The London-based payments firm has agreed to take a software subscription for Yugabyte’s high-performance distributed SQL database, in addition to full global 24×7 support. Yugabyte will now help this fast-growing fintech to improve service resilience via transparent two-way failover, boost internal regulatory compliance procedures and reduce overall operational costs.
Mark Watson, Chief Technology Officer, WorldRemit said: “Technology resilience is fast becoming a regulatory and business obligation in the fast-growth fintech industry, and we see YugabyteDB as a key component in the way we address that challenge.”
The context for this business need and the Yugabyte selection is scale. WorldRemit serves 5.7 million customers using 70 different currencies across 130 countries worldwide and offers multiple zero-fee options for sending transfers overseas, including bank deposit, mobile money and cash pickup. Its application has already won more than 125,000 five star reviews and the company operates in more than 5,000 money transfer corridors worldwide and employs 1,200 people globally.
Given this, WorldRemit selected Yugabyte to improve resilience and scalability, and accelerate the firm’s on-going digital transformation strategy from monolithic applications to a multi-cloud microservices architecture, supported by extensive use of the Postgres open source database.
Watson added: “We have to carefully tune standard Postgres databases to get the performance YugabyteDB gives us out of the box. That’s the icing on the cake for us. It’s simply Postgres for the cloud-native world.”
Martin Gaffney, Vice President, EMEA, Yugabyte, commented: “It’s a huge honour to have been chosen by such an important and ambitious financial services leader as WorldRemit. We are excited to support the next phase of its digital transformation journey, and appreciate that this decision was confirmed after extensive real-world stress testing of our tech capabilities, to prove only our approach to cloud transaction support can truly deliver.”
This announcement, to support the next stage of the fintech’s expansion, follows the opening of Yugabyte’s business operations in the region, and the appointment of Martin Gaffney as Vice President, EMEA.
Yugabyte officially established its presence in EMEA in May with the opening of its European HQ in Surrey, and the firm is already accelerating its business and team growth across the region.
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A leading global payments company, WorldRemit is all about disrupting an industry previously dominated by offline legacy players by taking international money transfers online and so making them safer, faster and lower-cost. Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom with regional offices in the United States, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe and Belgium. www.worldremit.com
Yugabyte is the company behind YugabyteDB, the open source, high-performance distributed SQL database for building global transactional applications. YugabyteDB serves business-critical applications with SQL query flexibility, high performance, and cloud native agility, thus allowing enterprises to focus on business growth instead of complex data infrastructure management. It is trusted by companies in cybersecurity, financial markets, IoT, retail, e-commerce, and other verticals. Founded in 2016 by former Facebook and Oracle engineers, Yugabyte is backed by Lightspeed Venture Partners, Dell Technologies Capital, 8VC and Wipro Ventures. www.yugabyte.com