Wise boss has no regrets about listing on the London stock market

Boss of payment firm Wise has no regrets about listing on London stock market: We’re not going to New York

Wise’s boss says he has no regrets about listing in London and will not be joining the exodus of UK-based businesses heading for New York.

Kristo Kaarmann said the payments firm was ‘comfortable’ in the UK and welcomed recent attempts to make the City more attractive to tech firms.

His comments are a boost for the Government and come days after Chancellor Jeremy Hunt unveiled plans to make the UK a more attractive place to grow and retain start-ups. 

Staying put: Wise chief exec Kristo Kaarmann (pictured) says London is its home

Hunt’s so-called ‘Mansion House Reforms’ are designed to improve the appeal of the London stock market to firms seeking to float on its exchanges – and stay on them – by rolling back European Union-era laws.

Wise achieved an £8billion valuation in 2021 when it became London’s biggest-ever tech listing. 

But it is now worth £6.9billion. The City has suffered in recent months as companies, such as Cambridge chip designer Arm, exited for the US.

Kaarmann, who plans to take a three-month sabbatical from September to spend time with his family and baby son, founded the company 12 years ago. 

He said: ‘We’re conscious that the environment and the listing rules are somewhat more developed, especially for tech companies, in the US. 

‘But we’re also aware that the UK and London are looking to catch up in some aspects and improve.

‘We’re happy to see this happening but we’re also comfortable in London. Europe is our base, and although we’re an international company, the [London] stock exchange works for us.’

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