Mobile money transfer sensation WorldRemit launches in California
24/2/2016 | 3 minute read
The 'WhatsApp of money' has Silicon Valley and 10 million migrants in its sights
London, 24 February 2016: WorldRemit – the UK’s fastest-growing technology company - today expands its money transfer service into California. Home to one in four migrants in the United States, California is WorldRemit's largest send market to date.[2]
Bringing the offline remittances industry onto mobile,WorldRemit's arrival on the doorstep of Silicon Valley underlines its status as a major player in the global FinTech revolution.
WorldRemit has raised nearly $200m to date, primarily from Accel Partners and Technology Crossover Ventures. On 10 February 2016 WorldRemit announced $45m in financing from TriplePoint Capital and Silicon Valley Bank.
Customers across the globe now send 400,000 transfers with WorldRemit every month with around 25% going to Mobile Money wallets.
The rapid growth of Mobile Money across the developing world has enabled people to instantly receive remittances on their phones instead of travelling long distances to foreign exchange bureaus to collect cash.
Ismail Ahmed, CEO and founder of WorldRemit, comments: “WorldRemit allows people to send money to family and friends with the speed and convenience they have come to expect in our connected world. Just as WhatsApp and Skype changed the way we communicate globally, WorldRemit is modernising our financial connections.
"By sending to more Mobile Money services than anyone else, we are showing what the next phase of international money transfers looks like - instant transfer of money from person to person, anytime, anywhere.”
WorldRemit is now available in 43 US states, DC and Puerto Rico. Remittance businesses must obtain money transmitter licenses on a state-by-state basis.
[2] Public Policy Institute of California
http://www.ppic.org/main/publication_show.asp?i=258
Note to editors
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Video case study here (RB’s Story, Youtube)
California is home to more than 10 million immigrants. In 2011, more than a quarter of California’s population was foreign-born. More information
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About WorldRemit
We are a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global remittance brands.
We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower cost. We currently operate in more than 5,000 money transfer corridors worldwide and as part of Zepz, are part of a 1,400 person global workforce.
Sending money with WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, we offer a wide range of options, including bank transfer, cash pickup, airtime top up and mobile money.
Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom, with regional offices in the United States, Poland, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe and Belgium.
About Zepz
Zepz Group is the group powering leading global remittance brands: WorldRemit and Sendwave. Since 2021, Zepz Group has been disrupting an industry previously dominated by offline legacy players by reducing the barriers to finance and increasing safety and convenience for users. Every day, Zepz Group and its brands work towards unlocking the prosperity of cross-border communities through finance and technology - driven by the vision of a world that celebrates migrants’ impact on prosperity, at home and abroad.
Zepz Group brands have helped cross-border communities send over $15bn from 50 countries, to recipients in 130 countries in 2022, and operate over 5,000 money transfer corridors worldwide. Zepz Group employs over 1,400 people globally as a remote-first employer, with team members located across six continents.