Which startup was founded by Kristo Käärmann and Taavet Hinrikus? The answer is Wise.
Kristo Käärmann and Taavet Hinrikus founded Wise in London in January 2011. The company was originally called TransferWise and focused on making international money transfers more transparent and less expensive.
Hinrikus, an Estonian and one of Skype’s first employees, needed to move money between the United Kingdom and Estonia. Käärmann, then a Deloitte consultant, faced a similar problem in the opposite direction. Instead of relying on traditional banks’ costly exchange rates and transfer fees, they created a peer-to-peer system that matched currency flows and reduced unnecessary conversion costs.
Wise expanded from transfers into a broader financial platform offering Wise Account, Wise Business, and Wise Platform. In February 2021, TransferWise rebranded as Wise to reflect services beyond international remittances. The company went public through a direct listing on the London Stock Exchange in July 2021.
Wise is often confused with Revolut, Monzo, or CurrencyFair because all operate in fintech and payments. The founders in this question specifically identify Wise, formerly TransferWise.