Why Airwallex rival Wise is relaxed about going out of business
The founder of Wise, one of Europe’s most valuable fintechs, wishes banks would improve their payments offerings even if it made his product obsolete.
Most entrepreneurs want their companies to dominate the market. Kristo Käärmann dreams one day his may fade into obscurity.
It’s an odd desire for a man who started Wise, one of Europe’s most valuable fintechs and one which helps individuals and businesses instantly send money around the world.
But its £8.4 billion valuation on the London Stock Exchange today is a testament to just how much fat was — and remains — in the profit margins of big banks.
“If all banks gave a great experience, either with our help or without, we would have no customers and there would be no reason to download our app. And that's okay, that's a better outcome for the world,” Käärmann told Capital Brief.
