Series C funding round brings the total amount raised to $220m
London, 7 December 2017 – Leading digital money transfer service WorldRemit has raised $40 million to drive its next phase of growth, supporting its plan to serve 10 million customers connected to emerging markets by 2020. The Series C funding round brings the total amount raised to $220m.
Currently sending from over 50 countries to 148 destinations, the funding will be used to expand WorldRemitâ€™s service into new markets, deliver innovative products and services, and scale the technology that underpins its mobile-first, digital model.
The Series C round was led by LeapFrog Investments, with significant participation from existing investors Accel and TCV.
WorldRemit handles a growing share of the $600 billion migrant money transfer market – better known as remittances. The company is a global leader in international transfers to mobile money accounts – an emerging market technology where a customerâ€™s phone numbers acts like a bank account to hold funds.
LeapFrog is the largest dedicated equity investor in financial services and healthcare for emerging market consumers, supporting fast-growth firms that deliver social impact alongside commercial returns by empowering low-income customers. LeapFrogâ€™s existing portfolio reaches 111 million people.
Ismail Ahmed, founder and CEO at WorldRemit, comments: â€œThis 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 oursâ€.
Stewart Langdon, Partner at LeapFrog Investments, adds: â€œThis investment is an opportunity to bring a global leader in digital remittances into the LeapFrog portfolio. WorldRemitâ€™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 LeapFrogâ€™s core markets. The company also has a huge potential to expand globally â€“ a combination that puts it at the heart of our profit with purpose philosophy. Iâ€™m delighted that a world-class fintech company like WorldRemit is choosing LeapFrog as its partner for growth in the emerging markets.â€
Since its last funding round in 2015, WorldRemit has launched 206 new services across the globe and has grown its transaction volume by 400%. Last month WorldRemit became Arsenal FCâ€™s first-ever online money transfer partner.
This latest funding round follows a Series B investment raised from TCV in 2015 and a Series A from Accel and Project A in 2014 – then one of the largest ever Series A rounds in Europe.