Summary
- In conjunction with the rising number of digital campaigns, the quicker acceptance of banking and financial services has been giving momentum to the development of the size of the digital remittance industry.
- WorldRemit has appointed Spotify CFO Paul Vogel to its Board as Non-Executive Director and Head of Audit Committee.
- Breon Corcoran, CEO of WorldRemit, stated that Paul's experience at blue-chip financial services institutions adds valuable new skills to the Board.
- WorldRemit bought an app-based remittance company, Sendwave in August 2020 and both the companies have sent roughly US$7.5 billion in transfers, producing about US$280 million in revenue for 12 months ended 30 June 2020.
Digital remittance industry has been growing and is expected to grow even more in years ahead. The rising smartphone and internet usage, increasing digital-savvy customers going for digital remittances and an increase in payment automation and digitalisation are significant factors driving the growth of the digital remittance industry.
Let's have a look at 1 major vendor in the digital remittance market: WorldRemit Ltd.
WorldRemit Ltd. is a leading global payment firm and offers a quick and secure way to transfer money online using a smartphone, computer, or its application. The firm was developed by a student in 2010, who was studying in London and found difficulties in sending money from London to Somalia (his native country).
The business of WorldRemit has grown to serve 4 million customers using 90 different currencies across 150 countries across the world. The Company offers various options to send transfers to overseas that includes mobile money, bank deposits and cash pickup.
WorldRemit appoints Spotify CFO
On 23 November, WorldRemit Ltd. appointed CFO of Spotify Paul Vogel to its Board of directors as the global digital money transfer company is considering an initial public offering (IPO) in 2021.
Breon Corcoran, Chief Executive Officer at WorldRemit, stated that Paul's experience at blue-chip financial services institutions adds valuable new skills to the Board. He would also strengthen governance and audit skills of the online money transfer company as an independent director.
Paul has joined WorldRemit as the Non-Executive Director and Head of Audit Committee.
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Paul has also expressed his excitement to work with the Company as it expands operations globally. He added that WorldRemit provides an important solution for customers around the world whose digital money transfers meet the recipients' basic daily needs around the world, especially in the current travel-restricted atmosphere.
WorldRemit acquired Sendwave in August
The online money transfer Company WorldRemit acquired Sendwave, a rapidly growing app-based remittance Company in a cash and stock transaction.
Roughly US$7.5 billion in transactions are submitted by WorldRemit and Sendwave, producing nearly US$280 million, up by 50% from last year, in sales for the 12 months ended on 30 June 2020.
