23 April 2017
visit http://events.sap.com/gb/fsi-forum-2017/en/home

WorldRemit expands in central and eastern Europe

14 August 2014  |  2016 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)

Related blogs

Create a blog about this story (membership required)
visit dh.comVisit capgemini.com

Top topics

Most viewed Most shared
BBVA runs live funds transfers over RippleBBVA runs live funds transfers over Ripple
8787 views comments | 27 tweets | 16 linkedin
Western Union and MoneyGram unveil Facebook Messenger bots; Mastercard and Amex pile inWestern Union and MoneyGram unveil Faceboo...
8136 views comments | 16 tweets | 17 linkedin
hands typing furiouslyDoes the Buck Stop with GameStop?
7698 views 0 | 3 tweets | 7 linkedin
Alipay and WeChat near $3 trillion payments milestoneAlipay and WeChat near $3 trillion payment...
7631 views comments | 35 tweets | 36 linkedin
Bank of England accelerator to tackle Big Data and privacy in distributed ledgersBank of England accelerator to tackle Big...
6706 views comments | 19 tweets | 11 linkedin

Featured job

to 120K base, £300K ote, stock options
London, UK

Find your next job