TransferWise sold $319mn worth of shares to early investors and employees that valued the fintech at $5bn; the company’s valuation...
WorldRemit recently entered the U.S. market and already expects it to be their biggest market by year end; remittances sent from the U.S. back to home countries have risen to $66bn from $50bn in the last 5 years; immigrants are becoming more tech savvy and companies like WorldRemit see big potential as apps like WhatsApp have helped move people to use their phones more and more; WorldRemit has been driven in large part by relying on a number of different partners to help set up their expanding network; tax issues are still a big concern and recently receiving the NY approval, a 2 year effort, sets the company up to focus on scale. Source.
According to the World Bank global remittances are set to fall by 20 percent this year as the pandemic wreaks...
While there has been a focus on junk fees recently that hasn't extended much to remittances. For people sending money overseas there is no transparency and the cost is still too high.
In this episode we sit down with Matt Oppenheimer, the CEO and founder of Remitly, to discuss remittances, the financial challenges of immigrants and how fintech is serving them better.
MoneyGram is testing XRP for reducing both the cost of transferring money and the settlement times; Both MoneyGram and XRP traded higher on the news; Ripple has signed on about 100 banks as customers, but is also targeting remittance companies; Ripple CEO Brad Garlinghouse also tweeted that three of the five largest money-transfer companies would begin to use XRP this year. Source
Argentine neobank Ualá announced it was moving into the segment, partnering with Mexican incumbent ABC Capital.
Fintech solutions are helping to lower the barrier to entry for women in emerging markets and the tools are beginning...
When war broke out in Ukraine last year, Daumantas Dvilinskas and his team at TransferGo quickly realized the intensifying need for money transfering services such as theirs.
Nubank steps up its game in Latin America by offering remittances in Mexico and securing a new license in Colombia.