Fintech Debuts on Nasdaq, Drops 4% in Four Days, $800 Million Vanishes

British fintech company Wise Group PLC (WSE) closed at $12.75 on the Nasdaq on May 15, marking a 4.49% drop from the previous day. Its market capitalization stands at about $12.7 billion (roughly KRW 18 trillion), wiping out approximately $550 million (around KRW 800 billion) in a single session.

The company made its U.S. market debut on May 11 by shifting its primary listing from London to Nasdaq. Its shares experienced significant volatility, falling about 8% on the first trading day. In its recently released fiscal 2026 results, Wise reported annual cross-border payments volumes of $243 billion (nearly KRW 340 trillion), up 31% year over year, underscoring continued high growth.

Founded in 2011 under the name TransferWise, the UK-based fintech provides international money transfers, multi-currency accounts, and debit cards to individuals and businesses worldwide. By offering lower fees than traditional banks, Wise has steadily gained market share in the global remittance sector.