The fintech entrepreneur who has gone to war with the £10bn payments company he co-founded has accused it of “misleading” its own investors and warned that a move to extend its current governance arrangements could be derailed in court.
In a statement issued to Sky News, Taavet Hinrikus’s investment vehicle, Skaala, said Wise’s claim that its proposals to extend its dual-class share structure by a decade when it moves its main listing to the US should have been updated through a formal stock exchange announcement.
Mr Hinrikus is angry that the voting share structure has been wrapped up in a wider vote on the move to the US, which he says is undemocratic and unfair on investors.
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“On 21 July, Wise released a market announcement claiming that ‘three key independent proxy advisory firms – ISS, Glass Lewis and PIRC – have come out unanimously in favour of the proposal and recommend shareholders vote for it’,” Skaala said.
“This statement has subsequently been proven to be misleading.
“In reality, PIRC’s report – issued on 15 July – explicitly recommended shareholders vote against the scheme, citing serious concerns about governance.
“Investors are overwhelmingly influenced by the views of professional proxy advisors.
“Wise should have made a corrective announcement via RNS to update the market.
“Skaala called for this immediately on learning of the issue, but Wise instead chose to quietly issue a statement on its website on 23 July 2025 with no accompanying statement to the market.”
It is the latest salvo in an escalating row between Skaala, which owns just over 5% of Wise’s shares, and the company – which continues to be run by his co-founder, Kristo Kaarmann.
Glass Lewis and ISS have both amended their reports since the public disclosure of the dispute on Monday, although neither has changed their voting recommendations.
Mr Hinrikus also said that Wise’s chairman, David Wells, had claimed incorrectly…
