WorldRemit specialises in smartphone and web-based money transfers. The company enables around USD 550 billion 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.
Accel Partners invested USD 40 million in WorldRemit in 2014. TCV was advised by William Blair (exclusive financial advisor) and Weil, Gotshal & Manges (legal) in this transaction.
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