WorldRemit nets $45m to push growth efforts

Mobile remittance service WorldRemit today announced that it has raised US$45-million as it looks to expand its current operations.

According to a press release sent to Ventureburn, the funding comes from TriplePoint Venture Growth BDC Corp and Silicon Valley Bank and brings the total amount of money raised by the company to US$200-million.

The WorldRemit app lets people send money straight from their smartphone, instead of having to travel to a money transfer agent. Those receiving money — often in developing countries — can collect the funds as Mobile Money, bank transfer, for cash pickup or as a mobile airtime top-up.

According to the release, the money transfer service generated US$39-million in revenue in 2015 — making it one of Europe’s biggest FinTech firms — and currently enables around 400 000 transfers every month.

“We want to give people the power to share money anytime, anywhere. This latest financing will help more people send instant money transfers to their loved ones through the WorldRemit app,” says WorldRemit CEO and founder Ismail Ahmed. “WorldRemit will continue to build partnerships with Mobile Money services, banks and payout networks around the world so that our service becomes universal.”

WorldRemit says the latest financing will help it expand its network of partners across the world, increasing availability of instant money transfers to customers.

“We are delighted to join Accel Partners and Technology Crossover Ventures in support of WorldRemit’s continued international expansion,” says Sajal Srivastava, President of TriplePoint Venture Growth BDC Corp. “It is exciting to be involved with a service that delivers real benefits to people around the world while demonstrating impressive business growth. WorldRemit represents what the FinTech revolution has to offer: – innovation, empowerment to individuals and new opportunities to the financial services industry”.