WorldRemit partners with Mexican neobanks albo and Klar

Source: IBS Intelligence 2020-08-15

WorldRemit, the global online money transfer service provider, has announced that the firm has partnered with two of the fastest-growing neobanks in Mexico albo and Klar.

Mexico is emerging as a FinTech hub, with more and more consumers turning receptive to financial technology companies and new banking options to drive financial inclusion. According to a report by the World Bank, while the goal of the Mexican government is to reduce the circulation of cash flow and attract people to the formal economy, 63% of the population does not have banking services. The partnership aims to offer unbanked consumers more solutions to choose from.

“We are excited to be able to launch these services to offer people more options to send money to support their loved ones. We are the first money transfer company to allow transfers to albo and Klar, which share our values of promoting financial inclusion through greater access to international payment services. This will allow customers to have an alternative cashless experience from beginning to end,” said Jorge Godinez, director of LATAM at WorldRemit.

Through the alliance, albo and Klar will benefit from the fast account opening process, payment of utility bills, and accounts with no minimum balances. To access the service, customers need to download the WorldRemit app or register on the website to create a free account and start transferring to family and friends.

“We are committed to promoting financial inclusion and helping Mexicans enjoy the benefits of digital technology. The partnership with WorldRemit will benefit our clients by offering them more transfer options to support their families and friends,” said Fernando Abad Torres, Albo alliance manager.

“We are delighted to be partnering with WorldRemit as it will allow our users in Klar to receive remittances from more than 50 countries around the world,” said Rafael Sainz, Manager of Strategic Alliances at Klar.

Recently, WorldRemit launched remittance services in Somalia.

Established since 2010, London based WorldRemit is a leading FinTech providing international money transfer services. The company has a global presence in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia, and New Zealand. The company is backed by Accel, TCV, and Leapfrog.

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WorldRemit partners with Mexican neobanks albo and Klar

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