Sorainen and Linklaters have advised fintech company Wise on launching the OwnWise customer shareholder program in the EU and establishing its level 1 American depositary receipt program in the US.
According to Linklaters, with over 10 million customers, Wise processed GBP 54 billion in international payments volume during the last fiscal year, generating GBP 41 million in pre-tax profits.
According to Sorainen, OwnWise is designed to reward Wise customers. "The program is available for clients based in the European Union. Customers who are accepted into the program go on to become long-term shareholders, holding shares in Wise for at least 12 months, with additional perks like bonus shares in Wise among others. The Estonian Financial Supervision and Resolution Authority . . . approved a public offering prospectus relating to the establishment of the OwnWise customer shareholder program in the EU on September 6, 2021. Subsequently, the OwnWise prospectus was published . . . and passported into all other EU jurisdictions."
Sorainen's team included Counsels Katlin Krisak and Martins Rudzitis, Senior Associate Dalia Augaite, Associate Mirjam Metsik, and Assistant Lawyers Karl Joonas Kendla and Jelizaveta Lazonen.
Linklaters’ team was led by Partner Mike Bienenfeld and Senior US Associate Igor Rogovoy.
