WorldRemit adds New York in major cross-border push

WorldRemit has launched international remittance services in New York, one of the last big U.S. markets where it lacked a money transmitter license, positioning the company for a growth surge this year.

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With this move, WorldRemit expects New York to become the company’s largest market for remittance traffic by the end of this year, according to a Thursday press release. WorldRemit expanded to California in 2016.

The U.S. currently accounts for 15% of global revenue for WorldRemit, which launched in London in 2010 and four years later expanded to the U.S., with operations based in Denver. By adding New York, WorldRemit predicts its U.S. segment can drive 40% of the company’s revenue within a few years.

“We are pleased that we can now bring the benefits of our lower-cost, convenient services to all the diverse communities of New York,” said Ismail Ahmed, WorldRemit’s founder and CEO, in the release.

In June, WorldRemit added Android Pay for mobile remittances. The company has said its goal is to serve 10 million users by 2020.