International money transfer service WorldRemit announced on Thursday it has launched its services in New York, targeting the state’s 4.5 million immigrants with its fast, low-cost service. According to the company, customers can easily make international transfers of 147 countries around the world through its smartphone and online services 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.”
Speaking about the New York launch, Ismail Ahmed, founder and CEO of WorldRemit, stated:
“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.”
Founded by entrepreneur 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 U.S. in 2014 and has its US headquarters in Denver.