International money transfer service WorldRemit has launched in New York, targeting the state’s 4.5 million immigrants.
Using a smartphone or online, consumers can 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 per cent of WorldRemit’s global revenue in the next few years, up from the current 15 per cent. It is already one of the company’s fastest growing send markets with 200 per cent year-on year-growth, numbers 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.
“Millions of customers around the globe send funds to family and friends back home with WorldRemit,” founder and CEO Ismail Ahmed said. “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.”
According to the World Bank, remittances sent from the US have grown from $50 billion to $66 billion over the past five years. 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 Mr. Ahmed in 2010, WorldRemit has secured $220 million in funding rounds led by Accel and TCV – early investors in Facebook, Spotify, Netflix and Slack. The company started its money transfer operations in the US in 2014 and has its US headquarters in Denver.