01 April 2015

WorldRemit expands in central and eastern Europe

14 August 2014  |  1755 views  |  0 Source: WorldRemit

WorldRemit, the online money transfer service, announces its launch across seven countries in Central & Eastern Europe.

Customers in Bulgaria, the Czech Republic, Hungary, Latvia, Lithuania, Poland and Romania will now be able to able to send money to friends and family in more than 100 countries.

The addition of seven CEE countries is WorldRemit's single biggest expansion since receiving a $40 million investment from Accel Partners in March 2014. The Series A funding round was one of the largest ever in Europe, placing WorldRemit at the forefront of the burgeoning Financial Tech (FinTech) sector.

Ismail Ahmed, WorldRemit's Founder and CEO said: "People in Central and Eastern Europe send a huge amount of money overseas and, like everyone else, they want a fast, convenient, low-cost way of doing that. I am delighted that WorldRemit is able to fulfill that need.

"These countries have traditionally been seen as places that migrant workers leave then send money back to. However, the region's increasing economic prosperity means that people who live here are also transferring money all over the world."

Outbound remittances from the seven CEE countries increased by 350% between 2002 and 2012, and now total $6.3 billion annually, according to the World Bank. 

The Czech Republic alone sends more than $2 billion annually, on a par with the United Kingdom.

WorldRemit customers in CEE will be able to send money to the Americas, Africa, Asia and Europe from anywhere at any time using a computer, smartphone or tablet. Payment is made using a credit or debit card.

Receiving options vary by country, with many offering a choice of bank deposit, cash pickup, Mobile Money account and mobile airtime top-up. 

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Related blogs

Create a blog about this story (membership required)

Top topics

Most viewed Most shared
Europe sets the pace as fintech investment...
6475 views comments | 29 tweets | 20 linkedin
UK online banking fraud losses soar 48%
6066 views comments | 16 tweets | 19 linkedin
Future Money Focus: Mariano Belinky, Santa...
5706 views comments | 12 tweets | 12 linkedin
Barclays and PayPal join Government ID acc...
5083 views comments | 11 tweets | 11 linkedin
Swift London Business Forum to continue di...
4753 views comments | 5 tweets | 4 linkedin

Featured job

Basic £90-110K OTE c. £200K AND NO CEILING
London based with substantial travel in the DACH Region

Find your next job