CFO Of Wise Receives Pay Packet That Is 60% Larger Than That Of The CEO
In the year ending March 2023, Kristo Käärmann’s total pay amounted to £209,000, while Wise CFO Matthew Briers received a higher payment of £336,000.
According to Wise’s annual report, Kristo Käärmann, the co-founder and CEO of the company, received an overall pay packet of £209,000 in 2023. This amount was more than 60 percent lower than the pay of Wise’s (outgoing) chief financial officer.
The announcement of Wise’s tripling of full-year profits and the substantial deposit amount of over £11 billion into its new bank account offering led to a significant surge in the company’s shares, which rose by 17 percent.
Wise achieved a profit of £146.5 million, marking a remarkable 234 percent increase compared to the previous year. The total revenue generated from transfers and interest reached £964.2 million.
The recently published annual report of Wise revealed that the fintech company now has more female employees than men. The report also highlights that Wise successfully onboarded over a million new customers each quarter of this year, resulting in 10 million active customers.
According to the annual report, Kristo Käärmann, who holds a 19.8 percent stake in Wise and will soon be taking a sabbatical, received an overall pay packet of £209,000 in the year ending March 2023.
This included a basic salary of £197,000, taxable benefits amounting to £1,700, and pension-related benefits totaling £9,800.
The CEO’s overall pay packet in the previous year was £161,000.
In contrast, Wise’s Chief Financial Officer (CFO) Matthew Briers received a total compensation of £336,000 for the fiscal year ending in March 2023. This comprised a base salary of £335,000 and £800 in taxable benefits.
However, Briers earned a total pay package of £217,000 the previous year.
It is worth noting that neither Käärmann nor Briers received any bonuses during this period.
Both Käärmann, currently under investigation by the UK financial regulator for non-payment of taxes, and Briers will depart from Wise. Käärmann will be taking a temporary sabbatical from September to December 2023, while Briers will be permanently leaving the company to focus on his recovery from a bicycle accident that occurred last year.
The annual report provides insights into Wise’s workforce composition, highlighting a gender breakdown. According to the report, women comprise 51 percent of the total workforce, 2,644 employees. In comparison, men constitute 49 percent, totaling 2,506 employees.
The report emphasizes the company’s commitment to improving gender representation, acknowledging that increasing the presence of women has been a key focus over the past year.
The report reveals that within Wise’s leadership team, women constitute 40 percent, while men comprise 60 percent. Furthermore, the report showcases a noteworthy reduction of 2.9 percent in Wise’s gender pay gap during the specified period.
Much like its fintech counterparts, Wise has been fervently promoting the power of word-of-mouth marketing to allure customers. The financial report reveals that an impressive 66 percent of Wise’s customer base originates from referrals made through word-of-mouth.
Additionally, Wise proudly asserts that around 5 percent of the cross-border remittances carried out by individuals flow through their platform. As for small businesses, the report indicates that Wise is steadily approaching the milestone of processing nearly 1 percent of their cross-border transactions, highlighting their growing influence in this particular segment.
In conclusion, Wise’s annual report sheds light on the company’s performance and operations. The report highlights the significant difference in pay between the CEO, Kristo Käärmann, and the CFO, Matthew Briers, with the CFO receiving a pay packet that is 60 percent larger. Wise’s announcement of tripling full-year profits and substantial deposits into its new bank account offering resulted in a notable increase in share value. The report also emphasizes Wise’s financial success, achieving a remarkable 234 percent increase in profit and generating substantial revenue from transfers and interest. Furthermore, the report highlights Wise’s efforts in improving gender representation within its workforce, including its leadership team, and the notable reduction in the gender pay gap. Lastly, the report underscores Wise’s focus on word-of-mouth marketing and its growing influence in facilitating cross-border transactions for individuals and small businesses.
