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The mistake that led to a British Pound 1.2bn business
by Will Smale, Business reporter, BBC News

BBC News    Translate This Article
28 January 2019

On 28 January 2019 BBC News reported: The BBC [speaks] to Kristo Kaarmann, co-founder and chief executive of money transfer business TransferWise. Back in 2008, the then 28-year-old Estonian was working in London as a management consultant when he got a very chunky Christmas bonus of British Pound 10,000. ... 'So I paid my UK bank a British Pound 15 fee, and transferred the British Pound 10,000, and then a week later I saw that British Pound 500 less than I had expected had arrived in the Estonian account,' says Kristo. Global Good News service views this news as a sign of rising positivity in the field of business, documenting the growth of life-supporting, evolutionary trends.

. . . So in 2011 they [Kristo Kaarmann and his Estonian friend Taavet Hinrikus, who was then director at telecommunications firm Skype] launched London-based TransferWise, a financial technology or 'fintech' website that allows users to transfer money overseas to a different currency at the mid-market rate for a set fee of 0.5 percent.

Today, TransferWise is a global business, and investors include Virgin boss Sir Richard Branson and PayPal co-founder Max Levchin.

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