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WorldRemit, the first digital payment platform, launches WorldRemit for Business, which will enable UK SMEs to pay employees and contractors in 140 countries.
Here is what it means:WorldRemit for Business tackles two major problems related to cross-border B2B transfers: price and speed.
Business-to-business payments are often slow, expensive and heavy on paper, which can make it difficult for companies to pay their suppliers and get paid. WorldRemit for Business solves some of these problems by allowing SMBs to initiate transfers from bank accounts, credit or debit cards, providing an additional level of convenience for the shipper.
In addition, WorldRemit for Business is comparatively cheaper than the existing services of the big banks, which could be particularly interesting. The solution will also allow SMEs to track real-time transfers and receive notifications on exchange rates, giving them visibility into the best time to initiate transfers.
The largest image:The transition to cross-border B2B commerce can enable WorldRemit to substantially open up its revenue sources and sources of volume beyond remittances.
- The remittance space is extremely crowded with digital newcomers, such as Remitly, InstaRem and TransferWise, looking to take advantage of this growing opportunity. The announcement follows WorldRemit's recent fundraising round for Series D, which raised $ 175 million, bringing its valuation to $ 900 million. The company said it would use the funds to expand its transfers to consumers and expand into B2B offerings. This funding could allow WorldRemit to develop more offers, both in terms of remittances and cross-border business-to-business exchanges, to create new revenue streams and serve as a hub for many use cases. cross-border payments.
- And even if the space is saturated, it is still possible to develop cross-border business-to-business commerce and to take advantage of considerable volume opportunities. The volume of international cross-border trade is expected to reach more than $ 218 trillion by 2022, up from $ 150 trillion in 2017. By providing a more convenient and affordable solution, WorldRemit could position itself as a leader in the cross-border trade sector. measure of its growth.
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