Digital money transfer firm WorldRemit has rolled out a new service that will allow SMBs to pay employees and contractors quickly.
Through the new offering, dubbed WorldRemit for Business, SMBs can make fund transfers to 140 countries.
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By GlobalDataAmong these countries are Ghana, Kenya, and South Africa.
Initially, the service will be accessible to businesses in the UK.
In this context, WorldRemit cited the Global Trade Review.
According to the Review, 30% of UK business trade internationally though transfer speed and expense remain a frustration.
The frustration is said to be more pronounced while making remittances to places like Africa and Southeast Asia where transfer options are limited.
WorldRemit founder and chairman Ismail Ahmed said: “When I first started WorldRemit, I was frustrated with the high charges and long delays in sending money abroad both as a business owner and consumer. Over the past 9 years, we’ve made it easier for 4 million people around the globe to send and receive money.
“Today, we’re pleased to extend that service offering to businesses, and put an end to the steep fees that many pay, especially when sending to Africa.
“We’re committed to making it quick, safe and easy for you to pay individuals across borders, leaving you to focus on growing your own business.”
The development comes shortly after WorldRemit’s Series D funding round that raised $175m.
The round was led by TCV, Accel and Leapfrog Investments.
