Digital money transfer service WorldRemit has launched operations in New York, targeting the region’s 4.5 million immigrants.
WorldRemit said that the US market currently accounts for 15% of its revenue and is also one of its fastest growing send markets with a year-on-year growth of 200%.
The remittance firm expects the US market to generate 40% of its global revenue in the coming few years.
WorldRemit founder and CEO Ismail Ahmed said: “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.”
WorldRemit’s global base is located in London. It launched its US operations in 2014, with headquarters in Denver. The company also has offices in Canada, South Africa, Philippines, Japan, Australia as well as New Zealand.