International money transfer service WorldRemit has launched in New York, targeting the state's 4.5 million immigrants with its low cost service. Using a smartphone or online, consumers can make international transfers to 147 countries around the world without the need to visit a "brick and mortar" agency. WorldRemit expects the US will account for 40 per cent of its global revenue in the next few years, up from the current 15 per cent. It is already one of the company's fastest growing send markets with 200 per cent year-on-year growth and that growth is set to accelerate with the launch of the New York service. (Back in mid-2016, WorldRemit said its customers in Australia were sending around 80,000 transfers a month, making it the second-largest market outside the UK.) UK peer to peer lender Collateral has gone into administration after trading without a licence, putting £21 million of investors' money at risk, reports the FT. Manchester-based Collateral told investors that it had mistakenly believed it was authorised and regulated by the Financial Conduct Authority under interim permission. It has now shut down its website and investors are unable to access their money or see their accounts. The FCA said it was working with the company. Collateral recently took on an £8.5 million property loan, divided into 30 tranches, which it was struggling to sell to its small investor base. Earlier this month it said it was "apparent that the larger development loans are beyond the reach of our lender base at the moment". Last year saw a 328 per cent increase in the value of payments made with NFC-enabled mobile phones in the UK, reports Finextra. Worldpay figures shows British consumers spent nearly £1 billion in contactless transactions over the year, in 126 million transactions. Most of the transactions were at supermarkets (59 per cent of payments). Pubs, bars and restaurant payments accounted for a further 12.5 per cent of the total spend.