WorldRemit closes $100m funding round to support global growth
Fintech firm processes an estimated 250,000 transfers every month
London-based online money transfer service WorldRemit has secured a $100m Series B funding round led by Technology Crossover Ventures (TVC), with participation from existing investor Accel Partners.
Founded in 2010 by Ismail Ahmed, WorldRemit allows customers to send money to people in other countries from any internet enabled device with low fees and transparent pricing. It also offers mobile air time and mobile money top ups.
The funding round comes less than a year after Accel Partners invested $40m in the platform in what is thought to be one of the largest ever Series A rounds in Europe. The company facilitates a growing share of the estimated $550bn in international transfers from expatriates and migrant workers back home.
The investment will be used to extend WorldRemit’s existing reach of 50 send countries and 117 receive countries, as well as expanding partnerships with mobile money wallets operated by African, Asian and Latin American telecoms companies.
The company currently employs 150 staff in its London office and announced Denver, Colorado as its US base in December last year with plans to recruit more than 200 staff.
Ahmed said: “I am delighted that TCV is joining WorldRemit in our mission to enable the seamless movement of money between people across borders.
“We have an amazing opportunity to shake-up a stale industry and to save our customers time and money. We are taking money transfers into the mobile age, where people send from apps and receive on mobile money services.”
TCV general partner John Rosenberg commented: “The $550bn global remittance market is undergoing significant disruption with a clear shift to online and mobile solutions for international money transfer.
“We are delighted to partner with Ismail and the WorldRemit team, who are at the forefront in offering convenient, low-cost solutions, backed by a market leading technology platform, compliance infrastructure, and geographic footprint”.