WorldRemit is an example of a “product” business model. The company has created a product allowing customers to transfer money electronically via its website or mobile phone app to third parties. The senders are given the option of paying the money into bank accounts, cash pick-up points, or into mobile wallets that can be used for airtime top-ups.


WorldRemit, founded in 2010 by Ismail Ahmed, has more than 150 staff and is available to money-senders in 50 countries. A further 67 countries are able to receive funds, taking its total international presence to 117 countries. The business processes 250,000 transfers every month but still only represents a small percentage of the money transfer market with competitors such as Moneygram and Western Union dominating the market. Small World Financial Services, another Future50 company, is also a competitor to WorldRemit. In March 2014, it was announced that WorldRemit had secured a Series A investment of $40m from Accel Partners. In February 2015 WorldRemit announced a $100m Series B funding.


WorldRemit’s customers tend to be individuals who want to send money from a wealthier country to an emerging country, including migrant and other foreign-born workers who wish to send money to friends and family to their home country.

Learn more about the Product Business Model

A dyadic transactional relationship where your good or service can be designed and delivered without prior interactions with the customer.

Engagement  — Value Creation Proposition

WorldRemit offers a fast, low-cost and secure remittance alternative to traditional money transfer operators such as MoneyGram and Western Union. It enables customers to send money online by several methods, namely cash pick-up, bank transfer, mobile money and airtime top-up. It has made money transfers to people without bank accounts more accessible and convenient.

Delivery — Value Chain

Customers log in to the WorldRemit website, via their mobile phone or a computer, and arrange a money transfer to a third party. The amount is confirmed as well as the method of transfer: money into bank accounts, cash pick-up points, or into mobile wallets that can be used for airtime top-ups. Once the method of transfer has been confirmed and the transaction completed, WorldRemit takes a small fee for completing the transaction. If the customer has selected the option of a cash pick-up point, WorldRemit arranges this through various banking partners in each country. As an online business, WorldRemit does not take on the costs associated with the traditional bricks-and-mortar models of money transfers.

Monetisation — Value Capture

WorldRemit charges a small fee to customers per money transfer. However there are no fees on a customer’s first transfer.



Disclaimer — Written by Edward Leech and edited by James Knuckles under the direction of Prof Charles Baden-Fuller, Cass Business School. This case is designed to illustrate a business model category. It leverages public sources and is written to further management understanding, and it is not meant to suggest individuals made either correct or incorrect decisions. © 2016 Published 23 April 2016