LONDON--(BUSINESS WIRE)--Leading digital money transfer service WorldRemit has raised $40 million to drive its next phase of global growth with investment in its rapidly expanding Latin American service a top priority.
The company will build its service in countries such as Mexico, Guatemala, The Dominican Republic, Columbia, El Salvador and Honduras, by expanding the pay-out network and increasing the company’s on-the-ground presence. A regional head for South America and regional head for Central America will be appointed early in 2018.
WorldRemit handles a growing share of the global $600 billion remittance market - a market which has been growing strongly in Latin America. The company is also a global leader in international transfers to mobile money accounts - an emerging market technology which is beginning to be picked up across the region.
Erick Schneider, the General Manager of WorldRemit in Latin America, comments, ”Our message of offering a better way to send money to Latin America has resonated with our customers in over 50 countries and our transaction volume has more than doubled in the past 12 months. This new funding will fuel our growth, enabling us to bring our world-class service to many more customers across the region.”
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.
The latest funding round was led by LeapFrog Investments - a dedicated equity investor in emerging markets. The company supports fast-growth firms that deliver social impact alongside commercial returns.
The round also had significant participation from existing investors - the Silicon Valley based firms, Accel and Technology Crossover Ventures (TCV).
NOTES TO EDITORS
About WorldRemit
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 and TCV – early investors in Facebook, Spotify, Netflix and Slack - and LeapFrog.
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. www.leapfroginvest.com @leapfroginvest
About Accel
Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. For more, visit www.accel.com, www.facebook.com/accel or www.twitter.com/accel
About TCV
Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. TCV has invested over $9 billion in leading technology companies and has helped guide CEOs through more than 100 IPOs and strategic acquisitions. TCV is headquartered in Palo Alto, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, please visit http://www.tcv.com
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