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Mobile money transfer sensation WorldRemit launches in California

The 'WhatsApp of money'[1] has Silicon Valley and 10 million migrants in its sights

London, UK,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.

ENDS

[1] Business Insider

http://uk.businessinsider.com/worldremit-founder-ismail-ahmed-mobile-wallets-moneyconf-500-million-valuation-2015-6

[2] Public Policy Institute of California

http://www.ppic.org/main/publication_show.asp?i=258

Note to editors

  • Images for press here
  • 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 here

About WorldRemit

WorldRemit is changing the way people send money.

  • It’s easy – just open the app or visit the website – no more agents.
  • Transfers to most countries are instant – send money like an instant message. 
  • More ways to receive (Mobile Money, bank transfer, cash pickup, and mobile airtime top-up).
  • Available in over 50 countries and 125+ destinations.
  • Backed by Accel Partners and TCV – investors in Facebook, Spotify, Netflix and Slack.
  • WorldRemit is the UK’s fastest-growing technology company (Deloitte Technology Fast 50 2015)

WorldRemit’s global headquarters are in London, UK with regional offices in the United States, Canada, Japan, Australia and New Zealand. 

Read more: About us

Media contact: media@worldremit.com 

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