WorldRemit Sees Strong Business In Canada

WorldRemit, the money transfer app, announced late last week customers in Canada are using the service in droves, sending close to 60,000 transfers each month.

In a press release, WorldRemit said close to $24 billion in overseas remittances are sent from Canada per year with most of it taking place offline, which results in high costs and a lot of inconvenience. WorldRemit’s app and website enable people in Canada to send instant, secure money transfers to friends and relatives all around the world.

The company also said in the press release that Canada has become WorldRemit’s third-largest market, with rapid growth in its Canadian business over the past 12 months, and expected business to accelerate in 2017. What’s more, WorldRemit said the top receiving destinations from Canadians are the Philippines, Nigeria, India, Kenya, Zimbabwe and Ghana. “It’s natural that Canada as a tech-savvy nation with a large migrant population is at the forefront of the switch from offline to digital money transfers. Canada is central to our growth plans as we look to consolidate our position as the world’s leading digital money transfer service,” Andrew Lee, president at WorldRemit, said in the press release.

Richard Meseko, country director for Canada at WorldRemit, added: “More than one in five people living in Canada — nearly 8 million individuals — were born outside of the country, many of whom support family members overseas. More and more are now turning to WorldRemit as they discover the ease and convenience of sending money via our app instead of queueing at money transfer agents.”

In February, WorldRemit announced it launched in California. Regarded as the U.K.’s fastest growing startup, WorldRemit said it has set its sights on California, as the state is home to one in four migrants in the U.S. California will also stand as the company’s second largest market to date.

“WorldRemit allows people to send money to family and friends with the speed and convenience they have come to expect in our connected world. Just as WhatsApp and Skype changed the way we communicate globally, WorldRemit is modernizing our financial connections,” Ismail Ahmed, CEO and founder of WorldRemit, said at the time.