A fintech billionaire currently under investigation by the Financial Conduct Authority (FCA) was the biggest winner on the London market this year.
Kristo Kaarmann, the co-founder of Wise, has seen the value of his stake in the payments firm hit £1.65 billion — up more than £600 million since January 1. His shareholding has made gains at an average rate of more than £1.6 million a day in 2023.
The 43-year-old entrepreneur, who confirmed this month that the City watchdog is still examining the circumstances of a six-figure fine over his personal tax, owns about 18 per cent of the £9 billion business. Wise shares rose about 57 per cent in 2023.
Higher interest rates have lifted the firm’s gains from the cash balances customers
