Zinnia place leadership for Wise, US Trust

Wise

Client Overview

Wise is a global technology company building the best way to move and manage money around the world for people and businesses. Listed on the London Stock Exchange, Wise is one of the world’s fastest-growing and profitable fintechs. Over 16 million customers use Wise to send, spend, and receive money internationally, with more than $10 billion in cross-currency transactions processed each month.

Operating in the US since 2015, Wise is a licensed money transmitter in 48 states. The United States is Wise’s second-largest market by revenue and its fastest-growing mature market, making it one of the company’s most strategically important regions globally.

The Challenge

As Wise expanded its North American operations, the company made the strategic decision to apply for a National Trust License with the Office of the Comptroller of the Currency (OCC). Securing this licence would allow Wise direct access to the Federal Reserve payment system, significantly reducing reliance on banking partners and unlocking efficiencies through local payment rails.

This was an ambitious and complex initiative, with only one other non-bank (Anchorage Digital) having previously secured such a licence. Recognising the magnitude of this effort, Wise sought to establish a dedicated US leadership team capable of driving the regulatory application, scaling the business, and strengthening the company’s governance. To achieve this, Wise retained Zinnia Associates to lead searches for three critical roles on the US Trust board: Chief Executive Officer, Chief Financial Officer, and Chief Compliance Officer.

Our Mandate

Zinnia Associates was engaged to identify proven financial services leaders with deep regulatory expertise, operational excellence, and the credibility to engage with US regulators, investors, and internal global stakeholders. This leadership team would play a pivotal role in Wise’s US growth journey, guiding the OCC licence process while positioning the business for long-term success in a highly competitive and regulated environment.

The Search Approach

Zinnia conducted a targeted global search, focusing on senior executives with experience in OCC-regulated or trust-chartered institutions and strong backgrounds in payments, banking, fintech innovation, and regulatory compliance. The firm sought leaders with a proven track record of managing complex regulatory and operational initiatives and the ability to represent Wise externally with authority and authenticity.

Throughout the process, Zinnia worked closely with Wise’s global leadership team, including the Group CFO, CTO, and General Counsel, ensuring candidates aligned with Wise’s mission, culture, and strategic priorities. The CEO search focused on identifying a leader capable of driving the OCC application, scaling US operations, and serving as the senior executive representative for Wise in the US. The CFO search targeted a financial leader to design and oversee the Trust’s financial framework and governance. The Chief Compliance Officer search sought a candidate with deep regulatory knowledge, capable of ensuring compliance excellence and managing the Trust’s regulatory engagement.

The Outcome

Following a comprehensive global search, Zinnia Associates successfully appointed Mike Boush as Chief Executive Officer, Subodh Karnad as Chief Financial Officer, and Babette Reynolds as Chief Compliance Officer of Wise US Trust.

Mike brings extensive experience in financial services, regulatory engagement, and leadership across complex operational environments. Subodh offers deep financial expertise and a proven track record in driving fiscal discipline and strategic growth. Babette provides regulatory insight and compliance leadership essential to the Trust’s governance and regulatory obligations. Together, they form the cornerstone of Wise’s US Trust board, guiding the Trust licence application, strengthening governance, and advancing Wise’s long-term strategy in the United States.

The Impact

The appointments of Mike Boush, Subodh Karnad, and Babette Reynolds mark a significant milestone in Wise’s US growth story. Their leadership reinforces Wise’s commitment to innovation, regulatory excellence, and its mission to make international money movement faster, cheaper, and more transparent.

The successful completion of these three senior searches underscores Zinnia Associates’ expertise in fintech and financial services executive search and our ability to deliver world-class leadership talent for complex, high-impact mandates.

Press Release