Wise Shareholders Approve US Primary Listing and Extend CEO Käärmann's Supervoting Rights for Ten Years

Shareholders of Wise, the London-listed payments company, voted on 28 July 2025 to move the company's primary stock listing from London to New York. The same general meeting extended the supervoting rights attached to Class B shares held by chief executive Kristo Käärmann for an additional ten years, handing him approximately 50% of voting power despite his economic stake of around 18%.

Wise said the move to a US primary listing reflects where it sees the greatest depth of investor interest in high-growth technology and fintech companies.

CO-FOUNDER OPPOSITION

Co-founder Taavet Hinrikus publicly opposed the governance changes, arguing that extending Käärmann's supervoting rights for a further decade gives the chief executive excessive control over the company's direction at a time when Wise is maturing into a large publicly listed business.

Käärmann's Class B shares carry disproportionate voting power relative to the economic interest they represent.

UK listing rules, which are set by the Financial Conduct Authority rather than the London Stock Exchange, were reformed from 2021 to accommodate dual-class share structures, in part to compete with New York.

LONDON LISTING HISTORY

Wise floated on the London Stock Exchange in 2021 in a direct listing. The company was valued at roughly $11 billion at the time of the float.