Wise boss has no regrets about listing on the London stock market
Boss of payment company Wise does not regret listing in London: we are not going to New York
Wise’s boss says he has no regrets about being listed in London and will not join the exodus of UK-based companies moving to New York.
Kristo Kaarmann said the payments company was “comfortable” in the UK and welcomed recent efforts to make the city more attractive to tech companies.
His comments are a boost for the government and come days after Chancellor Jeremy Hunt unveiled plans to make the UK more attractive to grow and retain start-ups.
Stay put: Wise chief exec Kristo Kaarmann (pictured) says London is his home
Hunt’s so-called ‘Mansion House Reforms’ aim to increase the appeal of London’s stock market to companies that want to float – and stay – on the stock exchanges by reversing European Union-era laws.
Wise achieved a valuation of £8 billion in 2021 as it became London’s largest ever tech listing.
But it’s now worth £6.9 billion. The city has suffered in recent months as companies such as Cambridge chip designer Arm moved to the US.
Kaarmann, who plans to take a three-month sabbatical starting in September to spend time with his family and young son, founded the company 12 years ago.
He said: “We are aware that the environment and listing rules are a bit more developed, especially for technology companies, in the US.
“But we are also aware that the UK and London want to catch up and improve in some areas.
“We are happy that this is happening, but we also feel comfortable in London. Europe is our base, and although we are an international company, the [London] stock market works for us.’