Fintech star Wise powers towards £10bn value after just three days on the stock market
Financial technology star Wise’s value is heading for £10billion after just three days on the stock market.
The British firm enjoyed a bumper float on Wednesday, with shares debuting at 800p and rallying to 888p by the close of trading.
That gave it a value of about £8.8billion, well above earlier predictions of £5billion.
Wise’s impressive debut has left Estonian founders Kristo Kaarmann, 40 (pictured right) and Taavet Hinrikus, 40 (pictured left) with respective fortunes of £1.8bn and £1bn
And yesterday the stock traded even higher, touching 1029.6p at one point before closing unchanged at 965p, valuing the firm at £9.6billion.
It left Wise’s Estonian founders Kristo Kaarmann, 40, and Taavet Hinrikus, 40, with respective fortunes of £1.8billion and £1billion.
Wise’s performance has delivered a big shot in the arm for the stock market in London, coming after disappointing floats by other tech firms such as Deliveroo and Alphawave IP.
Rosh Wijayarathna, a managing director in the corporate banking division at Silicon Valley Bank, said London has the potential ‘to be a global fintech centre.
He claimed ten to 12 more tech firms were planning City listings in the next year or so.