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WorldRemit launches international money transfer service in New York

WorldRemit Press Office

| 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.


For further information, please contact:

WorldRemit Press Office

WorldRemit

media@worldremit.com


About WorldRemit


WorldRemit was founded in 2010, and serves 5.7 million customers. Through our digital services customers can send 70 currencies to over 130 countries, across almost 8 thousand corridors. Recipients benefit from one of the widest ranges of money-out options including bank deposit, mobile money, and cash pickup. Our investors include Accel, TCV and Leapfrog. Accel and TCV are long-term investors in well-known brands including AirBnB, Facebook, Spotify and Expedia.

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