Global technology company Wise is creating the greatest system for managing and transferring money globally.

 

Wise Account and Wise Business enable individuals and businesses to hold over 40 currencies, move money between countries, and spend money abroad. Co-founded by Kristo Käärmann and Taavet Hinrikus, Wise is a rapidly growing, profitable tech company listed on the London Stock Exchange under the ticker WISE. It also serves large companies and banks.

Kristo, a former management consultant with Deloitte Consulting and PricewaterhouseCoopers, worked with European banks and insurers to modernize processes. He collaborated with Skype's Taavet Hinrikus to develop a new system for money movement across borders, and was selected as one of the World Economic Forum's Technology Pioneers in 2015.

Kristo Käärmann, CEO of Wise, is set to take an extended sabbatical from September to December, despite ongoing regulatory investigations into a deliberate tax default, to spend time with his family.

Wise CEO, Harsh Käärmann, has announced that he will be taking full advantage of the company's sabbatical policy, which typically lasts six weeks and is offered after four years at the company. Käärmann, who started the company 12 years ago, said he would have been unimaginable to take time away from the team and customers.

The UK's Financial Conduct Authority is investigating Estonian entrepreneur Käärmann after HM Revenues & Customs fined him £365,651 for an outstanding tax bill of £720,495 for the 2017-18 tax year. The investigation was initiated due to Käärmann's status as an "approved person" for the regulator.

Although the announcement had nothing to do with the investigation, Wise did confirm that it was still ongoing.

Kristo, co-founder and CEO of Wise, is a global tech company that aims to improve global money movement. He worked with European banks and insurers, and was named one of the World Economic Forum's Technology Pioneers in 2015.

TransferWise, a London-listed company, was praised for its decision to remain in London due to pressure from US-dominated capital markets. Despite several years of profits before listing, rising interest rates and higher prices increased revenue in Q4 2022 by 83% to £279.5mn.

The shares of a fintech company have fallen over 40% since listing due to rising inflation, investor skepticism, and declining consumer sentiment. The company's UAE subsidiary was fined by regulators in August last year for failing anti-money laundering controls.