WorldRemit Continues US Expansion
One of the world’s leading digital money transfer service WorldRemit is revolutionizing the $135 billion US remittance market, enabling the country’s migrants to send money to countless people without bank accounts, using mobile money services accessible on even the most rudimentary cell phones.
Through its transformative tech and global network, WorldRemit facilitates more than 600,000 transactions a month, from over 50 countries to 140 plus destinations.
With key partnerships in over 6,000 money transfer corridors, the company enables migrants to send to more mobile money accounts than any other operator in the world.
The vast majority of the world’s population has a mobile phone, yet 30 percent lack access to a bank account. WorldRemit draws on the mobile money technology that has been revolutionizing the financial system in Africa for a decade, to make sending money to loved ones as simple as sending an SMS text or instant message, cutting costs while also removing friction.
Mobile money lets people in emerging market economies send and receive money using their mobile phones, eliminating the need for a bank account, 3G, or wifi.
Ismail Ahmed, founder and CEO at of WorldRemit said: “We’re excited to bring mobile-to-mobile remittances to millions of migrants in the United States. A Filipino nurse in San Francisco or a Kenyan taxi driver in Miami can now send money back home instantly – supporting the transition from costly offline remittances sent from bricks-and-mortar agents to faster, safer and lower cost online transfer methods.”
Phil Cox, head of EMEA and president of the UK branch at Silicon Valley Bank, said: “WorldRemit continues to thrive, having raised just under $200 million and now expanding rapidly across the globe. We are impressed with WorldRemit’s strength, purpose and innovation. The team’s great ideas are shaping a bright future for FinTech and we’re proud to call them a client.”