Wise direct listing values fintech giant at $11 billion in big win for post-Brexit London
Summary
"It feels very consistent with their brand, particularly the direct listing," Russ Shaw, founder of Tech London Advocates, told CNBC. Frustrated with the steep fees they faced sending money between the U.K. and Estonia, the pair worked out a new way to make cross-border transfers at the real exchange rate. Wises debut is also a big win for the U.K., which is vying to attract more tech companies to its stock market after Brexit with reforms to Londons listing rules. "London offers access to deep pools of international capital, alongside high standards of corporate governance and effective regulations." Food delivery firm Deliveroo plunged as much as 30% on the first day of trading, in part due to governance concerns around its dual-class stock structure.