Page 27 - Powerlist 2020

1 The Top 10

Ismail Ahmed

Founder/Chairman,
WorldRemit

smail harnessed 20 years of experience in money transfer cost of sending money back to family and friends in home
to set up WorldRemit and the tech company is now one of countries. Accel Partners, an early backer of global tech
Ithe leading global firms in the industry with more than 4 startups including Facebook, Spotify and Dropbox, is one of
million users. its investors.
Founded in 2010, WorldRemit has digitally revolutionised Ismail, who was born in Somaliland, was forced to flee the
the way money is sent, particularly in Africa. It has made country in 1988 when war broke out. He was smuggled out
it possible for people, even those in remote parts of the in a truck and reached his final destination, the UK, a month
continent, to receive money directly to their mobile phones. later. Growing up in Somaliland before the war, he saw how
Valued in December 2018 at $900 million, the company valuable remittances were for his family back home. Despite
has raised more than $375 million in investment and seen its being a long and costly transfer process, money sent from
global workforce grow to 600 employees. It now operates in family members working in the Middle East helped his family
150 countries. back home.
In October 2018, the quietly spoken Ismail took on the Ismail is a former compliance advisor to the UN, who
role of Chairman and handed the CEO role to former Paddy blew the whistle on alleged corruption. He received a formal
Power CEO Breon Corcoran. It is believed the company will be business education after enrolling on the executive MBA
launched on the Stock Exchange in the next two years. course at London Business School, learnt first-hand how
With a turnover of £95million a year, WorldRemit difficult it was to send money back home and went on to
is planning to keep growing to take a bigger slice of study remittances before going to work for the World Bank.
the estimated $700 billion-a-year remittances market. He has published widely cited research on the effect of
WorldRemit is now licenced to work in 50 US states, with New remittances in Somaliland following the country’s civil war.
York overtaking the UK to become its biggest sending market. He holds an MSc and PhD from the University of London and
The company was set up to simplify and reduce the an Executive MBA from London Business School.

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