Wise (LSE:WISE) has been one of the UK’s most fascinating growth stocks. Since 2021, the firm has doubled in size and strengthened its competitive position.

The share price, however, has gone nowhere. And while the company sees this as a reason to move to the US, I see an opportunity.

Payment processing

Since 2021, Wise has more than doubled its active users. And quarterly payment volumes have gone from £16.4bn to £49.4bn. 

It’s also increased its direct connections and lowered its take rate. That makes it faster, cheaper, and more reliable.

In short, Wise is twice the size and much stronger than it was when it went public. And it isn’t really slowing down.

The latest quarterly update revealed 22% growth in customers and a 26% increase in volumes. In short, things are still going well.

Despite all of this, the share price is largely where it was. And management is looking to do something about it.

The stock market

Wise’s leadership thinks the stock could do better with a primary listing in the US. And they might be right.

The company focuses on reinvesting the cash it generates. And this has worked very well in recent years.

The trouble is, that’s not what a lot the UK market is looking for. Having no dividend limits its popularity with income investors.

Wise’s share structure means it doesn’t qualify for the FTSE 100. And that cuts it off from another large investor class.

Neither of those is a bad thing intrinsically, but they don’t align well with Wise’s strategy. Neither, however, applies in the US.

UK stocks

In general, US investors are less focused on dividends. So they’re likely to be more receptive to Wise’s strategy.

A dual class share structure also doesn’t rule the stock out of the S&P 500. So it also stands to benefit from passive investing.

Wise’s management might therefore be right about what’s been holding the stock back. It could well do better in the US.

Whether or not that’s a good thing, though, depends on perspective. Low prices are bad for sellers, but they’re good for buyers.

Compared to 2021, investors have the chance to buy more than twice the business at the same price. That’s a rare opportunity.

Risks and rewards

A lower share price doesn’t change the underlying business. And it doesn’t remove any of the associated risks.

These include the impact of geopolitical tensions. This might be the biggest threat to international transfer volumes right now.

Neither Wise nor its shareholders can do much about this. So the question for investors is how to limit the overall risk.

Buying the stock at a lower price helps a lot with this. It gives investors a margin of safety against threats they can’t control.

That means a discounted share price is a good thing for buyers. And that’s why I think the UK is the place to look for opportunities.

Foolish conclusion

The UK isn’t the first place growth investors usually look. But that’s exactly why it might have the best opportunities.

Wise is a unique example. And I’m not saying every UK growth stock is systematically undervalued.

I do think, though, that less buying interest makes for better opportunities. And that’s why the UK is where I look first.