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Wise Shifts Primary Listing to U.S., Delivering Fresh Blow to London’s Financial Market

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Money transfer company Wise announced Thursday that it plans to move its primary stock market listing from London to the United States, marking another significant setback for London’s efforts to maintain its position as a leading global financial center. The company’s shares surged more than 8% following the announcement, bringing its market capitalization to over £12 billion ($16.28 billion).

Wise, which first listed in London in 2021, had signaled in April that it was exploring its listing options, but the decision to move to the U.S. surprised many analysts. The shift underscores the growing appeal of American capital markets for global companies seeking higher valuations, deeper liquidity, and broader investor access.

CEO and co-founder Kristo Kaarmann cited the depth and liquidity of U.S. markets as the primary reasons for the move. “The U.S. has the world’s deepest and most liquid capital markets, which will make it easier for investors globally to buy shares in Wise,” Kaarmann said.

Despite the relocation, Wise plans to maintain a secondary listing in London, signaling continued ties to its home market where roughly 20% of its staff and most of its executive team remain based.

Another Blow to London’s IPO Ambitions

Wise’s departure is the latest in a string of high-profile companies abandoning or bypassing London in favor of other markets. In recent months:

  • Unilever selected Amsterdam over London or New York for its ice cream division’s primary listing.

  • Shein, the Singapore-based fast-fashion giant, is reportedly leaning towards a Hong Kong IPO after regulatory challenges for a London listing.

  • Cobalt Holdings, a metals investor backed by Glencore, scrapped its London IPO plans entirely this week.

These developments highlight the ongoing difficulties London faces in attracting and retaining major listings, despite recent reforms aimed at modernizing and liberalizing its capital markets to compete with global peers.

London Reforms Not Enough

Kaarmann emphasized that the U.K. government has made meaningful efforts to modernize its capital market regulations, aligning them more closely with U.S. standards. However, he acknowledged that companies ultimately need to follow the global flow of capital.

“The government has definitely made an effort… but we have to accept the reality of where the world’s capital is concentrated,” he said.

A Wise spokesperson declined to say whether other international listing venues were considered.

Solid Financial Performance

Alongside the listing news, Wise reported strong annual earnings. Underlying pretax profit rose 17% to £282.1 million for the year ending March 31, 2025. Shares of the company are up nearly 40% over the past year, though they remain below their 2021 IPO levels.

Wise’s British competitor, Revolut, which offers similar financial services, has also been expanding aggressively in the U.S., underlining the growing importance of American markets to European fintech companies.

Shein Warns EU Fees and French Fast-Fashion Penalties Will Raise Prices for French Shoppers

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Shein has issued a warning that upcoming European Union handling fees and French fast-fashion penalties could significantly increase costs for French consumers, potentially adding up to €12 more per order by 2030, a company spokesperson said Thursday.

Quentin Ruffat, Shein’s spokesperson in France, told Sud Radio that the proposed €2 per-package EU fee on direct e-commerce deliveries and additional national-level environmental penalties in France would disproportionately affect Shein’s low-cost model.

“Why tax us? Why not have a discussion, find a solution between public officials and e-commerce platforms?” Ruffat asked.

Background: EU and France Target Fast Fashion

  • The European Commission has proposed a €2 handling fee on low-value e-commerce imports outside the EU, most of which originate from China.

  • A reduced €0.50 fee would apply to parcels routed through EU-based warehouses.

  • Separately, France’s National Assembly passed a bill in March to penalize fast-fashion goods due to environmental concerns, with the intent of limiting overproduction and waste.

  • The EU also plans to end duty-free treatment for e-commerce packages under €150 starting in 2028.

Impact on Shein and Consumers

Shein, which relies heavily on direct-to-consumer, low-cost shipments, argues that the new policies:

  • Discriminate against platforms like Shein and Temu

  • Will erode affordability for consumers across Europe, particularly in France

  • Threaten to increase average order prices by up to €12 by 2030, Ruffat said

The measures are viewed by critics as targeting ultra-fast fashion models that contribute to environmental degradation, excessive returns, and labor concerns.

Policy Outlook

  • The handling fee proposal still requires approval from EU member states and the European Parliament.

  • France has already endorsed the policy, and is seen as a key player pushing for tighter rules on imported low-value goods.

The U.S. has already moved in a similar direction, scrapping its “de minimis” $800 duty-free threshold earlier this month.

As e-commerce regulation tightens globally, platforms like Shein are coming under mounting pressure to adjust logistics and environmental practices—or risk losing market competitiveness in high-consumption regions like Europe.

Airwallex Hits $6.2 Billion Valuation in New $300 Million Funding Round

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Airwallex, the global fintech firm specializing in cross-border payments, announced on Wednesday that it has raised $300 million in fresh capital, lifting its valuation to $6.2 billion — an 11% increase from its previous valuation in 2022.

The raise comes at a time when the broader private funding market remains tepid. According to PitchBook, over 26% of completed deals in Q1 2025 were either flat or down rounds, reflecting ongoing investor caution amid persistent high interest rates, recession fears, and geopolitical uncertainty, particularly around U.S. trade policy under Donald Trump.

Growth Despite Market Headwinds

Founded in Melbourne in 2015, Airwallex has grown into a leading payments platform offering international invoicing, cross-border payments, and spend management tools. The company moved its U.S. headquarters to San Francisco in 2023 and now has its global headquarters in Singapore.

“Just a few years ago, most of our business came from our cross-border infrastructure. Today, online payment processing and spend management account for over 70% of net revenue,” said Jack Zhang, co-founder and CEO of Airwallex.

The firm’s client roster includes global names such as Shein, Qantas, and Xero.

Investor Support and Strategic Focus

The latest round included backing from well-known venture firms such as Square Peg, DST Global, Lone Pine Capital, and Blackbird, bringing Airwallex’s total funding to over $1.2 billion.

Zhang emphasized that Airwallex is targeting Japan, Korea, and Latin America for its next wave of geographic expansion, further challenging incumbents like JPMorgan Chase, Bank of America, and Citigroup in the global payments arena.

Industry Context

While the fintech sector enjoyed explosive growth during the post-COVID digital transformation wave, funding has since slowed dramatically. Airwallex’s successful raise — and upward valuation — positions it as a standout performer in a cautious investment climate, signaling investor confidence in its business model and global strategy.