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WorldRemit opens new Canada office in Toronto 

New local presence set to build on strong growth as WorldRemit aims to cater to a larger share of Canada’s rapidly growing immigrant population 

Toronto and London, 3 September 2019: Leading digital money transfer company WorldRemit is expanding its presence in Canada by opening a new office in downtown Toronto, the country’s largest technology hub. 

Using the WorldRemit website or smartphone app, consumers in Canada can easily make international transfers to friends and family in over 150 countries around the world without the inconvenience of visiting a brick and mortar agent. While some banks can take up to one week to process international payments, over 90% of WorldRemit transfers are paid out within ten minutes.

Canada is now WorldRemit’s fourth-largest market globally, with top recipient countries including The Philippines, Nigeria, Kenya, and Cameroon. That growth is set to accelerate with the launch of the Toronto office, led by new Country Director Corey Myckan, who previously held senior roles at American Express and Mastercard.

WorldRemit handles a growing share of the global CAD $910 billion migrant money transfer market - better known as remittances. It is a global leader in mobile-to-mobile remittances and is connected to 190 million mobile money wallets in 29 countries.

Corey Myckan, Country Director for Canada, comments: Millions of customers around the globe send funds to family and friends back home with WorldRemit. Toronto is truly a melting pot of people and cultures, and we are pleased to open our new office to bring the benefits of our lower-cost, convenient service to Canada’s diverse communities.”

John Tory, Mayor of Toronto, comments: “I am very pleased that WorldRemit has chosen to locate its new office in Toronto to take advantage of our growing tech talent pipeline and diverse marketplace. As one of the most multicultural cities in the world, Toronto is a natural fit for companies seeking both to serve diverse communities with global ties and leverage our talented workforce.”

In 2017, Canada sent over CAD $32 billion in international remittances. One-in-five Canadians is foreign-born, with nearly 37% of all immigrants living in the Toronto metropolitan area.

Founded by entrepreneur Ismail Ahmed in 2010, WorldRemit has secured cad $495 million in debt and equity financing rounds led by Accel, TCV, and LeapFrog Investments - early investors in Facebook, Spotify, Netflix and Slack.