WorldRemit Becomes Preferred Remittance Provider for Challenger Bank Leader Varo Money

Leading digital international money transfer company WorldRemit announces today a partnership with Varo Money, the leading fintech in digital banking in the U.S. The partnership will enable Varo customers direct access in the Varo app to the WorldRemit service, making it easy for Varo customers to send money abroad directly from their mobile phones.

The collaboration brings together two fintechs with the shared objective to deliver modern banking and money transfer services to consumers in a secure, convenient and cost effective way.

“The banking and money transfer industries have been dominated by incumbent and offline providers requiring consumers to fit their lives into the limited opening hours and locations of bank branches, ATMs or money transfer agents. Together Varo and WorldRemit are turning traditional banking and money transfer services on its head, and delivering services that customers want via their smartphone 24/7,” explained Daniel Canning, managing director, Americas, WorldRemit.

Changing customer wants and needs are evidenced by the fact that 9 out of 10 mobile banking users in the US prefer to use apps over going into a physical branch, and 68 percent of millennials said they could see their smartphone replacing their physical wallet.

While typical use of mobile banking apps include checking balances and paying bills, 57 percent of mobile banking users said they make money transfers via their mobile phone.

“Varo customers value being able to move money to loved ones easily and we’re always looking to add convenience to their lives. The partnership with WorldRemit will help Varo customers make international money transfers easily and at a low cost,” said Jaime Jerusalmi, head of partnerships for Varo Money. “This is another step in the direction of helping our customers improve their financial lives.”

With WorldRemit’s correspondent network reaching more than 150 countries and connected to multiple payout methods for recipients including bank deposits, mobile wallets, cash pick up, mobile airtime top-up, the tie up between Varo and WorldRemit is good news for consumers.

About WorldRemit

WorldRemit is a leading UK fintech providing international money transfer services. We disrupted an industry previously dominated by offline legacy players by taking international money transfers online - making them safer, faster and lower-cost. We currently send from 50 to 150 countries, operate in 6,500 money transfer corridors worldwide and employ over 800 people worldwide.

On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.

Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, UK with a global presence including in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.

For more information visit www.worldremit.com

About Varo

Varo Money, Inc. (“Varo”) is on a mission to help people make progress with their financial lives. In one mobile app, Varo offers customers premium bank accounts that have no minimum balance requirement or monthly account fee, high-interest savings accounts, and tech-first features to help people save and manage their money more easily. Varo is working to become the first mobile-centric national bank in U.S. history, and has received approval for the FDIC insurance. For more information, visit www.varomoney.com, like Varo on Facebook, and follow us on Instagram and Twitter @varomoney.

Bank account services provided by The Bancorp Bank; Member FDIC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200219005058/en/