[December 02, 2016]

WorldRemit Set to Transform Canada's Remittance Market

Leading money transfer app WorldRemit is rapidly accelerating the switch from offline to digital remittances in Canada, announcing that its Canadian customers are sending nearly 60,000 transfers every month.

Almost $24bn (CAD 31.6bn) in overseas remittances are sent from Canada each year yet the vast majority take place offline, leading to inconvenience and high costs. The WorldRemit app or website lets people in Canada send instant, secure money transfers to friends and relatives all over the globe.

WorldRemit is the leading sender of remittances to Mobile Money, connected to 34 different services in 26 countries. Mobile Money enables people in developing countries to instantly receive vital remittance payments on their phones instead of making long journeys to collect cash from foreign exchange agents.

WorldRemit also reveals today:

• Canada is WorldRemit's third largest market: WorldRemit has seen rapid growth in its Canadian business over the last twelve months and expects to accelerate business in 2017.
• Canadian customers send to Africa and Asia: WorldRemit top receiving destinations from Canada are the Philippines, Nigeria, ndia, Kenya, Zimbabwe and Ghana.

Richard Meseko, Country Director for Canada, at WorldRemit, comments: "More than one in five people living in Canada - nearly 8 million individuals - were born outside of the country, many of whom support family members overseas. More and more are now turning to WorldRemit as they discover the ease and convenience of sending money via our app instead of queueing at money transfer agents."

WorldRemit is backed by leading Silicon Valley investors, Accel Partners (News - Alert) and Technology Crossover Ventures (TCV). Globally, WorldRemit customers send more than 500,000 transfers every month.

- ENDS-

Note to editors

• Images for press here

About WorldRemit

WorldRemit is changing the way people send money.

It's easy - just open the app or visit the website - no more agents.

Transfers to most countries are instant - send money like an instant message.

• More ways to receive (Mobile Money, bank transfer, cash pickup, and mobile airtime top-up).
• Available in over 50 countries and 125+ destinations.
• Backed by Accel Partners and TCV - investors in Facebook, Spotify (News - Alert), Netflix and Slack.
• WorldRemit is the UK's fastest-growing technology company (Deloitte Technology Fast 50 2015)

WorldRemit's global headquarters are in London, UK with regional offices in the United States, Canada, South Africa, Singapore, the Philippines, Japan, Australia and New Zealand.

Read more: About us

View source version on businesswire.com: http://www.businesswire.com/news/home/20161202005031/en/

[ Back To Mobile World Congress's Homepage ]