What is WorldRemit?
WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.
It is a convenient, low-cost alternative to traditional money transfer companies that use high street agents and charge unreasonable fees.
Money can be received as a bank deposit, cash pick-up, Mobile Money, or mobile airtime top-up.
WorldRemit’s service is available to senders in 50 countries. We offer transfers to more than 120 destinations across Europe, Asia, Africa, Australia and the Americas.
We live in a world of instant global communication. Yet the business of sending money abroad has remained stuck in the past. Many money transfer companies still make their customers visit an agent and fill-out bits of paper. And despite the inconvenience, their rates are often punishing.
WorldRemit brings money transfers online – making the whole process quicker, easier and more secure.
We are committed to tackling the industry’s high-fees culture by giving people a low-cost alternative.
WorldRemit also recognises that the way people use money is changing. Millions of us now rely on Mobile Money services instead of bank accounts, so we offer transfers directly to them.
And because we understand the importance of staying connected, WorldRemit enables people to send mobile airtime top-ups.
Our goal is to get your money – to your recipient – however they want it – whenever they need it.
How it started
WorldRemit's founder Ismail Ahmed first saw the opportunity to improve money transfers while at university. Studying in London, he needed to send money to family members in Africa. Every transaction meant an epic journey across the city to an agent who charged a small fortune in fees to send modest amounts of money.
It seemed wrong to Ismail that an industry handling billions of dollars every year should deliver such poor service to its customers. Even then, he knew that change was needed.
Over the coming years Ismail worked with a number of remittance businesses as well as international policy makers.
As an advisor to the United Nations, he helped companies comply with tough new money transfer regulations, introduced after the 9/11 terrorist attacks.
In 2010, Ismail decided that the time and technology were right to shake-up this stagnant industry and he founded WorldRemit.
In 2014 it was announced that WorldRemit had received the backing of Accel Partners, one of the world’s most high-profile investment companies, and an early funder of Facebook, Dropbox and Spotify.
Accel invested $40 million, one of the largest ever Series A funding rounds in Europe.
In early 2015, WorldRemit secured a $100m investment, led by Technology Crossover Ventures (TCV). Working with Accel and TCV, WorldRemit continues to expand internationally – launching in more countries, adding innovative ways to receive money, and developing new products and services such as our mobile apps.
Even as WorldRemit grows we remain focused on delivering the best possible service to our customers– the people who made all of this happen.