Digital money transfer company WorldRemit has raised $175 million in a Series D funding round led by returning investors, TCV, Accel and Leapfrog Investments.
This comes at a time when it seeks to launch a new money transfer solution targeting small and medium-sized business owners who trade internationally.
The new investment will be used to boost global growth and diversity of the company’s product offering for both money transfer senders and recipients.
The company handles $700 billion remittances sent each year by expatriates and migrant workers to their home countries; it serves almost 4 million customers transferring money.
Breon Corcoran, Chief Executive Officer of WorldRemit, said that the new initiative would help migrants send money to their families, friends, and communities as securely and speedily as possible while reducing the cost to our customers.
“The leadership team is grateful to our investors for their continued commitment to the business. The new money will help us to develop the offering further. Our customers play a key role in the economies where they work, and their remittances are important to their home countries. We will grow our business through differentiation on speed, service, security, and value.”
WorldRemit was founded in 2010 and is a global renowned in smartphone and online payments – providing a convenient, low-cost alternative to expensive brick-and-mortar agents.
Recently, Co-operative Bank of Kenya partnered with WorldRemit to enable digital money transfers to over 6 million Co-operative Bank accounts and 150 new cash pickup locations nationwide.
