Online money transfer company Remitly is accelerating its recruitment drive in Cork due to the surge in electronic money transfers due to Covid-19.
Headquartered in Seattle, the company helps migrants around the world transfer money to their home countries and handles more than €5.35bn each year in transactions.
The company had initial plans to base a small team of 12 in Cork overseeing customer service, money laundering and anti-fraud operations along with financial regulatory compliance.
However, speaking to the Irish Examiner, Remitly’s General Manager for Ireland Dermot Kennedy said they now plan to increase their headcount to 22, adding that they received more than 200 applications for advertised roles.
With the Covid-19 has had on the global economy, the World Bank predicts that global remittances by migrant workers to their families are set to fall by a record 20% this year to less than €400bn. This is largely due to a fall in the wages and employment of migrant workers, who tend to be more vulnerable to loss of employment during an economic crisis.
However, Remitly said they saw a 40% increase in money transfers between February and March.
Remitly is taking up office space in the new Penrose Dock development in the Cork Docklands joining a growing list of companies locating in the office development from JCD.
Financial services firm Grant Thornton is moving from South Mall to take up the penthouse floor in one of the three buildings that make up Penrose Dock. Law firm Matheson has also pre-let office space and will be joined by tech firms Qualcomm, Sophos and Varonis.