WorldRemit is launching WorldRemit for Business for UK-based SMBs to pay employees and contractors worldwide:
WorldRemit for Business, which will enable UK-based small- and medium-sized businesses to pay employees and contractors in 140 countries.WorldRemit for Business is addressing two pain points in cross-border business-to-business transfers: price and speed.
B2B payments are often slow, expensive, and paper-heavy, which can make it challenging for firms to pay suppliers and get paid. WorldRemit for Business addresses some of those pain points by allowing SMBs to initiate transfers from bank accounts, credit, or debit cards, adding a level of convenience for the sender.
Additionally, WorldRemit for Business is comparatively less expensive than existing services from major banks, which could be especially compelling. The solution will also enable SMBs to track transfers in real time and receive notifications about foreign exchange rates, which can give them visibility into the best time to initiate transfers.Moving into cross-border B2B can allow WorldRemit to substantially open up its revenue streams and sources of volume beyond remittances.
The remittance space is extremely crowded with digital-first upstarts like Remitly, InstaRem, and TransferWise looking to capitalize on the growing opportunity. This announcement follows WorldRemit's recent Series D funding round, in which it raised
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