LONDON-BASED WorldRemit, a digital money transfer service provider, is set to strengthen its foothold in the country with plans to open a new regional center in the Philippines.
In a statement issued on Thursday, the company announced it has secured $40 million or P2.03 billion in funds from equity investor LeapFrog Investments to support its expansion plans in the Asean region.
“This new funding will not only allow us to expand our network and service in the Philippines, but also to build our regional center which will allow us to create more jobs for the country’s economy as well as improve our service to customers globally,” said Michael Liu, WorldRemit regional director at Asia Pacific.
The company said it will prioritize boosting its Philippine presence as the country remains its strongest receive market in the region.
WordlRemit said its expansion plan in the country will not only boost their reach but also create at least a hundred jobs in 2019.
The company is bullish it can sustain the strong momentum of its Asean market, which now accounts for more than 25 percent of its global money transfers.
WorldRemit is present in over 50 countries and sends transactions to 148 destinations.