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WorldRemit SWOT and PESTLE Analysis

ID : 521236353| Feb 2023| 21 pages

COMPANY PROFILE -WorldRemit

Business Sector :Money Transfer Services

Operating Geography :United Kingdom, Europe, Global

About WorldRemit :

WorldRemit is an international money transfer and remittance service that operates in more than 130 countries and 70 currencies. Ismail Ahmed, Catherine Wines, and Richard Igoe founded it in 2010. Its headquarters are in London, United Kingdom. WorldRemit specialises in mobile-to-mobile money transfers that are completely cashless on the receiving end. It provides options for those receiving money, such as bank deposit, mobile money, mobile airtime top-up, and cash collection. There are over 5,000 corridors in the company's network. It's linked to mobile money services all over the world, including M-Pesa in Kenya, MTN in Africa and Asia, and bKash in the United Kingdom (Bangladesh). It can send money to 115 countries as of October 2019, including all African countries except Sudan, South Sudan, Eswatini, Eritrea, Libya, and Algeria. Sendwave, a cross-border digital payments company, was acquired by WorldRemit in 2021. WorldRemit has been named the 'Best for International Transfers' by financial publication Investopedia as part of its 'Best Money Transfer Apps of 2021' awards. FBNBank Ghana and WorldRemit, announced a partnership on February, 2022 that will make international money transfers easier for Ghanaians. The Ghanaian diaspora and other nationals around the world can now send remittances to a network of 21 FBNBank branches across Ghana, allowing their families and friends to receive and withdraw funds in a convenient, quick, and secure manner.

The USP of WorldRemit lies in it being the best app for international money transfers. The mission statement of WorldRemit is,” To help people improve the lives of those they care about, is at the heart of everything we stand for today.”

WorldRemit Revenue :


$ 238 million - FY ending 31st December 2020
$122.2 million - FY ending 31st December 2019

Competitive Analysis of WorldRemit

SWOT
PESTLE
The SWOT analysis for WorldRemit is presented below in a matrix followed by the detailed analysis report:
StrengthsWeaknesses
1. Strong network with sender from over 50 countries and recipients in 130+ countries.
2. Backed by strong companies and has raised series-E funding at $5bn valuation.
3. Provides cheaper services than banks and other international transfer systems according to World Bank data.
4. Partnerships with major banks to provide better services
5. Large transaction volumes with 4.5mn monthly transactions which amounts to $10bn.
6. Provides many options on the receivers end to receive the money like cash, bank account, mobile wallet or WorldRemit wallet.
1. The company is still operating in losses.
2. Rebranding of the company may cause some uncertainty.
3. The company spends large money on customer acquisitions and not getting suitable results may affect revenue and profits.
OpportunitiesThreats
1. Expand operations in new regions.
2. Establish tie-ups and partnerships with new banks and companies to improve services.
3. Enter into new service categories through acquisitions and partnerships.
1. Illegal or improper use of the company’s services may affect the reputation and operations of the company.
2. Increasing competition among the digital fintech companies and from offline services can affect the market share of the company.
3. Cybersecurity or data breach can affect the company negatively.
4. Change in regulations or economic downturn in any country of operation can affect the business.
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of WorldRemit

Strength

1. Strong network with sender from over 50 countries and recipients in 130+ countries: WorldRemit is a digital payment transfer company that operates globally and facilitates easy, quick and cheap services between the transfer parties. The company operates in the international remittance transfer services and had brought in a disruption in the international remittance industry which was dominated by offline channels. The company has presence across the major countries globally. Sender network of the company is in across 50 countries which means money can be transferred from 50 countries using the services of the company. Similarly, recipients can receive money across 130+ countries using the services of the company. Services of the company are present in every major continent and countries like USA, UK, India, Australia, New Zealand etc. Majority of the users of the company are from African countries. This strong presence of the company across the globe is a major strength as it establishes the company as a global brand.

2. Backed by strong companies and has raised series-E funding at $5bn valuation: WorldRemit group is now rebranded to Zepz which is managing two brands: WorldRemit and Sendwave. WorldRemit represent a brand that disrupted the remittance industry by taking international money transfers online - making global digital payments fairer, faster, and more flexible. International remittances were dominated by offline channels earlier. WorldRemit currently sends from 50 to 130 countries, operates in more than 5,000 money transfer corridors worldwide. Zepz, the parent company of WorldRemit has raised $292m in a Series E funding round announced today in the August month of 2021 valuing the company at $5bn. New investor Farallon Capital joined the existing investors Leapfrog, TCV and Accel among others. This funding round was crucial for the company as it will use this fund to continue to invest in its technology, platform and customer proposition. The company has been able to identify significant growth opportunities in its existing markets by driving engagement and deeper market penetration, as well as expanding into new markets and further extending its platform to offer additional value-added services to its users.

The remaining section under "Strength" is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threat

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

Major Brands :

  • WorldRemit Corp. (USA)
  • WorldRemit Inc. (Canada)
  • Sendwave Ltd
  • WorldRemit Holding Ltd (UK)
  • WorldRemit Pty Ltd (Australia)
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Check Out Analysis of Other Relevant Companies

References used in WorldRemit SWOT & PESTLE Analysis Report

1. Newsroom - https://www.worldremit.com/en/news
2. WorldRemit Group, now called Zepz, valued at $5bn after latest funding - https://www.siliconrepublic.com/start-ups/worldremit-zepz-funding-investment-ipo#:~:text=Digital%20money%20transfer%20company%20Zepz,the%20company%20at%20%245bn
3. Annual Report 2020 - https://assets.ctfassets.net/sb7j5o4oxtgv/4puVYopVm3Q2P6cpVGu7eq/9260ef29a57725aca2f42eb7eb5ab595/WorldRemit_Financial_Statement_2020.pdf
4. Zepz, Formerly WorldRemit Group, the Leading Digital Cross-border Payments Platform, Has Raised $292 Million in New Primary Series E Financing, Achieving a Valuation of $5 Billion - https://www.businesswire.com/news/home/20210822005041/en/Zepz-Formerly-WorldRemit-Group-the-Leading-Digital-Cross-border-Payments-Platform-Has-Raised-292-Million-in-New-Primary-Series-E-Financing-Achieving-a-Valuation-of-5-Billion
5. 5 Major Reasons Why Rebranding Often Fails - https://latana.com/post/5-major-reasons-rebranding-fails/
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WorldRemit SWOT and PESTLE Analysis - SWOT & PESTLE.COM

SWOT & PESTLE.com (2024). WorldRemit SWOT and PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/worldremit/ [Accessed 27 May, 2024].

In-text: (SWOT & PESTLE.com, 2024)

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WorldRemit SWOT and PESTLE analysis has been conducted by Sushil Kumar Panda and reviewed by senior analysts from Barakaat Consulting.

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