WorldRemit, a London, UK-based online money transfer service, raised $100m in Series B funding round.
The company intends to use the funds to extend its existing reach of 50 send countries and 117 receive countries, and expand partnerships with Mobile Money wallets operated by telecoms companies in Africa, Asia and Latin America.
Founded in 2010 by CEO Ismail Ahmed, WorldRemit provides a smartphone and web-based money transfer platform, which aims to provide an alternative to expensive brick-and-mortar agents.
The service is available in 50 countries and sends to 117 receive countries.
In January 2015, the company signed a partnership with telecoms company MTN, enabling transfers to all 16 of its Mobile Money services.
WorldRemit currently employs more than 150 people in London and others in Denver, Colorado, its U.S. base, Canada and Australia, with plans to recruit more than 200 staff.
12/03/2014: WorldRemit Closes $40M Series A VC Funding