WorldRemit becomes preferred remittance provider for challenger bank leader Varo Money

Denver, 19 February 2020: Leading digital international money transfer company WorldRemit announces today a partnership with Varo Money, the leading fintech in digital banking in the U.S.   The partnership will enable Varo customers direct access in the Varo app to the WorldRemit service, making it easy for Varo customers to send money abroad directly from their mobile phones. 

The collaboration brings together two fintechs with the shared objective to deliver modern banking and money transfer services to consumers in a secure, convenient and cost effective way. 

“The banking and money transfer industries have been dominated by incumbent and offline providers requiring consumers to fit their lives into the limited opening hours and locations of bank branches, ATMs or money transfer agents. Together Varo and WorldRemit are turning traditional banking and money transfer services on its head, and delivering services that customers want via their smartphone 24/7,” explained Daniel Canning, managing director, Americas, WorldRemit.

Changing customer wants and needs are evidenced by the fact that  9  out of 10 mobile banking users in the US  prefer to use apps over going into a physical branch, and 68 percent of millennials said they could see their smartphone replacing their physical wallet.

While typical use of mobile banking apps include checking balances and paying bills, 57 percent of mobile banking users said they make money transfers via their mobile phone.

“Varo customers value being able to move money to loved ones easily and we’re always looking to add convenience to their lives. The partnership with WorldRemit will help Varo customers make international money transfers easily and at a low cost,” said Jaime Jerusalmi, head of partnerships for Varo Money. “This is another step in the direction of helping our customers improve their financial lives.”

With WorldRemit’s correspondent network reaching more than 150 countries and connected 

to multiple payout methods for recipients including bank deposits, mobile wallets, cash pick up, mobile airtime top-up, the tie up between Varo and WorldRemit is good news for consumers.

About Varo

Varo Money, Inc. (“Varo”) is on a mission to help people make progress with their financial lives. In one mobile app, Varo offers customers premium bank accounts that have no minimum balance requirement or monthly account fee, high-interest savings accounts, and tech-first features to help people save and manage their money more easily. Varo is working to become the first mobile-centric national bank in U.S. history, and has received approval for the FDIC insurance. For more information, visit www.varomoney.com, like Varo on Facebook, and follow us on Instagram and Twitter @varomoney. Bank account services provided by The Bancorp Bank; Member FDIC

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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.