Early Life
Taavet Hinrikus was born in Estonia and began his entrepreneurial journey early in life. He started programming in his youth and gained experience in the tech industry. He was one of the first employees at Skype, a role that provided valuable experience in the technology sector. He then co-founded Wise, where he aimed to solve the inefficiencies and high fees associated with international money transfers.
Rise to Success
Hinrikus co-founded TransferWise (now Wise) in 2011 with Kristo Käärmann, driven by their frustration with the high fees and unfavorable exchange rates charged by traditional banks for international money transfers. The company disrupted the financial industry by offering a transparent and low-cost alternative for sending money across borders. Wise quickly gained traction and became one of Europe's most valuable fintech startups. Hinrikus played a key role in growing Wise, from its initial concept to a global financial technology company. Wise went public in July 2021 with a direct listing on the London Stock Exchange, valuing the company at $11 billion.
Key Business Strategies
Wise's success can be attributed to several key strategies. First, the company focused on providing a transparent and cost-effective service, undercutting traditional banks' fees. Second, it leveraged technology to streamline the money transfer process, making it faster and more convenient for users. Third, Wise expanded its services to include multi-currency accounts, debit cards, and business accounts, broadening its appeal to a wider customer base. Finally, Wise has built a strong brand and reputation, attracting millions of customers and securing significant investment from prominent investors.
Philanthropy
Hinrikus has also invested in helping others. He co-founded Jōhvi Coding School in Estonia to help increase the number of people with coding skills.
