A changing of the guard at TransferWise, the startup based out of London that specialises in providing money-transfer services, typically with better rates than banks and other incumbent providers.
The company’s CEO and co-founder Taavet Hinrikus announced that he is stepping down and staying on in a part-time role as chairman and board member. He will be replaced by his co-founder, Kristo Käärmann. This is not the first time that Hinrikus and Käärmann, both Estonians, have swapped the CEO role, but the move comes at an interesting time for the startup. On one hand, it sounds like it is at a stable point right now: Transferwise has raised around $117 million in funding from investors that include Andreessen Horowitz, Ballie Gifford and Peter Thiel, and a spokesperson told TechCrunch that it has been profitable and cash-generating since the start of this financial year.