UK-based money transfer service provider WorldRemit has raised $45m in financing from TriplePoint Venture Growth BDC Corp. and Silicon Valley Bank, bringing total raised funding to $192.7m to date.
The latest financing is expected to 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.
The mobile-first approach to remittances helped WorldRemit generate $39m in revenue in 2015, and currently enables around 400,000 transfers every month.
The London headquartered 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.
Sajal Srivastava, President of TriplePoint Venture Growth BDC Corp., explained, “We are delighted to join Accel Partners and Technology Crossover Ventures in support of WorldRemit’s continued international expansion. It is exciting to be involved with a service that delivers real benefits to people around the world while demonstrating impressive business growth.”
Ismail Ahmed, WorldRemit’s CEO & Founder, commented, “We want to give people the power to share money anytime, anywhere. This latest financing will help more people send instant money transfers to their loved ones through the WorldRemit app. WorldRemit will continue to build partnerships with Mobile Money services, banks and payout networks around the world so that our service becomes universal.”
WorldRemit’s global headquarters are in London, UK with regional offices in the United States, Canada, Japan, Australia and New Zealand.