WorldRemit launches international money transfer service in New York
1/3/2018 | 3 minute read
New service set to accelerate rapid US growth
New York, 1st March 2018 - Leading international money transfer service WorldRemit has launched in New York, targeting the state’s 4.5 million immigrants with its fast, low cost service.
Using a smartphone or online, consumers can easily make international transfers to 147 countries around the world without the inconvenience of visiting a brick and mortar agent.
The US will account for 40% of WorldRemit’s global revenue in the next few years, up from the current 15%. It is already one of the company’s fastest growing send markets with 200% year on year growth and that growth is set to accelerate with the launch of the New York service.
WorldRemit handles a growing share of the global $600 billion migrant money transfer market - better known as remittances. It also processes three-quarters of international money transfers to mobile money accounts - an emerging market technology whereby phone numbers act like bank accounts to hold funds.
Ismail Ahmed, founder and CEO of WorldRemit comments: “Millions of customers around the globe send funds to family and friends back home with WorldRemit. New York is truly a melting pot of people and cultures and we are pleased that we can now bring the benefits of our lower-cost, convenient service to all the diverse communities of New York.”
Remittances sent from the US have grown from $50 billion to $66 billion over the past five years, according to the World Bank. One in five people living in New York state is an immigrant, while one in six is a native-born US citizen with at least one immigrant parent.
Founded by entrepreneur Ismail Ahmed in 2010, WorldRemit has secured $220 million in funding rounds led by Accel and TCV - early investors in Facebook, Spotify, Netflix and Slack.
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.
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