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Fintech firm WorldRemit secures another $45m of funding

London-based financial technology startup WorldRemit has raised $45m (£31m) in financing which the firm hopes will drive future growth.

The new round of financing brings the firm’s total funding to almost $200m (£138m) since its foundation in 2010, which it hopes to use to expand its network of worldwide partners.

It follows a big year for the money transfer service last year, after it raised $39m (£27m) in revenue and was named as the UK’s fastest-growing technology company by Deloitte.

WorldRemit’s app is targeted primarily at migrants sending money back to their families in developing countries. Money can be transferred directly from the app and those receiving cash can collect the funds as Mobile Money, bank transfer, for cash pickup or as a mobile airtime top-up.

Ismail Ahmed, WorldRemit’s Chief Executive Officer and 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.”

Financing for this round of funding came from US-based investment firms TriplePoint Venture Growth BDC Corp and Silicon Valley Bank.

Sajal Srivastava, President of TriplePoint Venture Growth BDC Corp., was complementary about the fintech firm’s global outlook and added: “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.

“WorldRemit represents what the FinTech revolution has to offer – innovation, empowerment to individuals and new opportunities to the financial services industry.”

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