Wise, formerly known as TranserWise, made a London stock market debut this week in a direct listing that valued the company at $11B.

Why should we care?
Wise’s is the latest large tech firm to launch a direct listing; other examples include Coinbase, Roblox, and Spotify. Wise’s core offering is an international money-transfer service that in many cases is cheaper and faster than traditional methods. Bullish investors are betting on the firm’s ability to take business away from large banks. Wise began as a consumer-to-consumer offering, and the firm later expanded to corporate payments, including payroll. Banks, however, still have a near lock on business cross-border money transfers, an area in which the upstart fintech is looking to grow market share. Analysts say Wise’s trading debut could open the floodgates for other fintechs looking to go public, and add heft to London’s status as a global tech hub. Other companies expected to be watching the news closely as they ponder their own plans to go public include competing money-transfer provider WorldRemit, and digital banking fintechs Monzo and Starling Bank.