WorldRemit is identified in the article as a money-transfer start-up that provides services for sending money. The piece reports a recent capital raise for the company. Specifically, the article states WorldRemit has raised $100m. The article does not include details on products, target markets, or operating metrics such as revenue or user counts. It also does not disclose investors, the financing instrument, valuation, or use of proceeds. No information about past rounds, founding year, location, or future plans is provided in the article. WorldRemit operates a mobile-first remittance service that lets individuals send money from developed countries to recipients in emerging markets through an app. The service covers 50 send countries and 150 receive countries and serves about 4 million users, up from 2 million in 2017; the US is its largest send market and it holds licenses to operate in all US states. The company positions itself on speed, service, security and value and describes its business as a mobile payments company beyond traditional remit services. Management says it will continue growing individual transfers while expanding into payments between small and medium-sized businesses. Leadership changed in late 2018 when founder Ismail Ahmed stepped down as CEO and was replaced by Breon Corcoran; Ahmed remains non-executive chairman. WorldRemit has been building technology to compete with incumbents and other fintech remitters as global remittance flows grow. WorldRemit operates a mobile-first remittances platform serving roughly 2 million users and enabling transfers from about 50 countries into 148 countries. Its core product is a smartphone app that routes many transfers into mobile-money services such as M-Pesa, and the company says 90% of its customers use smartphones. Management aims to grow users to 10 million and to expand origination parity so customers can send from any country where WorldRemit operates, beginning by turning receive countries in Africa into send countries. WorldRemit plans to expand in Asia (including opening a Philippines office with about 100 new employees) and to grow its U.S. origination revenue share from 14% toward 40%. The company has grown mainly organically but says acquisitions may play a role as it scales and consolidates regionally. WorldRemit operates a mobile-first app that enables people to send money from their smartphones with recipient options including Mobile Money, bank transfer, cash pickup, and airtime top-up. The company generated $39m in revenue in 2015 and currently handles around 400,000 transfers every month, making it one of Europe’s biggest FinTech firms. WorldRemit is available in over 50 countries and 125+ destinations and says most transfers to many countries are instant. The company intends to use new funding to expand its network of partners worldwide and increase availability of instant money transfers. WorldRemit is backed by Accel Partners and Technology Crossover Ventures and has raised $192.7m in funding to date. Its global headquarters are in London, with regional offices in the United States, Canada, Japan, Australia and New Zealand. WorldRemit is a London-headquartered online service that lets users send money via smartphone, tablet, or computer to friends and family in other countries. It offers bank deposits, cash pickup, instant transfers to Mobile Money wallets, and mobile airtime top-ups, and is a leading provider of instant transfers to Mobile Money. The service operates in 50 sending countries and sends to 117 receiving countries, with more than 50% of transfers to Africa received as Mobile Money or airtime top-ups. WorldRemit has grown headcount from around 40 in early 2014 to over 150, and unveiled Denver as its U.S. base with plans to recruit more than 200 staff. The company raised $100M in a Series B to extend its geographic reach and expand partnerships with Mobile Money wallets in Africa, Asia, and Latin America. WorldRemit emphasizes low fees, guaranteed exchange rates, compliance infrastructure, and a market-leading technology platform as it targets disruption of the $550B global remittance market.

Total raised

$500M

Funding rounds

6

Latest round

Equity

Latest activity

Jan 2024