WorldRemit drives growth with $175m funding
London-founded mobile payments company, WorldRemit, is targeting further global growth and product diversification following a $175 million Series D funding round, reports Jane Connolly.
The round was led by returning investors, TCV, Accel and Leapfrog Investments. The transaction is subject to customary closing conditions, including regulatory approval from the Financial Conduct Authority (FCA).
Since its launch in 2010, WorldRemit has attracted nearly four million customers, transferring money from 50 ‘send’ countries to 150 ‘receive’ countries.
“For more than eight years, our core purpose has been and continues to be to help migrants send money to their families, friends and communities,” says WorldRemit CEO, Breon Corcoran.
The CEO adds: “Our mission is to help them transfer money as securely and speedily as possible while reducing the cost to our customers. We will grow our business through differentiation on speed, service, security and value.”
“In 2018, mobile and online payments to emerging markets reached a record high of $528 billion and we expect this number to increase,” says TCV general partner, John Doran.
Doran looks forward to the firm continuing their work with WorldRemit to scale its digital platform and expand its services to reach many new customers across the globe.
Having already become one of the first UK financial service firms to secure licences in all 50 US states, WorldRemit is aiming for further global growth. The company also plans to launch a new money transfer product for SMEs who trade internationally, particularly in emerging markets.