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WorldRemit launches money transfers from Iceland

London, 19 August 2014: Worldremit, the award-winning online money transfer service, announces its launch in Iceland.

Customers can use WorldRemit to send money to friends and family in more than 100 countries from their computer, smartphone or tablet.

Transfers are delivered via bank deposit, cash pickup, Mobile Money or mobile airtime top-up.

Ismail Ahmed, the founder and CEO of WorldRemit said: “Iceland has always been a connected nation, both financially and technologically. I am delighted that the Icelandic people are now able to take advantage of the WorldRemit’s online service to send fast, low-cost money transfers.

“Overall, outgoing remittances from Iceland declined sharply following the banking crisis of 2008. However, the most recent data shows a significant increase between 2011 and 2012, reflecting Iceland’s broader financial recovery.”

Global remittances reached $521 billion in 2012, according to the World Bank. The figure for Iceland was $10 million, up 66% from $6 million in 2011. That was still substantially lower than the 2007 figure of $54 million.

WorldRemit was established in 2011 as a low-cost online alternative to high-street money transfer agents, which often charge high fees to send funds overseas.

The company is a leading player in the new Financial Technology (FinTech) revolution. In March 2014, WorldRemit received a $40m investment from Accel Partners, an early backer of Facebook, Dropbox and Spotify. The Series A funding round was one of the largest investments of its kind in a European company.

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