Wise debuts on Nasdaq as London fintech applies for US banking charter and Federal Reserve master account

"Wise began trading on Nasdaq on Monday under the ticker WSE. Shares opened at 15.96 dollars. The London-founded fintech, which went public on the London Stock Exchange in July 2021 via a direct listing that valued it at 11 billion dollars, has moved its primary listing to New York while keeping a secondary listing in London. Nearly 91 per cent of class A shareholders voted in favour of the move. The company will now report in US dollars under US GAAP."

"Wise has applied for a national trust bank charter from the Office of the Comptroller of the Currency, with the proposed entity, Wise National Trust, based in Austin, Texas. If approved, the company intends to seek a master account at the Federal Reserve Bank of Dallas, which would let Wise clear and settle US dollar payments directly through the Fed's rails, including FedNow. A fintech that began by making international bank transfers cheaper is rebuilding itself as an American financial institution."

"For the fiscal year ended 31 March 2026, Wise processed 243 billion dollars in cross-border volume, an increase of 31 per cent year over year. Net revenue was 2.5 billion dollars, up 19 per cent. Transaction revenue grew 22 per cent to 1.9 billion dollars, split between 1.3 billion in cross-border revenue and 600 million in card and other revenue. Card revenue grew 34 per cent, the fastest-growing segment."

"Active customers reached 18.9 million, up 21 per cent. Customer holdings in Wise accounts climbed 40 per cent to 39 billion dollars. Seventy-five per cent"

Wise began trading on Nasdaq under ticker WSE after moving its primary listing from London to New York while keeping a secondary listing in London. Class A shareholders voted in favour of the change, and the company will report in US dollars under US GAAP. Wise has applied for a national trust bank charter with the Office of the Comptroller of the Currency and plans to seek a master account at the Federal Reserve Bank of Dallas if approved. This would allow Wise to clear and settle US dollar payments directly through Federal Reserve systems, including FedNow. For the fiscal year ended 31 March 2026, Wise processed 243 billion dollars in cross-border volume, with net revenue of 2.5 billion dollars and active customers of 18.9 million.

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