Wise slumps as co-founder Hinrikus sells shares

Money transfer firm Wise was under the cosh on Friday after co-founder Taavet Hinrikus sold 10m shares in the company in a placing.

According to reports, the A shares were placed at 815p each, which is a 4% discount to the closing share price on Thursday.

The shares were placed through Hinrikus’ private investment firm, OÜ Notorious. Goldman Sachs led the bookbuilding process.

Announcing the share sale late on Thursday, Wise said that OÜ Notorious will keep its 54m class B shares in the company.

At 1108 BST, the shares were down 4.4% at 812.40p.