Wise, a London-based remittance firm formerly known as TransferWise, is seeking the first direct listing of a technology company on the London Stock Exchange.

The firm said that it has no plans to raise capital ahead of the listing.

Reuters had previously reported that had planned to launch an initial public offering in a deal that could value the company at US$6 billion to US$7 billion.

Wise plans to establish a customer shareholder programme known as OwnWise which will reward customers joining as shareholders,

OwnWise, open for pre-applications from UK’s eligible customers, provides participants with the chance to receive bonus shares in Wise, representing 5% of the value of the shares they buy and hold for at least 12 months (based on market value at the time of purchase) up to a cap of £100, amongst other perks.

Kristo Käärmann, CEO and Co-Founder of Wise, said:

“Wise is used to challenging convention, and this listing is no exception. We’re ten years into building a new way to move money around the world – faster, cheaper, easier and completely transparent.

 

A direct listing allows us a cheaper and more transparent way to broaden Wise’s ownership, aligned with our mission.”

Featured image: Kristo Käärmann, CEO and Co-Founder of Wise