Page 25 - Powerlist 2019 - Digital Edition

3 The Top 10

Ismail Ahmed

Founder/CEO,
WorldRemit

smail harnessed 20 years of experience in money transfer country in 1988 when war broke out. He was smuggled out of
to set up WorldRemit and the company is now one of the the country in a truck and reached his final destination, the
Ileading global companies in the industry with more than UK, a month later.
2 million users. Growing up in Somaliland before the war, he saw how
Founded in 2010, the company was set up to simplify and valuable remittances were for his family back home. Despite
reduce the cost of sending money back to family and friends being a long and costly transfer process, money sent from
in home countries. family members working in the Middle East helped his family
Described as the hottest company in the industry, it’s back home.
quickly become of the most popular companies in the Ismail, who received a formal business education after
$550billion currency exchange world, with more than 300 enrolling on the executive MBA course at London Business
employees worldwide. Ismail is ambitious, and the company School, learnt first-hand how difficult it was to send money
aims to have 10 million regular users by 2020. back home and went on to study remittances before going to
WorldRemit is now licensed to work in 50 US states, work for the World Bank.
with New York overtaking the UK to become its biggest Prior to launching his own business, he worked for the
sending market. United Nations Remittance Programme, helping African
Figures highlight the company’s success. In one year money transfer companies comply with tough anti-money
– between 2014 and 2015 – revenues for its app rose from laundering rules introduced after the 9/11 attacks.
£15 million to £27 million. Accel Partners, an early backer He has published widely cited research on the effect of
of global tech startups including Facebook, Spotify and remittances in Somaliland following the country’s civil war.
Dropbox, is one of its investors. He holds an MSc and PhD from the University of London
Ismail, who was born in Somaliland, was forced to flee the and an Executive MBA from London Business School.

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