Former Paddy Power Betfair chief executive Breon Corcoran looks set to become the new boss of WorldRemit, one of the UK’s fastest-growing inancial technology companies.
Sky News is reporting that Mr Corcoran will this week be named as the chief executive of WorldRemit, a digital money transfer group, as it nears the status of becoming the UK’s latest technology “unicorn”, or a start-up worth at least $1 billion (£764,850).
A former JP Morgan banker, Mr Corcoran (47)rejoined Paddy Power as a director in 2015, having previously quit in late 2011 to join UK-based Betfair the following year. His return subsequently led to the successful £7 billion merger of Paddy Power with Betfair in 2016, and saw him appointed as chief executive of the enlarged group. However, in a move which took many by surprise, Mr Corcoran left the bookmaker late last year, thereafter telling his followers on LinkedIn that he was “pivoting”.
This pivot now looks set to bring him to WorldRemit, which has been dubbed the “WhatsApp of money”, as it allows customers receive WhatsApp notifications about their money transfers in real time, recently becoming the first UK company to do so.
Founded eight years ago by Ismail Ahmed, WorldRemit has more than 800,000 customers who use it to send money from more than 50 countries to over 2.7 million people all around the world.
Mr Corcoran also sits on the board of Tilney Group, the financial planning and advisory group, as a non-executive director.