Wise has been valued at nearly £9 billion in a record direct listing in London.

Yesterday the company announced its direct listing on the London Stock Exchange.

The listing was predicted to give the company valuation upwards of £7 billion. At the end of trading, the company’s share price was up 10 per cent, pushing its market capitalisation up to £8.8 billion.

According to Wise, formerly known as TransferWise, it is the first technology company to opt for a direct listing on the LSE.

The FinTech said that in contrast to a traditional Initial Public Offering, a direct listing is “a fairer, cheaper and more transparent way for Wise to broaden its ownership.”

Last month, the company’s chief executive Kristo Käärmann said that the move would ensure “everyone gets the same opportunity” as large institutions to own a part of the business.

The direct listing means that Wise does not need to attract new investment, instead existing shares held by the company's shareholders will be tradable.

“Our listing is incredibly exciting, and lots of hard work from many people has made it a reality,” said Kristo Käärmann, chief exec and co-founder of Wise. “But, it’s important to remember that we’re still very early on in our journey.”

Käärmann added: “Moving money into another currency is still a maze of hidden exchange rate mark-ups, high fees, delays, and small print for many people. We’re currently saving customers around £1 billion a year in these hidden fees. The £149 billion that’s still to go remains our focus.”

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