CEO of $4.8 billion fintech Wise faces investigation over tax breach
Summary
Wise said its board hired external lawyers to help investigate Kaarmanns tax violation. David Wells, chair of Wises board, said the companys management takes Kaarmanns tax default and the FCA probe "very seriously." "After reviewing the matter late last year the Board required that Kristo take remedial actions, including appointing professional tax advisors to ensure his personal tax matters are appropriately managed," Wells said. Kaarmann could be forced to step down and cease working in the industry if regulators rule that he fails the "fit and proper" test. Wise, which competes with the likes of PayPal and Western Union, made a name for itself by tackling hidden fees in foreign exchange and quickly became a darling of the U.K. start-up scene.