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September 4, 2019

Money transfer firm WorldRemit establishes Toronto office

London-based remittance firm WorldRemit has set up a new office in downtown Toronto, Canada.

The new office will be headed by Corey Myckan, who will assume the role of country director.

Myckan formerly had stints at American Express as well as Mastercard.

The establishment of the new office is said to speed up WorldRemit’s growth in Canada, which is said to be the firm’s fourth-largest market.

The money transfer said that the market sent more than C$32bn ($24bn) in international remittances in 2017.

Consumers in Canada can make remittances to more than 150 countries through the WorldRemit website or app.

Commenting on the expansion, Myckan noted: “Toronto is truly a melting pot of people and cultures, and we are pleased to open our new office to bring the benefits of our lower-cost, convenient service to Canada’s diverse communities.”

WorldRemit is linked to 190 million mobile money wallets across 29 countries.

The firm claims that more than 90% of its transfers are paid out in ten minutes.

Notably, this June, the firm secured $175m investment in a Series D funding round led by TCV, Accel and Leapfrog Investments.

The money transfer firm was recently also in the limelight for launching WorldRemit for Business. The service is designed to enable SMBs to pay employees and contractors quickly.

 

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