WorldRemit appoints president

Andrew Lee, who stepped down as managing director for William Hill Online in January, has joined London-headquartered remittances company WorldRemit.

In this newly created role, Lee will oversee operations, customer service, technology, marketing and communications and business development, according to a spokesman.

WorldRemit’s founder and chief executive Ismail Ahmed will continue to lead the company, the spokesman said.

In 2012, Lee joined William Hill’s online division, where he worked on developing the company’s digital business. Earlier in his career he worked at banks including Dresdner Kleinwort, Jefferies International and Bank of America Merrill Lynch.

WorldRemit was founded in 2010 in a bid to make it quicker and cheaper for migrants to send money home. It competes with large incumbents including Western Union and MoneyGram in the $ 550 billion-plus global remittances market, processing more than 400,000 transfers per month.

The company has raised $ 192.7 million since launch and is backed by well-known investors including Silicon Valley-based Technology Crossover Ventures and Accel Partners. Most recently, in February, it secured $ 45 million in debt funding from venture capital firm TriplePoint Venture Growth BDC and Silicon Valley Bank.

Speaking to Financial News earlier in July, Ahmed said the UK’s vote to leave the European Union had not had significant impact on WorldRemit, which has offices in the US, Canada, Japan, Australia and New Zealand.

He noted, however, that similarly to its competitors, the company had experienced a drop in transfers from the UK, with customers concerned about the falling value of the pound.

Ahmed said: “Normally when the value of sterling drops significantly we expect remittances sent to drop. This could have negative implications for a lot of the poor economies that rely on remittances.”

More from Trading & Technology

Let’s block ads! (Why?)

Trading & Technology – Financial News Online

You May Also Like