Krattworks hires former central bank governor Madis Müller

Estonian defence industry company Krattworks has hired former Eesti Pank Governor Madis Müller as a financial adviser, ERR reported.

Krattworks, which manufactures drones, said on social media that Müller’s role will be to strengthen the company’s financial and management capabilities as it enters a new phase of growth.

Müller said he was looking forward to contributing to a rapidly developing company, particularly because it operates in the defence sector, which he described as critically important in Estonia and Europe.

Müller served as governor of Eesti Pank from 2019 to 2026. Before that, he was the central bank’s deputy governor. From 2006 to 2011, he was a portfolio manager at the International Finance Corporation, where he worked with equity investments.

He has also worked at the World Bank as an adviser and senior adviser to the executive director representing the Nordic and Baltic countries, as an economic adviser to the prime minister and finance minister, and as a consultant.

Müller holds a master’s degree in finance from George Washington University, which he received in 2006. In 1999, he graduated from Estonian Business School, where he studied international business management, banking and finance.

Krattworks was founded in 2018 by Tõnis Voitka and Mattias Luha. Business newspaper Äripäev reported that the company’s revenue increased nearly 28-fold in one year, from around 500,000 euros in 2024 to 19.5 million euros last year.

The company plans to increase its revenue to hundreds of millions of euros in the coming years. Its operating profit was 8 million euros last year, compared with a loss of 500,000 euros the year before.