UK Fintech Wise Plc reached an £8 billion valuation in its debut in London on Wednesday via direct listing, CNBC reported.
The British firm opened at £8 a share to hit a market value of £8 billion, following its successful direct listing. Shares jumped up to £8.31 apiece before falling to £8.26.
The valuation, equivalent to $11 billion, is over twice the $5 billion valuation of private investors in 2020. The stake of its founders is now at the billions — Kristo Käärmann’s at $2.1 billion, and Taavet Hinrikus’ at $1.2 billion.
The debut is the first direct listing of a tech firm in London and is a victory for the United Kingdom, which seeks to reel in more tech companies in its local bourse.
Wise reported £30.9 million in profits in its 2021 fiscal year, with revenues at £421 million.