Wise co-founder Taavet Hinrikus to sell some shares in company

© Reuters.

(Reuters) – Wise Plc co-founder Taavet Hinrikus would sell up to 11 million, or about 1.1%, of the money transfer company’s Class A shares through an accelerated bookbuilding process, the company said on Thursday.

The company, which specialises in cross-border transfers, said that the 54 million class B shares held by OÜ Notorious, Hinrikus’ private investment firm, would not change.

The price for the sale of the Class A shares is yet to be set. Shares of Wise closed at 850 pence on Thursday.

Hinrikus is also the chairman of Wise Plc, which debuted on the London exchange in July this year.

Wise, on Tuesday, had reported a growth in second-quarter revenue helped by higher customer numbers attracted in part by lower prices.

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