Money transfer service WorldRemit has raised $45m in financing from TriplePoint Venture Growth BDC Corp. and Silicon Valley Bank. Pioneering a mobile-first approach to remittances, WorldRemit will use the funds to support its rapidly growing transfer volumes. The WorldRemit app lets people send money straight from their smartphone, instead of having to travel to a money transfer agent. 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. WorldRemit is the UK’s fastest-growing technology company (Deloitte Technology Fast 50 2015). The money transfer service generated $39m in revenue in 2015 – making it one of Europe’s biggest FinTech firms – and currently enables around 400,000 transfers every month.
The latest financing will help WorldRemit expand its network of partners across the world, increasing availability of instant money transfers to customers. Remittances sent via traditional money transfer agents often take days to arrive. Sajal Srivastava, President of TriplePoint Venture Growth BDC Corp., explains:
Phil Cox, Head of EMEA and President of UK Branch, at Silicon Valley Bank: “We’re pleased to play a part in driving WorldRemit’s impressive global expansion. Operating across the world gives WorldRemit diversified revenue streams and a huge customer base. This is a great story of tech for good – the social impact of connecting remittances to Mobile Money services in the developing world has been huge and looks set to continue.”
Ismail Ahmed, WorldRemit’s CEO & Founder, comments:
WorldRemit has now raised $192.7m in funding to date.
Image: worldremit
