The co-founder and chief executive of payments app Wise sought to apply a positive gloss when the group reported its first results as a public company this week.
“We’re now moving 3.5 per cent of all personal money that moves across borders,” Kristo Käärmann told shareholders. “We’re really pleased to get this far — but there’s still 96.5 per cent left to go.”
But the Estonian’s entrepreneur’s efforts were not only undermined by a jump in costs that curbed profit growth at Wise, which was valued at almost £9bn when it went public in London 12 months ago in a rare coup for the UK market.
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