Many people, especially in developing countries, rely on family and friends living and working in wealthier economies to help them out by sending earnings.
The remittance economy is huge; according to the World Bank, remittances exceed the foreign exchange reserves in at least 14 developing countries. Their estimate: some $646bn will be sent overseas in 2015. And at present only five per cent of those remittances are sent online. So, not a small market to target for World Remit, which was founded in 2010.
WorldRemit is going after the established players with a commission-beating online and mobile remittance service. Money can be received as a bank deposit, cash pick-up, mobile money, or mobile airtime top-up. Its service is available to senders in 50 countries and can provide transfers to more than 110.
The company is growing fast. It now has more than 150 employees at its London headquarters, up from about 40 only a year ago. In December 2014, the company set up a base in Denver, Colorado, with plans to recruit more than 200 staff.
Last year, WorldRemit received $40m backing from Accel Partners in one of the largest ever Series A funding rounds in Europe. Earlier this year, WorldRemit secured a further $100m investment led by Technology Crossover Ventures (TCV).
WorldRemit features in:
- Tech Tour 50
- Future Fifty
- CB Insights research
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