WorldRemit gets new funding, to put up regional center in PH
DIGITAL money transfer service WorldRemit has secured another funding for its expansion as it plans to invest in new regional center in the Philippines,
The $40-million funding will be used to expand WorldRemit’s mobile-first digital service into new markets as well as invest in its biggest receive market, the Philippines.
“World Remit was founded because we believed there was a better way for customers to send money home to their families and communities,” said Michael Liu, Regional Director for APAC.
“This new funding will not only allow us to expand our network and service in the Philippines, but also build our regional center which will allow us to create more jobs for the country’s economy as well as improve our service to customers globally,” he added.
The investment comes at a time of significant company growth across APAC region which now accounts for more than 25 percent of WorldRemit’s global money transfers.
Since its last funding round in 2015, WorldRemit has launched 206 new services across the globe and has grown its transaction volume by 400 percent.
The Philippines remains WorldRemit’s largest receive market and the number of transactions has grown at more than 100 percent over the last year.
The company has opened a new center to handle customer queries in the Philippines.
Christopher Yip, WorldRemit country manager in Hong Kong, said the company is committed to create a hundred jobs in the Philippines by the end of 2019. Presently, the company has at least 10 people there.
WorldRemit, which sends from over 50 countries to 148 destinations, handles a growing share of the $600 billion migrant money transfer market or remittances.
Along with its existing operations in Denver and London, this will ensure that WorldRemit customers have access to a round-the-clock service across the globe.