TransferWise’s cofounders have swapped the CEO role between themselves again

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TransferWise founders Kristo Kaarmann, left, and Taavet Hinrikus.
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TransferWise

The cofounders of London fintech startup TransferWise have swapped the CEO role amongst themselves again.

Kristo Kaarmann is taking over from Taavet Hinrikus as the boss of the international money transfer business, according to a blog post on Medium that was written by Hinrikus and published on Tuesday.

“I’m handing the day-to day running of the company and the role of CEO over to my cofounder, Kristo,” the blog post reads.

“I will take the role of chairman,” said Hinrikus. “As chair and board member ?-?while part-time ?- ?I will be closely involved with TransferWise: continuing to shape the direction the company takes, working with external parties and supporting our product teams as they continue to build great things: focusing on the best ways for me to help TransferWise on the next stage of its journey.”

TransferWise, which now employs 700 people across nine offices, claimed in May that it was profitable and that it was on target for revenues of £100 million this year. A spokesperson declined to give specific figures during a call on Tuesday but they did say the company is growing 150% year-on-year.

Hinrikus, who is an active angel investor, having backed the likes of simulated worlds startup Improbable, went on to say: “I’m planning to find more time to do more of what I love, focusing on disruption and helping the tech ecosystem flourish.”

Hinrikus quietly took over from Kaarmann as CEO in September 2015, meaning he’s been in the role for less than two years.

When Business Insider spotted that the founders had swapped the company’s CEO in October 2015, TransferWise said: “A couple of months ago the founders changed their roles slightly. We’re growing fast and we constantly look across the company to see how we can enable our teams to have the biggest impact. That goes for the founders too. We try different things to figure out what works best and gives us the fastest speed and the best outcome. It’s a change in how the founders work together – but nothing has changed in the way that we execute towards the vision.”