Open the Pod Bay Doors E92 - Kristo Käärmann, TransferWise
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Aug 12, 2020 
Kristo Käärmann, co-founder and CEO of TransferWise, shares his journey of disrupting traditional banking with a peer-to-peer money transfer service. He discusses the challenges of building a customer-centric solution while navigating the hidden fees imposed by banks. Kristo recalls his thrilling fundraising experiences and the pivotal moments of scaling the company, especially during the pandemic. The conversation also touches on tech skills’ importance and innovative banking partnerships that have transformed their service.
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Founders' Peer-to-Peer Currency Swap
- Kristo and a friend used a peer-to-peer currency exchange to avoid high bank fees on international transfers.
- They exchanged currencies between themselves at real exchange rates without paying banks.
Validate Before Quitting
- Validate your product-market fit before quitting your job to reduce risk.
- Having strong tech skills ensures re-employment if your startup doesn't succeed.
Global Scope of Problem Recognized
- The TransferWise team discovered their problem was global, not just local to Estonians in London.
- International money transfer inefficiencies affect consumers, freelancers, and businesses worldwide.
