WorldRemit closes $40m funding round
Written by Chris Lemmon
Digital money transfer service WorldRemit has raised $40 million in a Series C funding round, bringing total investment in the firm to $220 million.
The funds will be used to drive its next phase of growth, supporting its plan to serve 10 million customers connected to emerging markets by 2020. The firm wants to expand into new markets, develop new innovative products and services, and scale the technology that underpins its digital model.
Since its last funding round in 2015, WorldRemit has launched 206 new services worldwide and has grown its transaction volume by 400 per cent. Last month WorldRemit also became Arsenal FC’s first ever online money transfer partner.
The Series C round was led by LeapFrog Investments, with significant participation from existing investors Accel and TCV.
Ismail Ahmed, founder and CEO at WorldRemit, commented: “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, added: “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.”