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Viewpoint: Immigrants Should Do More Than Just Send Money Home
Remittances are OK, but there’s no substitute for investment, growth and economic development.
- Categories
- Finance
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Remitly Raises $220M to Expand From Money Transfers to Financial Services, Now at ~$1B Valuation
CEO and founder Matt Oppenheimer said in an interview that the startup will use the money both to help it continue to keep growing that money transfer business and to catch new opportunities as they appear, in the form of new financial services for the immigrants and migrants that make up the majority of its customer base.
- Categories
- Finance
- Tags
- migrants, remittances, startups
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How Amazon and Google Are Helping Western Union Fight the Multibillion-Dollar Fintech Threat
The 168-year-old Western Union is the leader in international money transfers, generating revenue of $5.5 billion in 2018 and doing business with Amazon and Google.
- Categories
- Finance
- Tags
- fintech, remittances
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India’s MobiKwik Mobile Wallet To Go Global
The partnership will enable the app to offer international mobile recharge, rewards and airtime credit services in more than 150 nations across some 550 mobile operators.
- Categories
- Finance, Telecommunications
- Region
- South Asia
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Facebook Unveils Libra Cryptocurrency, Targeting 1.7 Billion Unbanked
Customers interested in holding or transferring Facebook’s newly-announced Libra token will be given a number of options to do so, the company announced Tuesday, with an initial focus on international remittances.
- Categories
- Finance
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WorldRemit Intros Money Transfer Service for SMEs
According to WorldRemit, the new service will make it easier for local enterprises to receive payment by UK-based partners via their bank account or cash pick-up. While some banks can take up to one week to process payments, WorldRemit says its transfers to SA are processed within 24 hours or less.
- Categories
- Finance
- Region
- Europe & Eurasia
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WorldRemit Raises $175m at $900m+ Valuation to Help Users Send Money to Contacts in Emerging Markets
The company has to date focused on providing remittance services to individuals, specifically to help people living and working abroad to send money to friends and family back home, by way of an app.
- Categories
- Finance
- Tags
- remittances
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Fintech Can Cut Costs of Remittances to Latin America
Our chart of the week shows Latin America’s share of remittances transmitted with mobile money along with its overall share of remittances on a global scale. As the chart shows, Latin America’s use of mobile money both to send and receive remittances is relatively low—despite the region’s high share in total world remittances, which was about $80.5 billion in 2017.
- Categories
- Finance
- Region
- Latin America
- Tags
- fintech, remittances