$45m for UK money transfer service WorldRemit

Investment from Silicon Valley Bank and TriplePoint takes total funding in the financial technology start-up to almost $200m

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International money transfer platform WorldRemit has taken its total investment to date to $192.7m , following a $45m round led by TriplePoint Venture Growth BDC Corp and Silicon Valley Bank.

Founded in 2009, London-based WorldRemit offers an online payments transfer service which enables customers across 35 countries to send remittance payments to recipients overseas in over 100 destinations.

Its app service also lets users send money straight from their smartphone, instead of having to travel to a money transfer agent.

The financial technology (fintech) start-up claims to have generated $39m in revenue in 2015 and currently facilitates around 400,000 transfers every month.

It will use the funds to grow its transfer volumes and will open up new global partnerships so that it can offer instant money transfers to customers worldwide.

Ismail Ahmed, WorldRemit founder, commented: “We want to give people the power to share money anytime, anywhere. WorldRemit will continue to build partnerships with mobile money services, banks and payout networks around the world so that our service becomes universal.”

TriplePoint Venture Growth BDC Corp. president, Sajal Srivastava, added:

“It is exciting to be involved with a service that delivers real benefits to people around the world while demonstrating impressive business growth. WorldRemit represents what the fintech revolution has to offer: – innovation, empowerment to individuals and new opportunities to the financial services industry.”

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