INTELLIGENT BRANDS // Mobile Technology
WorldRemit raises $40m to target
5 million customers in Africa
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receive with WorldRemit, getting the benefits
of our fast, secure online service.” Since its
last funding round in 2015, WorldRemit
has launched 206 new services across the
globe and has grown its transaction volume
by 400%. The Series C round was led by
LeapFrog Investments – a dedicated equity
investor in emerging markets, supporting
fast-growth firms that deliver social impact
alongside commercial returns. The round
also had significant participation from
existing investors Accel and Technology
Crossover Ventures (TCV).
Ismail Ahmed, founder and
CEO, WorldRemit
Countries which now receive
remittances through WorldRemit
will become send countries
L
eading digital money transfer service
WorldRemit has raised $40m to drive
its next phase of global growth, aiming
to serve 10 million customers connected to
emerging markets. Half of these customers
will be in Africa. As part of the expansion,
WorldRemit will enable customers in Africa
to transfer money to 148 countries as
easily as sending an instant message, using
www.intelligentcio.com
WorldRemit currently handles 74% of
Africa’s remittances
the WorldRemit app. Countries in Africa
which now receive remittances through
WorldRemit, will become send countries.
Most importantly, the new service will make
sending money within Africa faster, easier
and low cost. According to the World Bank,
inter-Africa transfers are amongst the most
expensive in the world. Money transfers
to Africa account for more than half of
WorldRemit’s total volume of transactions.
The company currently handles 74% of
remittances to popular mobile money
services across Africa like MTN, Ecocash, Tigo
Pesa, Vodafone M-Pesa and Airtel Money,
making it the global leader in mobile-to-
mobile international money transfers.
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. Africa is a crucial market for us
and over the next few years, we will expand
our services so customers can send and
This latest funding round follows a Series B
investment raised from TCV in 2015 and a
Series A from Accel and Project A in 2014 –
then one of the largest ever Series A rounds
in Europe. n
AFRICA IS A CRUCIAL
MARKET FOR US
AND OVER THE
NEXT FEW YEARS,
WE WILL EXPAND
OUR SERVICES SO
CUSTOMERS CAN
SEND AND RECEIVE
WITH WORLDREMIT,
GETTING THE
BENEFITS OF OUR
FAST, SECURE
ONLINE SERVICE.
INTELLIGENTCIO
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