- WorldRemit raises $40 million (£29.7 million) "Series
C" from LeapFrog Investments, Accel Partners, and Technology
- The cash might be put against international growth, with
WorldRemit concentrated on 10 million shoppers by way of 2020.
LONDON — Mobile cash switch carrier WorldRemit has raised $40
million (£29.7 million) from LeapFrog Investments and present
buyers Accel Partners and Technology Crossover Ventures.
WorldRemit introduced the "Series C" fundraising on Thursday. It
takes the overall raised by way of the London-headquartered corporate to
$220 million (£163.eight million).
Sources with regards to the deal mentioned WorldRemit was once valued at simply
below £500 million in the round, virtually 50% greater than its closing
valuation in 2015, which was once £330 million.
The funding underscores the ongoing momentum of Britain's
fintech trade in spite of the industrial uncertainty brought about by way of
Brexit negotiations. Other notable funding's this yr come with
a $280 million (£208.five million) funding in on-line cash
switch trade TransferWise closing month,
a $66 million (£49.1 million) investment round for virtual banking
carrier Revolut in July, and
a $100 million (£74.7 million) funding in on-line lending
platform Funding Circle in January.
Founded in 2010 by way of a former anti-money laundering consultant to the
UN, WorldRemit specialises in virtual remittances — cash despatched by way of
migrants to circle of relatives in another country. These bills have a tendency to be small and
common and WorldRemit has advanced the era to ship the
money by the use of folks's mobiles.
WorldRemit these days operates in 50 "send" nations, with cash
being transferred to 148 different nations.
five.four million remittances had been remodeled its community closing yr.
Stewart Langdon, a spouse at LeapFrog Investments, mentioned in a
liberate: "WorldRemit’s type is uniquely fitted to scale and
provides a absolute best in category carrier this is important to the livelihood of
tens of millions of shoppers in LeapFrog’s core markets."
LeapFrog specialises in making an investment in monetary services and products and
healthcare companies that focus on Africa and Asia. (BI has
up to now written about every other LeapFrog corporate,
Langdon mentioned of WorldRemit: "The corporate additionally has an enormous
doable to amplify globally – a mixture that places it on the
middle of our benefit with objective philosophy. I’m overjoyed that a
world-class fintech corporate like WorldRemit is opting for LeapFrog
as its spouse for expansion in the rising markets."
WorldRemit mentioned in its remark pronouncing the fundraise that
the cash will move against rising its buyer to a goal 10
million by way of 2020. It didn't expose what number of shoppers it has
Ismail Ahmed, founder and CEO at WorldRemit, mentioned in a remark:
"This new investment will gas our expansion, and lend a hand convey our
carrier to tens of millions extra shoppers around the globe. We are
happy to draw a strategic investor whose benefit with a
objective venture is aligned with ours."