Kristo Kaarmann mistake led him to a £1.2 Billion business

Kristo Kaarmann mistake led him to a £1.2 Billion business | Inspiring story

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Before dive into the true motivational stories of two friends Kristo Kaarmann & Taavet Hinrikus. I would like to ask all of you one question. How many of you make mistakes in your daily life?
Answer may be, everyone make mistakes in their daily life. Mean 100% people make mistakes in the real life.
But how many of you learned a lesson from the mistakes? Answer would be 0% or 0.1% people learned from their mistakes and move forward in the life. That’s why those people suffer and have hard time in life.

Kristo Kaarmann Success Story

Kristo Kaarmann took his mistake as challenge in 2008 and today he is the owner of a business worth £1.2 Billion(111,910,610,544 INR). Sounds interesting and motivational, right? Yes, it is.
Kristo Kaarmann was working in London as a management consultant. He awarded a Christmas bonus of £10,000 (932,918 INR). Kristo wanted to send this amount to his home in Estonia. Because interest rates were higher in Estonia at that time, though he wanted to earn more money by interest rates. But later he found that U.K. bank deduct his £500 from the transfer amount. Taavet Hinrikus and Kristo Kaarmann thought to make an arrangement to send money with fewer charges. So they invent an online money transfer project ‘TransferWise’.

Invention of TransferWise Project

Kristo inform on the reporter that he transferred £10,000 to his Estonian bank account. He paid £15 as transfer fee to the U.K. bank. A week later he found that he did not receive full amount as expected in his Estonian bank. It inspired him to invent some online solution to transfer money with fewer charges. Hence, they invent a solution called ‘TransferWise’.

Actually both establish the inspirational stories of success for lots of people around the world who trying to start their startup.

TransferWise is an organization with 1000+ staff as of 2018. With its Headquarters in London, United Kingdom. Currently, this is an online startup worth of £1.2 Billion ($1,570,650,000). Taavet Hinrikus and Kristo Kaarmann thinking to make it a global giant in terms of money transfer around the world.

Taavet Hinrikus added that we were able to complete more than $1 billion (71,245,000,000 INR) worth of transactions in the United States in 2018. But still we are a drop in the ocean as yearly consumer international approximate payments market is worth £334 billion (31,101,765,943,140 INR).

TransferWise currently is serving big regions like Europe, Canada, the United States, Asia-Pacific and Latin America. And having its offices in a number of cities including Tallinn (Estonia), New York and Singapore. Also to make it more user friendly USD, EUR, GBP, AUD, CAD and more than 750 currencies supported by TransferWise. Users need to register on the website in order to send or receive the money.

Few investors in this project are Richard Branson(owner of Virgin group), Max Levchin(Co-founder and former, CTO of Paypal) collectively raised millions dollar.

Message for Job seekers, employees (who are Planning to start a startup)

If you are inspired by the inspirational stories of success of these two friends, then please share this story with your selected, creative friends also. Discuss with them about this startup. You can make your plans and start working on them.

No one knows you can be the billionaire after a couple of years in your startup.

Follow below steps, if you have some idea to start a startup.

  • Think of idea, Think how your idea will help people in the society. There may be other idea’s similar to yours. But how you make your idea easier/ efficient/ helpful for people around you. In the above article Kristo Kaarmann thought to make an online payment transfer method and save bank transfer charges.
  • Initially start with small scale then later start expansion.
  • Don’t Share the idea with each and every friend or employee, some friends may laugh on you and you will be demotivated. Or many of friends will start telling you negative points of your idea before even start.
  • Share your idea with the selected and creative friend, whom you trust more.
  • If you are not professional of that field, then you can take advice from an expert. If you don’t have the expert friend around you or in your school/college/ University.
  • LinkedIn is a great platform. You can connect with professionals of any field. Don’t just discuss your idea initially but first talk with that general discussion, become friends and when you are friends, then seek advice from him/her.

Browse our website more for inspirational short stories about life, inspirational stories of success, motivational stories for students to work hard and you will see the results.

Note: We will soon start publishing motivational stories in Hindi as well. Stay Connected with guide4info.

You can read more about TransferWise at Wikipedia.

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