The first of these is to increase the number of countries where payments will be able to originate.Tags: Reflective Essay Baby DumpingStructure Of Academic EssayBoston College Honors ThesisThesis On Nursing IssuesWriting Exploratory EssaysEssay On Domestic Animal Cow
“The flows of funds every day that we are sending works out to a lot of hard currencies and billions of dollars in emerging economies,” he said.
“It’s easier for us to enable those who want to pay someone else.
This represents a decent leap for the startup, which was valued at $500 million when it last raised money — $45 million in February 2016.
Ismail Ahmed, who co-founded World Remit with Catherine Wines and is its CEO, said in an interview that the idea will be to use the funding in three key areas.
There are a number of startups competing with the likes of Western Union and Money Gram to provide lower-cost and faster remittance services globally, but interestingly, many of them have been building their services with relatively little overlap of the regions that they are targeting first.
(Remitly, for example, has been focusing a lot on the business of sending money from the US to India, recently raising 5 million to double down on that opportunity.) “So far we have seen consolidation in the world of traditional money transfers, where the three largest players are still consolidating some of the smaller players,” Ahmed said.Targeting these wider problems, in fact, is one reason that World Remit was first approached by Leap Frog.“This investment is an opportunity to bring a global leader in digital remittances into the Leap Frog portfolio,” said Stewart Langdon, partner at Leap Frog Investments.“At the minimum, most of the regulators require that the company that is licensed is the one that is visible to the customer, so that the customer knows clearly who is safeguarding the funds,” said Ahmed.“Some of the ‘powered by’ models are not acceptable to the more conservative regulators in those markets.” It’s not just Facebook that faces this problem, he added.Ahmed said that when it comes to digital money transfers, the company’s mainstay for doing business is its own mobile app, although it and others in the remittance market are still working on ways of expanding this.Specifically, most transfers are made alongside longer text or voice conversations in messaging apps like Whats App, Messenger and We Chat, so there has been a longstanding ambition to integrate services like World Remit more seamlessly into those platforms.“World Remit’s model is uniquely suited to scale and offers a best in class service that is vital to the livelihood of millions of consumers in Leap Frog’s core markets.The company also has a huge potential to expand globally – a combination that puts it at the heart of our profit with purpose philosophy.I’m delighted that a world-class fintech company like World Remit is choosing Leap Frog as its partner for growth in the emerging markets.” The second area World Remit is hoping to expand is in Asia.Specifically, the company is planning to open a new office in the Philippines with 100 more employees, to help build out its business in that region This is also notable.