- WorldRemit is a mobile payments service that makes it easier to send and receive payments
- Recently, WorldRemit announced it raised $175 million
- This round of funding reportedly values WorldRemit at more than $900 million
WorldRemit, a mobile payments service, announced recently that it raised $175 million in Series D funding led by existing investors TCV, Accel Partners, and Leapfrog Investments. Launched in 2010, WorldRemit is known as a global leader in smartphone and online payments — which provides a convenient and low-cost alternative to brick-and-mortar agents. According to TechCrunch, this funding round values WorldRemit at more than $900 million.
WorldRemit has been handling a growing share of the $700 billion remittances sent each year by expatriates and migrant workers to their families and friends back home. And now WorldRemit serves almost 4 million customers transferring money from 50 “send” countries to 150 “receive” countries.
“For more than eight years our core purpose has been and continues to be to help migrants send money to their families, friends, and communities. Our customers play a key role in the economies where they work and their remittances are important to their home countries,” said WorldRemit CEO Breon Corcoran in a statement. “Our mission is to help them transfer money as securely and speedily as possible while reducing the cost to our customers. We will grow our business through differentiation on speed, service, security, and value.”
This round of funding came at a period of tremendous growth for the company. Last year, the USA became WorldRemit’s largest send market. And WorldRemit also became one of the first UK financial service firms to secure licenses in all 50 states.
“Over the past eight years, Ismail and his founding team have built a fantastic business that offers customers a compelling solution and value proposition. Since passing the reins to Breon and the new management team last year, the business has continued to build on this platform and accelerated. We believe the opportunity and proposition is larger than ever,” added TCV general partner John Doran. “In 2018, mobile and online payments to emerging markets reached a record high of $528 billion and we expect this number to increase. As WorldRemit handles a growing share of this market, we look forward to continue working with the company to scale its digital platform and expand its service to reach many new customers across the globe.”
With this round of funding, WorldRemit is going to further drive global growth and diversify the company’s product offering for money transfer senders and recipients. Plus the company is also set to launch a new money transfer solution targeting SMB owners who trade internationally especially in emerging markets.
“Having first partnered with the WorldRemit team in 2014, I have seen the company grow from a London-founded startup to a global business pioneering the future of the remittance market and making international mobile payments more accessible and affordable for millions of individuals and businesses,” noted Harry Nelis of Accel Partners. “This investment and CEO Breon Corcoran’s experience leading consumer service-oriented, global digital businesses will help fuel the next phase of global growth. We are excited to deepen our relationship with the team and help them fulfill the company’s vast potential.”
WorldRemit operates in 6,500 money transfer corridors worldwide. On the sending side, WorldRemit is 100% digital (cashless) — which increases convenience and enhances security. And on the receiving side, WorldRemit offers a wide range of options such as bank deposit, cash collection, mobile airtime top-up, and mobile money.