Taavet Hinrikus has decided to step down from the role of CEO of TransferWise and hand over the reins of the firm to his co-founder Kristo Käärmann.
“I’m handing the day-to day running of the company and the role of CEO over to my cofounder, Kristo,” Hinrikus wrote in a blog post on Medium.
After stepping down, Hinrikus will assume a part-time role as chairman and board member.
“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,” the blog post read.
This is not the first time that they have swapped the CEO role. In October 2015, former Skype director Hinrikus took over from Kaarmann as boss of the London-based fintech startup.
TransferWise, which was started seven years ago, was valued at $1.1bn in its last funding round. It currently has 10% market share in the UK.
“Now we’ll work towards gaining 10% market share globally. And in UK we’ll be the biggest provider pretty soon,” Hinrikus wrote.
Currently, people in 38 countries can send money using TransferWise; and people in 61 countries can receive.