Linklaters has advised leading fintech Wise on the establishment of its level 1 American depositary receipt (ADR) program in the United States. With over 10 million customers, Wise processed £54 billion in international payments volume during the last fiscal year, generating £41 million in pre-tax profits.
The firm’s role on this transaction is a continuation of its strong relationship with Wise following its work on the company’s ground-breaking direct listing on 7 July, when Wise went public as London’s largest ever tech listing at £9 billion, and is up nearly 14% to date.
The Linklaters team on this latest instruction was led by corporate partner Mike Bienenfeld and senior US associate, Igor Rogovoy. The team on the original direct listing was led by corporate partners James Wootton and Mike Bienenfeld, senior US associate, Igor Rogovoy and associate, Patrick Fincham, and supported by managing associate, George Davie, US associate, Rachel Ashton who was seconded to Wise, associates, Pippa Leadley and Eleanor Keighley-Elstub, US law clerk, Sam Rodriguez and colleagues from a number of the firm’s specialist groups.
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