Founder and boss of Wise will take salary of just £197,000 after float

The founder and chief executive of Wise will take a salary of just £197,000 when his company floats on the stock market next week for an estimated £5billion.

Kristo Kaarmann, who launched the money transfer business with his friend Taavet Hinrikus in 2010, will unusually receive no bonuses either. 

In the money: Kristo Kaarmann’s 18.8 per cent stake will be worth almost £1billion

But he won’t be short of cash. His 18.8 per cent stake will be worth almost £1billion, and he will reap any dividends which the company decides to award to shareholders. 

Kaarmann is not expected to sell any of his shares when Wise hits the stock market. 

Other big shareholders include fund manager Baillie Gifford.