Today, Worldremit, a money transfer fintech startup that is based in London, has announced that Breon Corcoran, the former Paddy Power Betfair chief, will be appointed as the newest chief executive of the company.
Corcoran is set to join the fintech as it pushes towards the so-called unicorn status – a company that worth more than $1 billion (£764.6 million) – after being able to manage the merger of betting companies Betfair and Paddy Power way back in 2016 successfully.
Meanwhile, Ismail Ahmed, the founder and current chief executive of Worldremit, will be moving up to become the executive chairman of the company.
In a statement, Ahmed stated: “Breon’s reputation for developing a consumer-first culture makes him an ideal candidate to build on our vision.”
He added: “Breon’s global outlook and experience of enhancing the standard of service in the market will enable us to realise our ambitions to find new ways to help customers do more with their money as the company scales.”
Even though Worldremit is currently loss-making, just like many of the successful fintech startups of London, it is hoping that it will achieve revenues of £95 million this year, up from the £60.5m that was recorded last year.
The company said that it is currently processing more than 50 percent of all the international money transfers into mobile accounts in emerging nations.
Corcoran stated: “With tailwinds like the global adoption of new technologies combined with growing remittance flows, there is enormous potential for Worldremit’s global expansion and I look forward to leading the company through its next evolution.”