You don’t have to follow the financial technology industry or work with developers in faraway lands to know TransferWise, arguably the world’s leading peer-to-peer money-transferring startup. Thanks to its presence in more than 70 countries, low-cost rates for moving money internationally and, of course, its famous “nothing to hide” PR campaign that featured its semi-naked employees running through the streets of London and New York, TransferWise has become one of the world’s most recognizable fintech brands. Along the way, the company helped usher in the age of the rebel-fintech adolescent startup that could compete and win against dusty incumbents on the basis of transparency, value, technology and, perhaps most importantly, moxy.
But today, the macroeconomic, business and political conditions that served as the feedstock to co-founders Kristo Käärman and Taavet Hinrikus when they launched TransferWise are ancient history. Can it keep scaling amidst heightened trade tensions, the unfortunate rise of xenophobia and capital controls? Will it continue to grow profits in the face of competition from other well-funded fintech startups and incumbents that look less dusty? Does the company, which has recently launched important partnerships, a revamped “borderless” business offering and a Mastercard debit card, have aspirations to provide other financial services? And, why isn’t TransferWise public? In the interview below, CEO Käärman addresses these questions head-on. In doing so, the Estonian native makes the case for his company’s future as a trusted partner for its dedicated (and growing) customer base.