WorldRemit Launches Remittance Service in U.S.

Less than two weeks after expanding into 15 Latin American markets, online remittance provider WorldRemit has launched its services in the U.S.

The U.S. represents the largest market for WorldRemit, which offers its services in more than 110 countries.

"We are bringing something that people in the U.S. have not seen before — a low fees, online money transfer service that offers truly global coverage," WorldRemit CEO Ismail Ahmed said in a press release.

Until now, most U.S. operators have neglected Africa and parts of Asia despite their significant immigrant populations, Ahmed added.

U.S. residents send more than $50 billion annually to friends and family living overseas, making it the world's largest sender of remittances, Ahmed said.

"To arrive in the U.S., a country known for technological and financial innovation, with our service is extremely exciting," he said.

Serving the U.S. market continues the company's expansion efforts, which Accel Partners fueled with a $40 million investment in the company this year. WorldRemit says that Series A funding round was the largest for a European Fintech company.