WorldRemit, a London, UK-based mobile payments company, raised $175m in Series D funding.
The round – subject to customary closing conditions, including FCA approval – was led by TCV, Accel and Leapfrog Investments.
The company intends to use the funds to:
– further drive global growth,
– diversify its product offering for both money transfer senders and recipients, and
– launch a new money transfer solution targeting small and medium-sized business owners who trade internationally, especially in emerging markets.
Founded in 2010 and led by Breon Corcoran, Chief Executive Officer, WorldRemit is a global leader in smartphone and online payments – handling remittances sent each year by expatriates and migrant workers to their home countries. On the sending side, the service is 100% digital and cashless, increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.
Today, WorldRemit sends from 50 to 150 countries and operate in 6,500 money transfer corridors worldwide.