- Digital cross-border payments service now licensed to offer services in all US states
- Company reported 160% growth in the US last year, with $66bn in sent remittances
- Immigrants sending money from American expected to increase over next several years
Global funds transfer provider WorldRemit has just announced it has been awarded its final US license. This means WorldRemit is now approved to offer services in all 50 states.
Iowa was the first state to grant WorldRemit a license back in 2014. Louisiana last month became the 50th US state to allow the digital remittance service to operate within its borders.
According to WorldRemit founder and CEO, Ismail Ahmed, the company is pleased to have finally secured licensure in all 50 US states. He went on to explain that the transfer service would now be able to offer fast, cheap and convenient international money transfers to even more customers in the US.
The latest migration estimates credit the US with an immigrant population of more than 40 million. World Bank, the global financial institution, reports that remittances sent from the US have recently topped $66bn.
WorldRemit has enjoyed significant growth in the US over the past year, with an increase of more than 160% in transactions since 2017. Officials also expect the American remittance market to continue this growth well into the future – the US should contribute as much as 40% to WorldRemit's global revenue over the next several years, becoming the company's biggest send market.
"The strong growth of our US business demonstrates consumers' appetite for our simple-to-use service which saves them time and money," Ahmed said.
The recently completed US expansion is one of several major accomplishments for WorldRemit over the past few months. WorldRemit announced a partnership with First Bank of Nigeria just last month that will enable instant fund transfers to the African nation.
