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WorldRemit

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WorldRemit Limited
Available in English, French, Spanish, Danish, Dutch, German
Founded 2010 ; 14 years ago  ( 2010 )
Headquarters London
Country of origin United Kingdom
Founder(s) Ismail Ahmed
Richard Igoe
Catherine Wines
Chairman Ismail Ahmed (Non-Executive Chairman)
CEO Breon Corcoran [1]
Services Financial services , Remittance
Employees 848 (2021) [2]
URL www .worldremit .com /en

WorldRemit is a digital cross border remittance business that provides international money transfer and remittance services in more than 130 countries and over 70 currencies. It was founded in 2010 by Ismail Ahmed , Catherine Wines, and Richard Igoe. [3]

History [ edit ]

WorldRemit was founded in 2010 by Ismail Ahmed, a former compliance advisor to the United Nations Development Programme . [4] [5] In October 2018, the firm announced that he would be stepping into the role of executive chairman and the company would be bringing in Breon Corcoran as CEO. [6] During his tenure WorldRemit acquired SendWave [7] and Zepz was created as the group business housing both the WorldRemit and SendWave brands and businesses. Breon Corcoran left the organization in August 2022, [8] when Mark Lenhard, former COO of bill.com , was appointed Group CEO of Zepz. [9]

Operations [ edit ]

WorldRemit focuses on cross border remittance money transfers from over 50 countries to over 130 countries around the world. [10] For those receiving money, it offers pay out options including bank deposit, mobile money, mobile airtime top-up and cash pick-up as well as cash delivery.

The firm has a network of more than 5,000 corridors. It is connected to mobile money services globally, including Zaad (Somaliland/Northern Somalia), M-Pesa (Kenya), MTN (Africa and Asia), and bKash (Bangladesh). As of October 2019, it can send funds to 115 different countries; this includes all African countries except for Sudan , South Sudan , Eswatini , Eritrea , Libya , and Algeria . [11]

In 2021 WorldRemit acquired Sendwave, another cross-border digital payments company. In 2020 the two processed 50m transactions and facilitated the sending of over $10bn. [ citation needed ]

Sanctions for illegal practices with Sendwave app [ edit ]

In 2023 the Consumer Financial Protection Bureau found that Chime Inc, a WorldRemit subsidiary which operates Sendwave, had violated the Electronic Fund Transfer Act and the CFPB Remittance Transfer Rule. [12] [13] [14] Some of the specific violations were:

  • The Sendwave user agreement illegally waived consumer's legal protections regarding liability for losses incurred using the app.
  • The speed and cost of transfers were misrepresented. The company promised transfers would happen in seconds, but often took much longer. Transfers to Nigeria were not free as promised.
  • Sendwave failed to disclose correct exchange rates or funds availability.
  • Sendwave did not have policies and procedures to track and investigate remittance transfer errors, it did not properly investigate errors when it was notified.
  • Sendwave sometimes did not provide receipts within the time frame required by the Remittance Transfer Rule.

In its consent decree Chime was ordered to pay $1.5 million in refunds, fined $1.5 million, and it agreed to change its practices. [13] [14]

Funding [ edit ]

WorldRemit is backed by venture capital companies Accel Partners [15] and Technology Crossover Ventures (TCV). [16]

In February 2015, the firm announced a $100m Series B funding round led by TCV. [17] It was also announced that TCV General Partner John Rosenberg would join its board. [18]

In 2017, the firm received $40 million in their Series C round of funding, with LeapFrog Investments as the lead investor. [3] In 2019, it raised a $175 million Series D funding round, led by TCV, Accel, and Leapfrog Investments. [19]

References [ edit ]

  1. ^ Kleinman, Mark (22 October 2018). "UK fintech star WorldRemit transfers in Corcoran as new boss" . Sky News .
  2. ^ "WorldRemit company profile" . Craft . Retrieved 15 February 2021 .
  3. ^ a b Lunden, Ingrid (6 December 2017). "WorldRemit nabs $40M at a $670M valuation to boost its money transfer business" . Techcrunch .
  4. ^ "WorldRemit - About Us" . World Remit .
  5. ^ Smale, Will. "The man changing the world of remittances" . BBC News.
  6. ^ "WorldRemit brings in former Paddy Power boss as CEO" . sky News . 22 October 2018.
  7. ^ "WorldRemit to Acquire Sendwave" . www.businesswire.com . 2020-08-25 . Retrieved 2022-09-02 .
  8. ^ "WorldRemit chief Corcoran steps down as IPO prospects stall" . Sky News . Retrieved 2022-09-02 .
  9. ^ "WorldRemit Parent Names Lenhard, Ex-Bill.com Executive, as CEO" . Bloomberg.com . 2022-08-31 . Retrieved 2022-09-02 .
  10. ^ "About us" . WorldRemit . Retrieved 2022-09-02 .
  11. ^ "Send money to Africa" . WorldRemit . Retrieved 2019-10-10 .
  12. ^ Witkowski, Rachel (October 26, 2023). "CFPB Cites Sendwave For Misleading Users, Charging Wrongful Fees" . Forbes Advisor . Retrieved 2024-06-06 .
  13. ^ a b "CFPB Takes Action Against Operator of Sendwave App for Illegally Cheating People on International Money Transfers" (Press release). Consumer Financial Protection Bureau. October 17, 2023 . Retrieved 2024-05-30 .
  14. ^ a b "Chime Inc. agrees to pay CFPB $3 million to resolve remittance app allegations" . ABA Banking Journal . American Bankers Association . November 1, 2023 . Retrieved 2024-05-30 .
  15. ^ Lunden, Ingrid. "Money Transfer Startup WorldRemit Collects Its First Investment, $40M From Accel" . TechCrunch.
  16. ^ "Somali Entrepreneur Raises $100 Million For Money Transfer Startup WorldRemit" . Forbes .
  17. ^ "London money transfer startup just raised $100m" . Business Insider.
  18. ^ "WorldRemit announces John Rosenberg to its Board and having raised $100m in Series B funding round led by TCV" . Talent4Boards.
  19. ^ "WorldRemit raises $175m in Series D funding" . WorldRemit .
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