Wising up to hidden fees
Transferwise disrupted the traditional money transfer business with transparent fees and zero markup on the exchange rate. But to be viable, chief executive and co-founder Kristo Kaarmann makes clear, "everything we do must break even".
KRISTO Kaarmann, chief executive of payments fintech Transferwise, celebrates Christmas a little differently from most Europeans.
Every December, the 40-year-old Estonian embarks on a month-long road trip around Africa on "Kotilda" - his 15-year-old motorcycle. This year, he rode Kotilda from Morocco in the North towards the Sahara desert, down through the jungles to South Africa, before heading east to Tanzania, Kenya and finally Ethiopia, he tells The Business Times.
At the end of his trip, Mr Kaarmann parks Kotilda at the nearest garage he can find, "stars" her location on Google Maps, and leaves with some hope of a reunion next December. The odds of this yearly gamble have played in his favour for five straight years.
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