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WorldRemit CEO to Move to Chairman Role as Fintech Eyes IPO

  • Backer says replacing founder Ahmed taking longer than hoped
  • Move comes as M&A, exits in Europe’s fintech sector heat up
Ismail Ahmed
Ismail AhmedPhotographer: Chris Ratcliffe/Bloomberg

Ismail Ahmed, the founder of WorldRemit Ltd., plans to step down as chief executive officer and take a new role as executive chairman, according to people familiar with the move.

London-based WorldRemit, which was valued at $670 million in December and specializes in digitally transferring money to the developing world, has hired an executive search firm to find a replacement for Ahmed, said the people, who asked not to be identified discussing personnel matters. The company’s five-member board of directors is already interviewing candidates, they said.