The boss of WorldRemit, one of Britain’s most prominent fintechs, has quit, reflecting fading short-term prospects for it to float at a multibillion pound valuation.
Sky News has learnt that Breon Corcoran, who joined in 2018, left the money-transfer company recently, although there has been no public announcement about his exit.
Mr Corcoran, who is well-known to City investors from his stint as chief executive of Paddy Power Betfair – now Flutter – is not thought to have another role lined up.
Earlier this year, Bloomberg News reported that Zepz, the new name of WorldRemit’s parent company, could list in the US with a $6bn valuation as soon as the second quarter of this year.
However, the diminishing likelihood of an initial public offering (IPO), with public markets rattled by the war in Ukraine and the possibility of a severe global economic downturn, is said to have been a factor in Mr Corcoran’s exit.
The former chief executive’s name has been removed from a list of board members on the Zepz website.
WorldRemit was established in 2009, and has established partnerships with a large number of international banks and mobile network operators.
Ministers relax airport slot rules to help avoid flight cancellations
Rail strikes: Trips to city centres at COVID lockdown levels as walkouts bring ‘major disruption to retail’
Cost of living: Scramble for value ranges as grocery inflation hits highest level since 2009
Last summer, it raised nearly $300m of new funding in a Series E round valuing it at $5bn, according to a public statement at the time.
In 2020, Zepz’s brands – which also include Sendwave – enabled over 4.5m monthly transactions on its platform, generating $338m of revenues, it said.
Zepz declined to comment.
