WorldRemit launches international money transfer service in New York
WorldRemit News
| 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.
