Wise (LON: WISE), the London-listed cross-border payments company, announced plans to establish a primary listing in the United States while maintaining its UK presence, as the fintech reported a 23% jump in transaction volumes to £145.2 billion for the year ended March 31.

The company, which processes international money transfers and currency exchanges, said it moved funds for 15.6 million customers during the fiscal year, representing a 21% increase from the previous period. Revenue climbed 15% to £1.2 billion, while underlying profit before tax rose 17% to £282.1 million.

Wise Plans US Primary Listing as Cross-Border Payments Surge 23%

Chief Executive Kristo Käärmann said the board concluded its review of listing arrangements and decided to transfer the primary listing from London's equity shares transition category to a US exchange, while keeping a secondary listing on the London Stock Exchange.

"We believe the addition of a primary US listing would help us accelerate our mission and bring substantial strategic and capital market benefits," Käärmann stated in the results announcement.

The company cited several reasons for the move, including access to a broader investor base, particularly US institutional and retail investors who currently cannot hold the shares. Wise also expects the change could provide a pathway to inclusion in major US indices and help raise its profile in the world's largest economy.

Net Profit Up 18%

The fintech's underlying income grew 16% to £1.36 billion, driven by customer growth and increased adoption of multi-currency accounts. Personal customers expanded 22% to 14.9 million, while business customers increased 11% to 697,300.

Customer balances held in Wise accounts surged 29% to £17.1 billion, with total customer holdings including assets reaching £21.5 billion, up 33% year-over-year. The company reduced its average transaction fee rate by 14 basis points to 53 basis points in the fourth quarter.

Approximately 65% of payments now complete in under 20 seconds, up from 49% three years ago, reflecting improvements to the company's payment infrastructure that bypasses traditional correspondent banking networks.

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Infrastructure Investments and Future Plans

Wise continued expanding its direct connections to domestic payment systems, going live with InstaPay in the Philippines and securing regulatory approvals for Brazil's PIX system and Japan's Zengin network. The company now operates with over 70 licenses globally.

In India, Wise activated a new license that removed previous transaction limits, while in Australia it launched an interest-earning feature for account holders using government-guaranteed assets.

The company committed to investing approximately £2 billion over the next two years across infrastructure, marketing and product development to capture more of what it describes as a £32 trillion cross-border payments market opportunity.

For fiscal 2026, Wise expects underlying income growth of 15-20% and plans to operate at an underlying profit margin around the top of its medium-term target range of 13-16%.

The company's shares have delivered basic earnings per share of 40.37 pence, up 18% from 34.20 pence in the prior year.

Britain's IPO market remains parched, with new listings few and far between despite government efforts to revive activity. The Treasury has been courting high-profile fintech firms like Revolut and Monzo in a bid to reverse the trend and anchor them in London’s financial hub. But the continued listing drought underscores broader concerns about the UK’s competitiveness as a destination for fast-growing tech companies.