At Deloitte , Käärmann further developed his skills , focusing on the implementation of financial systems , data environments and actuarial modelling . He led technology strategy initiatives to support customers with management information and systems architecture challenges in response to Solvency II regulatory requirements . His experiences shone light upon the inefficiencies in Western banking systems and inspired Käärmann to develop a more efficient solution for cross-border money transfers .
In 2010 , Käärmann co-founded TransferWise with Taavet Hinrikus , a former director of strategy at Skype .
The company was born out of their mutual frustration with the high fees and poor service of traditional banks for international money transfers . TransferWise ’ s innovative model , which used the real mid-market exchange rate with transparent , low fees , quickly resonated with users , particularly migrant workers in the UK sending money back home .
“ We started Wise to make the best tool for moving and managing the world ’ s money . Part of this mission is to make it cheaper and cheaper for you to use as we optimise away the costs and pass on these savings ,” says Käärmann .
26 August 2024