Series C funding round brings the total amount raised to $220m
London, 7 December 2017 - Leading digital money transfer service WorldRemit has raised $40m 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 WorldRemit’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 Partners and Technology Crossover Ventures (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 customer’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 consumers, supporting fast-growth firms that deliver social impact alongside commercial returns by empowering low-income customers. LeapFrog’s existing portfolio reaches 111 million people.
Ismail Ahmed, founder and CEO at WorldRemit, comments: “This new funding will fuel our growth, and help bring our service to millions more customers across the globe. We are pleased to attract a strategic investor whose profit with a purpose mission is aligned with ours”.
Stewart Langdon, Partner at LeapFrog Investments, adds:“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. The company also has a huge potential to expand globally – a combination that puts it at the heart of our profit with purpose philosophy. I’m delighted that a world-class fintech company like WorldRemit is choosing LeapFrog as its partner for growth in the emerging markets.”
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 FC’s first-ever online money transfer partner.
This last funding round follows $100m raised by TCV in 2015 and $40m raised by Accel Partners and Project A in 2014 - then one of the largest ever Series A rounds in Europe.
WorldRemit was founded in 2010 by Ismail Ahmed, a remittance specialist and former compliance advisor to the United Nations. Personal experience of using money transfer agents convinced Ismail that technology could improve the sending process, enhance compliance and reduce costs to the customer.
In November 2017 WorldRemit became Arsenal FC’s first-ever online money transfer partner in a global sponsorship deal for all Premier League, League Cup and FA Cup games.
In June 2017 WorldRemit added Android Pay to its service, offering a new way for WorldRemit’s Android Pay users to safely and securely send money to 130 million mobile money accounts accessible via its network.
WorldRemit has secured $220 million in funding backed by Accel Partners and TCV – early investors in Facebook, Spotify, Netflix and Slack - and LeapFrog.
WorldRemit's global headquarters are in London, UK with regional offices in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.
For more information, please visit the WorldRemit web site at www.worldremit.com
About LeapFrog Investments
LeapFrog invests in extraordinary businesses in Africa and Asia. We partner with their leaders to achieve leaps of growth, profitability and impact. LeapFrog companies now operate across 33 markets reaching 111 million people with financial services and healthcare. Over 93.8 million of those are emerging consumers, often accessing insurance, savings, pensions, credit and healthcare for the first time. LeapFrog companies provide jobs and livelihoods to over 114,626 people. These companies have grown on average by 43.3 per cent per annum since LeapFrog’s investment. LeapFrog was recently named by Fortune as one of the top five companies changing the world, the first private equity firm ever to be listed.
About Accel Partners
Founded in 1983, Accel Partners has a long history of partnering with outstanding entrepreneurs and management teams to build world-class businesses. Accel today invests globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, New York City, London and Bangalore. Accel has helped entrepreneurs build over 300 successful companies, many of which have defined their categories, including Alfresco, Angry Birds (Rovio), Atlassian, Cloudera, ComScore, Dropbox, Facebook, Gameforge, Groupon, Imperva, Kayak, Nimble Storage, Playfish, QlikTech, Spotify, Supercell and Varonis.
For more information, please visit the Accel Partners web site at www.accel.com.
Technology Crossover Ventures (TCV), founded in 1995, is a leading provider of capital to growth-stage private and public companies in the technology industry. With nearly $10 billion in capital raised, TCV has invested in more than 200 technology companies over the last 20 years. Selected investments include Altiris, C|NET, ExactTarget, Expedia, Facebook, Fandango, FX Alliance, GoDaddy, Genesys Software, HomeAway, Netflix, NewVoiceMedia, RealNetworks, Redback Networks, RiskMetrics Group, Sitecore, Splunk, Spotify, Thinkorswim, VICE Media, and Zillow. TCV is headquartered in Palo Alto, California, with offices in New York and London.
For more information, please visit the TCV web site at www.tcv.com.
Media contacts WorldRemit
Global Lead, PR and Media Relations at WorldRemit
+44 207148 6118 (ext. 775)