WorldRemit raises $40m Series C to target 10 million global users by 2020

Operating within the $600bn remittance market, the digital money transfer service helps users in over 50 countries and 148 destinations send payments

WorldRemit, the global money transfer service, has raised $40m worth of Series C funding in a round led by LeapFrog Investments – which also included existing investors Accel and TCV.

Operating within the $600bn remittance market, WorldRemit helps migrants in over 50 countries and 148 destinations worldwide to send payments home to their families.

Now targeting 10 million global users by 2020, this latest injection of funds will be used to expand its service into new markets and scale its mobile-first tech – which allows a user’s phone number to act like a bank account in order to hold funds.

Globally headquartered in London, WorldRemit was founded in 2010 by Ismail Ahmed, a remittance specialist and former compliance advisor to the United Nations.

The fintech business also has regional offices in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.

WorldRemit’s last funding round came in 2015, when it raised $100m in a Series B funding round from TCV and Accel, with the business claiming to have launched 206 new services and grown its transaction volume by 400% since then.

Last month, it became Arsenal FC’s first-ever online money transfer partner.

It also previously raised $40m Series A from Accel and Project A in 2014 – then one of the largest ever Series A rounds in Europe.

An equity investor in financial services and healthcare sectors, LeapFrog looks to support fast-growth firms that deliver social impact alongside commercial returns by empowering low-income customers. Its existing portfolio reaches 111 million people.

Ismail Ahmed, founder and CEO at WorldRemit, said:

“This new funding will fuel our growth, and help bring our service to millions more customers across the globe. We are pleased to attract LeapFrog Investments, a strategic investor whose profit with a purpose mission is aligned with ours”.

Stewart Langdon, partner at LeapFrog Investments, said:

“This investment is an opportunity to bring a global leader in digital remittances into the LeapFrog portfolio.

“WorldRemit’s model is uniquely suited to scale and offers a best in class service that is vital to the livelihood of millions of consumers in LeapFrog’s core markets.

“The company also has a huge potential to expand globally – a combination that puts it at the heart of our profit with purpose philosophy. I’m delighted that a world-class fintech company like WorldRemit is choosing LeapFrog as its partner for growth in the emerging markets.”