WorldRemit brings simple, low-cost money transfers to Rwanda
London, May 26, 2015: Online and mobile money transfer service WorldRemit today launches in Rwanda. Founded by Dr Ismail Ahmed, ‘the man changing the world of remittances’ according to the BBC, WorldRemit provides a quick, convenient, and low-cost way for people to send money to friends and family abroad.
People in 50 countries can use WorldRemit anytime, anywhere, on their smartphone, tablet, or computer to send money to Rwanda. Recipients can collect money instantly from any branch of Virunga Express.
Remittances are estimated to have contributed $179m to Rwanda’s economy in 2014, according to the World Bank. The Democratic Republic of Congo, Uganda, and Burundi are the biggest senders of remittances to Rwanda. France and Canada are also major international contributors to remittances to Rwanda.
Jeff Pietras, VP for International Product Development, WorldRemit said: “WorldRemit is revolutionising the tired world of money transfers through our online and mobile only service. People around the globe can send money instantly to Rwanda with just a few clicks or taps on their smartphone and enjoy fair, transparent pricing.”
According to VentureBurn, WorldRemit “teaches an important lesson about how innovation for the sake of the customer in the developing world can be the making of a successful, global company”. In February 2015, WorldRemit received a $100m funding round led by Technology Crossover Ventures.
Note to editors
- WorldRemit’s logo is saved here
- WorldRemit currently enables 250,000 transactions per month
WorldRemit is an online service that lets people send money to friends and family in other countries. Customers can use WorldRemit anytime, anywhere, on their smartphone, tablet, or computer. For those receiving money, WorldRemit offers a range of options including bank deposit, cash collection, Mobile Money, and mobile airtime top-up.
With low fees and guaranteed exchange rates, WorldRemit is bringing fair, transparent pricing to the money transfer industry. The service is available in 50 countries and sends to more than 120 receive countries.
WorldRemit received a $40m Series A funding round in 2014 from Accel Partners and a $100m Series B funding round led by Technology Crossover Ventures in 2015. WorldRemit’s global headquarters are in London, UK with regional offices in USA, Canada, Australia, and New Zealand.
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