WorldRemit, a London, UK-based money transfer service, raised $45m in financing.
The company, which has now raised $192.7m in funding to date, intends to use the funds to grow its transfer volumes by expanding its network of partners across the world, and increasing availability of instant money transfers to customers.
Led by Ismail Ahmed, CEO & Founder, WorldRemit provides an app that allows people to send money straight from their smartphone. Those receiving money– often in developing countries – can collect the funds as Mobile Money, bank transfer, for cash pickup or as a mobile airtime top-up.
Also backed by Accel Partners and TCV, the company generated $39m in revenue currently enabling around 400,000 transfers every month in over 50 countries and 125+ destinations. It has regional offices in the United States, Canada, Japan, Australia and New Zealand.