WorldRemit, the cross-border remittance company, is advancing. Western Union has a real challenge at hand when it comes to remittance into Africa. Founded in 2010, WorldRemit serves over 4 million customers, covering 90 currencies in 150 countries. The company is acquiring Sendwave, a rapidly growing app-based remittance company in a cash and stock transaction. Sendwave will continue to operate independently and retain its mobile applications, brand, management, employees and key partners.
This is the number, from the press release: “US $7.5 billion in transfers, generating approximately US $280 million in revenue.” That is big and this company continues to advance.
In the last 12 months, ending 30 June 2020, WorldRemit and Sendwave have sent approximately US $7.5 billion in transfers, generating approximately US $280 million in revenue. This represents a YoY growth of over 50% for the year ended June 2020 relative to historic combined revenues. On a pro forma basis, the combined company will have over 100 send licences including for every US state, across a network that includes 50+/150+ send/receive countries and almost 8,000 payments corridors, a broad footprint that serves a large, but fragmented $715 billion remittances market that the World Bank estimates is growing at a 10% annual CAGR.