WorldRemit, a digital money transfer service, has secured $40 million in Series C funding. LeapFrog Investments led the round with participation from return backers Accel and Technology Crossover Ventures.
London, 7 December 2017 – Leading digital money transfer service WorldRemit has raised $40 million to drive its next phase of growth, supporting its plan to serve 10 million customers connected to emerging markets by 2020.
The Series C round was led by LeapFrog Investments, which has a mission for social impact investing, with returning participation from existing investors Accel and Technology Crossover Ventures (TCV). The funding will be used to expand WorldRemit’s mobile-first, digital service into new markets, and deepen investment in existing markets, such as the United States.
The company’s U.S. headquarters, located in Denver, Colorado, will see significant expansion in 2018 to increase engineering capability and deliver innovative products and services. The U.S. is one of WorldRemit’s fastest growing send markets, with 260% year-on-year growth, and predicted to account for 40% of WorldRemit’s global revenue by 2020.
Currently sending from over 50 countries to 148 destinations, WorldRemit handles a growing share of the $600 billion migrant money transfer market – better known as remittances. The company also processes 74% of international money transfers to mobile money accounts – an emerging-market technology whereby phone numbers act like bank accounts to hold funds.
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. We are pleased to attract LeapFrog Investments, a strategic investor whose profit with a purpose mission is aligned with ours”.
Stewart Langdon, Partner at LeapFrog Investments, adds: “This investment is an opportunity to bring a global leader in digital remittances into the LeapFrog portfolio. WorldRemit’s model is uniquely suited to scale and offers a best in class service that is vital to the livelihood of millions of consumers in LeapFrog’s core markets. The company also has a huge potential to expand globally – a combination that puts it at the heart of our profit with purpose philosophy. I’m delighted that a world-class fintech company like WorldRemit is choosing LeapFrog as its partner for growth in the emerging markets.”
Since its last funding round in 2015, WorldRemit has launched 206 new services across the globe and has grown its transaction volume by 400%. Last month WorldRemit became Arsenal FC’s first-ever online money transfer partner.
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.
WorldRemit was founded in 2010 by Ismail Ahmed, a remittance specialist and former compliance advisor to the United Nations. Personal experience of using money transfer agents convinced Ismail that technology could improve the sending process, enhance compliance and reduce costs to the customer.
In November 2017 WorldRemit became Arsenal FC’s first-ever online money transfer partner in a global sponsorship deal for all Premier League, League Cup and FA Cup games. In June 2017 WorldRemit added Android Pay to its service, offering a new way for WorldRemit’s Android Pay users to safely and securely send money to 130 million mobile money accounts accessible via its network.
WorldRemit has secured $220 million in funding backed by Accel and TCV – early investors in Facebook, Spotify, Netflix and Slack – and LeapFrog. WorldRemit’s global headquarters are in London, UK with regional offices in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.
For more information, please visit the WorldRemit web site at www.worldremit.com
About LeapFrog Investments
LeapFrog invests in extraordinary businesses in Africa and Asia. We partner with their leaders to achieve leaps of growth, profitability and impact. LeapFrog companies now operate across 33 markets reaching 111 million people with financial services and healthcare. Over 93.8 million of those are emerging consumers, often accessing insurance, savings, pensions, credit and healthcare for the first time. LeapFrog companies provide jobs and livelihoods to over 114,626 people. These companies have grown on average by 43.3 per cent per annum since LeapFrog’s investment. LeapFrog was recently named by Fortune as one of the top five companies changing the world, the first private equity firm ever to be listed. www.leapfroginvest.com @leapfroginvest
Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Atlassian, Algolia, Avito, Cloudera, Crowdstrike, Deliveroo, DJI, Dropbox, Etsy, Facebook, Flipkart, Funding Circle, Kayak, QlikTech, Slack, Spotify, Supercell and WorldRemit are among the companies the firm has backed over the past 30 years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn’t have a stereotype. For more, visit www.accel.com, www.facebook.com/accel or www.twitter.com/accel
Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. TCV has invested over $9 billion in leading technology companies and has helped guide CEOs through more than 100 IPOs and strategic acquisitions. TCV investments in the financial technology sector include Automated Trading Desk, Avalara, AxiomSL, CCC Information Services, Envestnet, FX Alliance, Green Dot, iPipeline, Lynk Systems, MarketAxess, Payoneer, Retail Merchant Services (RMS), Solarc, Riskmetrics Group, Tastyworks, thinkorswim, and WorldRemit. TCV’s internet and software investments include Altiris, Dollar Shave Club, ExactTarget, Expedia, Facebook, Fandango, GoDaddy, Genesys Software, HomeAway, Merkle, Netflix, Redback Networks, Rent the Runway, Sitecore, Splunk, Spotify, VICE Media, and Zillow. TCV is headquartered in Palo Alto, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, please visit http://www.tcv.com