CEO Thierry Kneissler shepharded Twint from a rocky start to the most-used Swiss pay app. He is poised to hand over the reins of the digital payment service to a German banker, finews.com has learned.
Twint is testing the million-user mark: the Swiss pay app says it has 85,000 registered users, putting it ahead of rivals including Apple or Samsung Pay. This is largely down to CEO Thierry Kneissler: the banker launched Twint, a spin-off of Swiss bank Postfinance in 2014. The pay app suffered numerous detours and delays before it advanced to Switzerland's most widespread digital payment service with more than 40 banking partners.
Now, «Mr. Twint» is leaving the top role unexpectedly, finews.com has learned. The pay app has hired Markus Kilb (pictured below) to replace him this winter. Kneissler will continue to advise Twint as a consultant, but seek outside board mandates, the firm said.
Shareholder Shuffle
The change at the top comes alongside massive changes in Twint's shareholder structure: by November, the merger between SIX's payments division and France's Worldline should be concluded. The French company wants to buy 20 percent of Twint as part of the deal, meaning Worldline will be the third-largest shareholder after the stock exchange operator and Postfinance.
Specifically, the carve-up plan is for SIX, Postfinance, and member banks to hold 26.5 percent each, and for Worldine to take 20 percent, a source told finews.com. Observers expect the new shareholder to open doors in Europe for Twint – the app only works in Switzerland so far.
Digital Channel Expert
Twint's new boss Kilb plays into that plan: the 52-year-old German banker has run Munich-based Unicredit Family Financing Bank since 2009. Under Kilb, the retail lender has tapped new distribution channels and bulked up on its digitization experience in fintech. Kiln ran Citibank's credit card business in Duesseldorf until 2003, and has also worked for Advance Bank in Munich as well as BMW Financial Services.
«The change was part of a long-term plan. I was chosen and Thierry Kneissler will be responsible for Twint until I join.» He denied a link to Twint's weighty new shareholder. «Thierry Kneissler had already informed the board of his intention to leave the firm before Worldline came on board.»
«No Job Cuts»
Kilb's first job at Twint will be to find new market applications for Twint. The firm wants to begin including vendor bonus points and programs in the app, in a bid to broaden its services beyond the payment itself.
«Twint can be very successful as a Swiss solution», the designated CEO said. The company will «certainly» evaluate whether to expand abroad in due time, he said. «We have a very experienced shareholder by our side with Worldline.»
Kilb sees Twint as a growth company, reflected in jobs: «If we can continue growing and we can reach our goals, we're not going to be cutting jobs», the new boss said.
