Monday 22 October 2018 8:34 am

Fintech startup Worldremit poaches former Paddy Power chief as its next boss


London money transfer fintech startup Worldremit has today revealed former Paddy Power Betfair chief Breon Corcoran will be its newest chief executive.

Corcoran joins the fintech as it hurtles towards so-called unicorn status – a company worth over $1bn (£764.6m) – after successfully managing the merger of betting firms Paddy Power and Betfair in 2016.

Worldremit's current founder and chief executive Ismail Ahmed, meanwhile, will move up to become the firm's executive chairman.

"Breon’s reputation for developing a consumer-first culture makes him an ideal candidate to build on our vision," said Ahmed in a statement. 

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"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."

Though Worldremit is currently loss-making, like many of London's successful fintech startups, it hopes to achieve revenues of £95m this year, up from £60.5m in 2017.

The firm said it currently process over 50 per cent of all international money transfers into mobile accounts in emerging countries.

"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," said Corcoran.