Financial Sector (Shareholdings) approval to hold a stake No. 8 of 2026 - Wise Australia Pty Ltd

Financial Sector (Shareholdings) Act 1998

To: Kristo Käärmann and Kotilda OÜ (together, the applicants)

SINCE:

1.             The applicants have applied to the Treasurer under subsection 13(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) for approval to hold a stake of more than 20% in Wise Group plc and Wise plc (the financial sector companies); and

1.             I am satisfied that it is in the national interest to approve the applicants holding a stake of more than 20% in the financial sector companies.

I, Bernadette Donovan, a delegate of the Treasurer, under paragraph 14(1)(a) of the Act, APPROVE:

1.           Kristo Käärmann to hold a 50% stake in Wise Group plc;
2.           Kotilda OÜ to hold a 50% stake in Wise Group plc; and
3.           Kotilda OÜ to hold a 100% stake in Wise plc.

Under subsection 16(1) of the Act, this approval is subject to the conditions set out in the schedule.

This instrument commences on the day it is made and remains in force until the later of:

(a)  if the applicant applies before 31 December 2036 for further approval to hold a stake exceeding 20% in relation to the financial sector company, and the application is:

(i)  approved – the day the approval comes into force:

(ii)  refused – the day the application is refused; or

(iii)  withdrawn – the day the application is withdrawn; and

(b)  31 December 2036.

Date: 27 March 2026

Bernadette Donovan

General Manager (Acting)

General Insurance and Banking Division

Interpretation

In this instrument:

APRA means the Australian Prudential Regulation Authority.

financial sector company has the meaning given in section 3 of the Act.

stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.

Notes

This instrument will be registered on the Federal Register of Legislation as a notifiable instrument.

The Treasurer or the Treasurer’s delegate is required to give a copy of this instrument to the financial sector company.

Section 19 of the Act provides for flow-on approvals for an approval under paragraph 14(1)(a) of the Act. If the approval relates to a financial sector company that is a holding company for an authorised deposit-taking institution or an authorised insurance company, subsection 19(1) provides for flow-on approvals that relate to each financial sector company that is a 100% subsidiary of the holding company. If the approval is held by a company, subsection 19(3) provides for flow-on approvals to be held by each officer of the company.

Schedule – the conditions

1.        The applicants must not hold a combined direct control interest in Wise Group plc, without prior approval from the Treasurer or a delegate of the Treasurer, of greater than 50%.

2.        An applicant must not hold a direct control interest in Wise Group plc, without prior approval from the Treasurer or a delegate of the Treasurer, of greater than:

(a)          for Kristo Käärmann – 50%;

(b)          for Kotilda OÜ – 20%.

Interpretation

In this schedule:

direct control interest has the meaning given in clause 11 of Schedule 1 to the Act.