Wise founder Kristo Kaarmann set to take three-month sabbatical

The billionaire boss of payments firm Wise is taking a three-month sabbatical to spend time with family and look after his newborn son.

Chief executive Kristo Kaarmann said he is overdue time off after co-founding the business 12 years ago.

The fintech company, which operates money transfers and debit cards, offers staff a fully paid sabbatical after four years, in addition to annual leave.

Newborn son: Wise co-founder and chief exec Kristo Kaarmann (pictured with wife Kriss Soonik) said he is “overdue” the time off after starting the business 12 years ago

Kaarmann, 42, steps down from September to December and chief technology officer Harsh Sinha will step into his shoes. 

‘This is a fantastic time to do my part in looking after the newborn and giving some breathing room to my wife,’ he said.

‘When I first started the company 12 years ago, it would have been unimaginable for me to take any time away from the team and our customers.’

The Estonian-born chief lives in London with wife Kriss Soonik, a lingerie designer and entrepreneur, and his two boys, aged four and four months.

He is believed to be worth about £1billion. Kaarmann’s announcement adds to a growing trend of business leaders taking a career break.

Last year, the head of Co-op’s food division Jo Whitfield stepped away to help her two teenage sons complete their exams. She did not return and was replaced by Matt Hood.

Co-op says all staff can apply for a unpaid break of between three and 12 months after a year. 

Elsewhere, the chief financial officer of banking giant HSBC Georges Elhedery took a six-month sabbatical last year for ‘personal development’, including to improve his Mandarin.

Meanwhile, other finance firms such as digital bank Monzo offer three-month paid sabbaticals to employees after every four years of work.