Digital money transfer company WorldRemit has confirmed the appointment of the former boss of betting chain Paddy Power Betfair as its new chief executive.

Sky News reported earlier that Breon Corcoran was to be named this week as WorldRemit's new chief as it gets closer to becoming the UK's latest technology "unicorn" - a start-up worth at least $1bn (£764.6m).

Mr Corcoran, who played a key role in the 2015 merger of Paddy Power and Betfair Group, left the combined company within the last year.

He currently sits on the board of Tilney Group, the financial planning and advisory group, as a non-executive director.

A former JPMorgan banker, Mr Corcoran's role at WorldRemit - which dubs itself "the WhatsApp of money" - will be to continue its global expansion at a time of growing competition in the international money remittance market.


WorldRemit has stated plans to reach up to 10 million customers by 2020.

Mr Corcoran said: "Across the world, consumers are turning away from cash, towards digital payments solutions.

Image: WorldRemit founder Ismail Ahmed becomes executive chairman of the UK fintech company

"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."

Established in 2009, the company has established partnerships with an array of international banks, mobile network operators and money transfer networks.

Ismail Ahmed, WorldRemit's founder and former chief executive, is now executive chairman with immediate effect.

He said: "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."