FT Start-Up Stories Series 2: The whistleblower's tale 8/10
Apr 18, 2016
Ismael Ahmed, founder of WorldRemit, shares his transformative journey from whistleblower to entrepreneur. He reveals how he used compensation from UN corruption investigations to launch his groundbreaking remittance service. The conversation dives into the socio-economic impact of remittances on Somaliland, the technological revolution in money transfers, and the importance of sustainable revenue models for startups. Ismael also discusses the challenges and successes he faced in scaling his business globally, shedding light on the evolving startup funding landscape.
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Remittances Transformed Hargeysa
- Ismael Ahmed recalls growing up in Hargeysa where remittances transformed the city after the war.
- He describes how informal traders sped transfers by buying goods abroad and bringing them back, often delivering full amounts to recipients.
Personal Struggle Sending Money From Ashford
- Ahmed recounts working part-time at university and the hardship of sending money home from Ashford.
- He describes three-hour trips to transfer agents and fees of 10–20% that hurt his earnings from strawberry picking.
Whistleblowing Led To Seed Funding
- Ahmed became a whistleblower after finding fraud in a UN remittance program, which led to the program's shutdown.
- He ultimately won compensation from the UN and used that award to seed WorldRemit.