Secret of Success – Taavet Hinrikus (TransferWise)

Taavet Hinrikus - TransferWise LtdTransferWise was born out of my frustration with the high fees charged by banks to transfer money abroad. So Kristo Käärmann and I built a web platform that allows our customers to transfer money more quickly and cheaply than any of our competitors, particularly high street banks. In the three years we have been operating, we have already saved our customers £45million (€ 56.7million) in transaction fees. Digital technology is making financial services cheaper, more transparent and customer friendly.

I would like to see the bank payment infrastructure deregulated; more transparency in the marketing and advertising of financial products; and new rules to make it easier for us to recruit talent from anywhere in the world.

“Entrepreneurs are important to society because we challenge the status quo: we use innovation to shake monopolies, boost the economy and make people’s lives easier.”

Hero(es):  Niklas Zennström

Start up capital: Own and seed funding

Growth rate p.a: 10%

Mentor(s): Yes

Can you code? Yes

Employees: 101

Education/Training: Web start ups

Product/Service: Online financial services

Tags: , , , , , ,