WorldRemit Raises $100m Funding round to Drive Global Growth
Online money transfer service WorldRemit today announced that it has raised $100m in a Series B funding round led by Technology Crossover Ventures (TCV), with participation from existing investor Accel Partners.
WorldRemit is a global leader in smartphone and web-based money transfers – providing a convenient, low-cost alternative to expensive brick-and-mortar agents.
The company enables a growing share of the $550bn in remittances sent each year by expatriates and migrant workers to their homelands.
This investment will allow WorldRemit to extend its existing reach of 50 send countries and 117 receive countries, and expand partnerships with Mobile Money wallets operated by telecoms companies in Africa, Asia and Latin America.
WorldRemit founder and CEO, Ismail 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.”