Fintech: MBA's foreign exchange startups challenge big banks
08 Apr 2015
The disruption of traditional business models has been salient and the financial services sector is poised for a further shake up in foreign exchange.
Niche players have been biting at the fringes of big banks’ business models but a venture has not yet emerged with the scale to rival established institutions. This has not stopped MBA graduates from trying.
London Business School (LBS) alumnus Ismail Ahmed, chief executive and founder of online money transfer market WorldRemit, brands the start-up as a low-cost alternative to traditional high street agents. Users can send cash to more than 110 locations, across continents.
He sees WorldRemit as an opportunity to shake-up a “stale” industry. “We are taking money transfers into the mobile age,” Ahmed says. With an EMBA from LBS, he incubated his company at LBS’ Entrepreneurship Summer School.