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WorldRemit focuses on cross border remittance money transfers from over 50 countries to over 130 countries around the world. 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.
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as CEO. During his tenure WorldRemit acquired SendWave 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, when Mark Lenhard, former COO of
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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.
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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.
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In
February 2015, the firm announced a $ 100m Series B funding round led by TCV. It was also announced that TCV General Partner John Rosenberg would join its board.
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Sendwave did not have policies and procedures to track and investigate remittance transfer errors, it did not properly investigate errors when it was notified.
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181:. In October 2018, the firm announced that he would be stepping into the role of executive chairman and the company would be bringing in
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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.
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The
Sendwave user agreement illegally waived consumer's legal protections regarding liability for losses incurred using the app.
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222:(Bangladesh). As of October 2019, it can send funds to 115 different countries; this includes all African countries except for
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as the lead investor. In 2019, it raised a $ 175 million Series D funding round, led by TCV, Accel, and
Leapfrog Investments.
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555:"CFPB Takes Action Against Operator of Sendwave App for Illegally Cheating People on International Money Transfers"
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655:"WorldRemit announces John Rosenberg to its Board and having raised $ 100m in Series B funding round led by TCV"
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Sendwave sometimes did not provide receipts within the time frame required by the
Remittance Transfer Rule.
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is a digital cross border remittance business that provides international money transfer and
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found that Chime Inc, a WorldRemit subsidiary which operates
Sendwave, had violated the
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services in more than 130 countries and over 70 currencies. It was founded in 2010 by
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609:"Money Transfer Startup WorldRemit Collects Its First Investment, $ 40M From Accel"
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WorldRemit was founded in 2010 by Ismail Ahmed, a former compliance advisor to the
377:"WorldRemit nabs $ 40M at a $ 670M valuation to boost its money transfer business"
579:"Chime Inc. agrees to pay CFPB $ 3 million to resolve remittance app allegations"
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In 2017, the firm received $ 40 million in their Series C round of funding, with
623:"Somali Entrepreneur Raises $ 100 Million For Money Transfer Startup WorldRemit"
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and the CFPB Remittance
Transfer Rule. Some of the specific violations were:
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Sendwave failed to disclose correct exchange rates or funds availability.
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The firm has a network of more than 5,000 corridors. It is connected to
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557:(Press release). Consumer Financial Protection Bureau. October 17, 2023
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528:"CFPB Cites Sendwave For Misleading Users, Charging Wrongful Fees"
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454:"WorldRemit Parent Names Lenhard, Ex-Bill.com Executive, as CEO"
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330:"UK fintech star WorldRemit transfers in Corcoran as new boss"
430:"WorldRemit chief Corcoran steps down as IPO prospects stall"
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410:"WorldRemit brings in former Paddy Power boss as CEO"
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868:Financial services companies of the United Kingdom
641:"London money transfer startup just raised $ 100m"
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293:WorldRemit is backed by venture capital companies
253:Sanctions for illegal practices with Sendwave app
848:Financial services companies established in 2010
37:English, French, Spanish, Danish, Dutch, German
669:"WorldRemit raises $ 175m in Series D funding"
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396:"The man changing the world of remittances"
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526:Witkowski, Rachel (October 26, 2023).
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259:Consumer Financial Protection Bureau
179:United Nations Development Programme
16:Global cross-border payments company
190:, was appointed Group CEO of Zepz.
375:Lunden, Ingrid (6 December 2017).
328:Kleinman, Mark (22 October 2018).
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210:(Somaliland/Northern Somalia),
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299:Technology Crossover Ventures
206:services globally, including
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348:"WorldRemit company profile"
263:Electronic Fund Transfer Act
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47:; 14 years ago
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863:Electronic funds transfer
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218:(Africa and Asia), and
503:"Send money to Africa"
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643:. Business Insider.
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759:Ria Money Transfer
589:. November 1, 2023
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121:Financial services
20:WorldRemit Limited
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460:. 2022-08-31
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257:In 2023 the
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204:mobile money
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167:Ismail Ahmed
158:
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87:Richard Igoe
84:Ismail Ahmed
60:Headquarters
398:. BBC News.
357:15 February
228:South Sudan
146:.worldremit
842:Categories
827:Remittance
789:WorldRemit
715:remittance
673:WorldRemit
593:2024-05-30
561:2024-05-30
537:2024-06-06
512:2019-10-10
507:WorldRemit
488:2022-09-02
483:WorldRemit
479:"About us"
464:2022-09-02
439:2022-09-02
381:Techcrunch
315:References
194:Operations
163:remittance
159:WorldRemit
134:848 (2021)
125:Remittance
79:Founder(s)
764:Transfast
732:MoneyGram
717:providers
214:(Kenya),
131:Employees
817:Category
774:Travelex
434:Sky News
415:sky News
334:Sky News
232:Eswatini
188:bill.com
116:Services
94:Chairman
747:Remitly
713:Online
301:(TCV).
289:Funding
244:Algeria
236:Eritrea
173:History
50: (
42:Founded
752:Rewire
742:PayPal
627:Forbes
242:, and
212:M-Pesa
64:London
352:Craft
240:Libya
224:Sudan
220:bKash
799:Xoom
784:Wise
359:2021
297:and
208:Zaad
148:.com
52:2010
45:2010
737:OFX
216:MTN
150:/en
144:www
139:URL
105:CEO
844::
794:XE
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