Fintech firm Wise stock falls after CFO quits, CEO to go on leave
Wise, the British fintech firm, saw a 4% fall in its shares as it announced on Monday that its CFO Matt Briers is leaving the company in March 2024. Additionally, CEO Kristo Kaarmann will take paternity leave from September this year. The news of Briers’ departure came as a surprise, given his significant contribution in taking Wise from a scrappy money transfer start-up to a publicly-listed financial technology giant. The firm went public last year in London’s first-ever direct listing – an IPO alternative where companies offer stock directly to the public without using financial intermediaries or creating new shares.
Briers’ departure follows the recent resignation of Mikko Salovaara, the CFO of British digital banking startup Revolut, who left his post in May after only two months. Wise has not announced Briers’ successor.
FAQs
What is Wise?
Wise, formerly known as TransferWise, is a British fintech company that specializes in international money transfers. The company facilitates international money transfers between countries with different currencies and exchange rates at minimal fees.
What is a direct listing?
A direct listing is an IPO alternative where companies offer stock directly to the public without using financial intermediaries or creating new shares. This cuts down on underwriting fees and benefits the company’s existing shareholders by not diluting their ownership.
Who is Matt Briers?
Matt Briers is the CFO of Wise who is leaving the company in March 2024. Briers is credited with taking Wise from a start-up to a publicly-listed financial technology giant.
What is paternity leave?
Paternity leave refers to the time off taken by fathers after the birth of their child. It is a form of parental leave that is designed to give new fathers time to bond with their infant and assist with their family’s needs during the early weeks and months of the baby’s life.
“Wise experiences drop in stock value as CFO departs and CEO takes leave amidst Fintech company’s operations”
British fintech firm Wise saw a slip in shares on Monday after announcing changes in its leadership team. CFO Matt Briers will leave the company next year while CEO Kristo Kaarman will take paternity leave starting September. Wise shares were down by approximately 4% as of 9:45 a.m. London time. Briers, who helped take Wise from a money transfer upstart to a publicly-listed fintech company, will step down in March 2024, following Kaarman’s return from a sabbatical. Wise had gone public in 2021 through London’s first direct listing. This announcement follows British digital banking startup Revolut’s CFO Mikko Salovaara’s recent departure for personal reasons.