the transition. The company will report in US dollars according to US GAAP standards, marking a shift beyond just an exchange change to a new country.

      The Nasdaq listing is the most prominent indicator of a broader trend towards the US. Wise has requested a national trust bank charter from the Office of the Comptroller of the Currency, with the proposed Wise National Trust to be based in Austin, Texas. Approval would enable the company to apply for a master account with the Federal Reserve Bank of Dallas, allowing it to clear and settle US dollar payments directly through the Fed’s infrastructure, including FedNow. Originally focused on making international bank transfers more affordable, Wise is repositioning itself as an American financial institution.

      The figures for the fiscal year ending March 31, 2026, show that Wise processed $243 billion in cross-border volume, up 31% year-over-year. It reported net revenue of $2.5 billion, a 19% increase, with transaction revenue rising 22% to $1.9 billion — comprising $1.3 billion from cross-border transactions and $600 million from card and other sources. Card revenue surged by 34%, representing its fastest-growing segment. The number of active customers reached 18.9 million, indicating a 21% rise, while customer balances in Wise accounts grew 40% to $39 billion. Currently, 75% of payments are delivered instantly, up from 65% the previous year. The company is targeting an income before tax margin at the high end of its goal range of 13 to 16%, which includes the costs related to the Nasdaq listing. Wise saved its customers over $3.3 billion in fees in the past year, highlighting the pricing differences between its services and traditional banking.

      Wise’s market capitalization is about $14 billion, which is above its 2021 direct listing price, but lower than what comparable US-listed fintech companies are valued at. The transition to Nasdaq is, in part, a bet that American investors will value a company with 19% revenue growth and annual processing of a quarter trillion dollars more favorably, as it ventures into banking.

      CEO and co-founder Kristo Kaarmann was clear about Wise's departure from London: “We have current shareholders who would like to own more, but they can’t, because there is not enough trading volume for them in our shares.” Significant investors like Peter Thiel, Andreessen Horowitz, and Baillie Gifford had expressed interest since the 2021 listing but faced constraints due to London’s liquidity issues. The US boasts the most extensive and liquid capital markets, a stark contrast to London's limitations.

      The application for a national trust bank charter, submitted in June 2025, represents a more pivotal move. A charter would provide Wise with a singular federal regulator and federal recognition. Obtaining a Fed master account would grant Wise direct access to the payment infrastructure within the US financial system, thereby eliminating the necessity for routing transactions through intermediary banks. Fed Governor Chris Waller has indicated he is considering a streamlined account structure for new chartered entities, though no formal arrangement is currently in place. Approval of the charter isn't guaranteed, and the master account approval is even less certain.

      Should both be granted, Wise would join a select group of fintechs with direct access to the Fed, fundamentally transforming its cost structure for US dollar transactions and positioning it to compete with not only other fintechs but also the existing correspondent banking network that currently mediates cross-border payments. The Austin hub is not simply a regional office; it lays the groundwork for a US banking operation.

      The trend away from the London Stock Exchange has been ongoing for years, gaining momentum recently. Companies like Arm and CRH have opted for New York for their IPOs, leaving London entirely. Similarly, Flutter moved its primary listing to New York and is contemplating exiting London completely. Darktrace departed the London market following a £4.3 billion sale, while Just Eat, Tui, Ashtead, and Indivior have also exited or are in the process of leaving.

      Over $100 billion in market capitalization has shifted away from the LSE in the last five years. The pattern is clear: firms initially list in London, grow, realize that the market can't provide the liquidity, analyst coverage, or valuation multiples they require, and