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Payments General

WorldRemit raises USD 40 million in funding round to expand into emerging markets

Thursday 7 December 2017 | 12:51 PM CET

Digital money transfer service WorldRemit has raised USD 40 million to drive its next phase of growth - to reach 10 million customers from emerging markets by 2020.

The Series C funding round brings the total amount raised to USD 220 million. The Series C round was led by LeapFrog Investments, with significant participation from existing investors Accel and TCV.

WorldRemit offers money transfer services from over 50 countries to 148 destinations, but the company plans to expand into new markets and to deliver improved products and services. The company will focus on scaling the technology that underpins its mobile-first, digital model.

The company currently handles a growing share of the USD 600 billion migrant money transfer market - better known as remittances. It provides international transfers to mobile money accounts - an emerging market technology where a customer’s phone numbers acts like a bank account to hold funds.

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