WorldRemit appoints Breon Corcoran as new CEO to deliver ambitious global growth

London, 22 October 2018:  Digital money transfer company, WorldRemit, has appointed the former CEO of the FTSE 100 company Paddy Power Betfair plc, Breon Corcoran, as its new chief executive.

WorldRemit’s pioneering digital technology has disrupted the remittance industry, driving the industry’s evolution from a traditionally offline and 95% cash-based sector to a safer, more transparent and increasingly cashless industry. The sector is predicted to be 60% digital by 2021.

Founded in 2010 by Ismail Ahmed, an entrepreneur from Somaliland, WorldRemit has become a global leader for international remittances. Ismail spotted the opportunity that the rapid growth of mobile money accounts and the global communications revolution presented early on and the company currently processes over 50% of all international money transfers into mobile money accounts in emerging economies.

WorldRemit has seen an acceleration of its growth in 2018 with revenues expected to be £95m, up from £60.5m in 2017.

With a global network sending money from 50 countries to around 150, WorldRemit has focused on supporting migrants sending from developed countries to family and friends in emerging economies.

Corcoran joins as the company dramatically expands its customer base and further diversifies its product offering.

In Q3 this year, WorldRemit launched inter-Africa money transfers opening up new opportunities for product innovations to help consumers to do more with their money.

WorldRemit’s founder and CEO will step up into the role of Executive Chairman.

The company is in a strong position to leverage the increasing demand for cashless payments. Emerging market non-cash transactions are estimated to total $340 billion by 2020, from $139bn in 2015, according to the World Payments Report 2017.

Mr Corcoran, who led the 2016 merger of Betfair and Paddy Power to form the world’s largest online gaming company with operations in over 100 countries, now takes on WorldRemit’s ambitious goals of reaching 10 million customers by 2020.   

Ismail Ahmed, Executive Chairman at WorldRemit said: “I set up WorldRemit with the goal of delivering a better and safer experience for people sending money home and our commitment to our customers will always remain the cornerstone of our business. Breon’s reputation for developing a consumer-first culture makes him an ideal candidate to build on our vision.

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.”

Breon Corcoran, Chief Executive, said: “Across the world, consumers are turning away from cash, towards digital payments solutions. 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.”

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About WorldRemit

We are a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global remittance brands. 

We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower cost. We currently operate in more than 5,000 money transfer corridors worldwide and as part of Zepz, are part of a 1,400 person global workforce.

Sending money with WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, we offer a wide range of options, including bank transfer, cash pickup, airtime top up and mobile money. 

Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom, with regional offices in the United States, Poland, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe and Belgium.

About Zepz

Zepz Group is the group powering leading global remittance brands: WorldRemit and Sendwave. Since 2021, Zepz Group has been disrupting an industry previously dominated by offline legacy players by reducing the barriers to finance and increasing safety and convenience for users. Every day, Zepz Group and its brands work towards unlocking the prosperity of cross-border communities through finance and technology - driven by the vision of a world that celebrates migrants’ impact on prosperity, at home and abroad.

Zepz Group brands have helped cross-border communities send over $15bn from 50 countries, to recipients in 130 countries in 2022, and operate over 5,000 money transfer corridors worldwide. Zepz Group employs over 1,400 people globally as a remote-first employer, with team members located across six continents.