Wise is pushing for a U.S. dual listing to tap American capital markets. But internal dissent from co-founder Taavet Hinrikus and sharp criticism from proxy advisers reveal growing friction over governance, vision, and control. For fintechs scaling globally, this is a warning, not a one-off.
The news: U.S. ambitions meet internal resistance
According to Finextra, Wise is pursuing a dual listing on a U.S. exchange, aiming to expand access to international capital and gain deeper traction in American markets.
But this strategic move has triggered opposition from two key sources:
- Taavet Hinrikus, co-founder and former CEO, who has spoken out against the plan, warning of governance risks and questioning its necessity
- Glass Lewis, a prominent proxy advisory firm, which has recommended that investors vote against proposed governance changes linked to the U.S. listing
These changes include extending the company’s dual-class share structure (giving insiders greater voting power) and altering its articles of association to increase board discretion — both of which are seen as potential threats to shareholder rights.
Why this matters: When governance breaks, vision follows
Wise has long been viewed as a fintech success story — bootstrapped ethos, low-cost cross-border payments, and user-first design. But this internal dispute shows a familiar pattern for scaling fintechs:
The bigger the company, the harder it becomes to balance founder vision, investor control, and market ambition.
Hinrikus’s pushback underscores a broader fear:
That Wise’s move toward regulatory-friendly, institution-facing structures could dilute its mission, entrench insider control, and alienate the retail base that fueled its rise.
RatEx42 perspective
1. Fintech governance is now under the microscope
Dual-class structures, founder-controlled boards, and vague voting rights were once seen as startup necessities. But in the public sphere — especially under U.S. regulatory scrutiny — they become liabilities.
Expect this to become a key scoring factor for future infrastructure assessments at RatEx42.
2. Listing ambition must not come at the cost of alignment
Scaling infrastructure — whether DeFi, stablecoin, or fintech — must align founders, stakeholders, and users. When that alignment breaks, roadmaps stall and trust evaporates.
3. The U.S. is not a neutral listing venue
Dual listings can unlock capital — but they also bring regulatory complexity, activist investor pressure, and new corporate expectations. Projects chasing NASDAQ or NYSE exposure must tighten governance before crossing oceans.
Final word
Wise’s internal struggle is not about shares. It’s about identity under pressure.
As fintechs evolve into global infrastructure players, their governance architecture must evolve too — or risk breaking under the weight of growth.
For tokenized finance and crypto-native projects entering regulated markets, this is the takeaway:
Vision is nothing without governance that earns trust at every stage.
More strategic breakdowns at RatEx42.com