WorldRemit raises $40m to target 10 million customers

Series C funding round brings the total amount raised to $220m

Digital money transfer service WorldRemit has raised $40 million 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 and 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 market 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 LeapFrog Investments, a strategic investor whose profit with a purpose mission is aligned with ours”.

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