Boku Chief Executive Dismisses Nasdaq as 'Silver Bullet' for Fintech Liquidity
The chief executive of rapidly expanding fintech firm Boku has issued a stark warning to London-based technology companies considering a shift to Wall Street listings, declaring that such a move represents "an expensive gamble" with minimal proven advantages.
Stuart Neal, who leads the mobile payments specialist, told City AM that flocking to Nasdaq listings in search of deeper liquidity than available in London's financial markets is not the miraculous solution many perceive it to be.
Financial Performance Defies Market Challenges
Neal's comments coincided with Boku's release of its annual financial results, which revealed remarkable growth despite market headwinds. The company reported a 216 percent surge in profit to $19.6 million (£14.6 million), while monthly active users expanded by 31 percent to reach 114.4 million.
The payments technology firm, which connects merchants with local payment methods through mobile-first solutions, also announced a $12 million share buyback program. However, executives opted against introducing a dividend, asserting that the current share price significantly undervalues the company's true worth.
"We've delivered three revenue upgrades, improved our earnings, and provided mid-term guidance," Neal explained. "We believe we're fulfilling our responsibilities, and the share price should have reflected this progress. For various reasons, it hasn't."
London Listing Commitment Amid Market Pressures
Founded in San Francisco in 2008, Boku deliberately chose London's Alternative Investment Market (AIM) for its 2017 listing rather than pursuing a US exchange. Despite this commitment, the company's stock has faced recent challenges, declining over 20 percent since the beginning of 2026, though it remains 11 percent higher than twelve months ago.
When questioned whether disappointing share performance might drive Boku away from London, Neal responded cautiously: "If you examine how similarly sized companies are performing on Nasdaq... it's not the sort of silver bullet that people imagine."
He emphasized that no automatic rerating or liquidity improvement would materialize simply from relisting across the Atlantic, challenging the prevailing narrative that US exchanges offer superior conditions for technology firms.
Industry Context: Fintech Exodus Concerns
Neal's remarks arrive amid growing concerns about a potential fintech exodus from London to American markets. The discussion intensified when money transfer service Wise abandoned its primary London listing in favor of Wall Street, citing deeper liquidity pools and opportunities to join major indices.
Further fueling these concerns, Swedish buy-now-pay-later giant Klarna launched its long-anticipated initial public offering on the New York Stock Exchange last September—a development that disappointed London's aspirations to become Europe's premier technology listing destination.
However, Klarna's subsequent performance has been turbulent, with shares plummeting more than 65 percent since their public debut to below $15, despite the company's efforts to transform into a digital banking platform.
Strategic Position and Future Opportunities
Boku concluded its financial year in a robust position, operating completely debt-free with net cash reserves of $102.9 million—substantial resources that strengthen the company's strategic flexibility.
"We likely need to maintain at least $50 million on our balance sheet," Neal noted. "But this leaves us with considerable capital to deploy strategically."
The CEO revealed that Boku is actively exploring mergers and acquisitions opportunities but cautioned against pursuing deals indiscriminately. "It's dangerous to declare we're embarking on M&A simply because we have resources available," he warned. "That approach often leads to acquiring inappropriate assets. We may wait patiently until we identify something truly worth purchasing."
This measured approach reflects Boku's broader philosophy: sustainable growth through strategic decisions rather than reactive market chasing—whether in listing venues or acquisition targets.
