WorldRemit secures funding to spur global growthby TINTSWALO BALOYI
JOHANNESBURG, (CAJ News) – WORLDREMIT, the online money transfer service, announced it has raised $100 million from a round of funding led by Technology Crossover Ventures (TCV), with participation from existing investor Accel Partners.
This investment will allow WorldRemit to extend its existing reach of 50 send countries and 117 receive countries, and expand partnerships with Mobile Money wallets operated by telecoms companies in Africa, Asia and Latin America.
WorldRemit founder and Chief Executive Officer, Ismail Ahmed, expressed delight at TCV joining WorldRemit in its mission to enable the seamless movement of money between people across borders.
“We have an amazing opportunity to shake-up a stale industry and to save our customers time and money.
“We are taking money transfers into the mobile age, where people send from apps and receive on Mobile Money services,” said Ahmed, who founded World Remit in 2010.
TCV General Partner, John Rosenberg, said the $550 billion global remittance market was undergoing significant disruption with a clear shift to online and mobile solutions for international money transfer.
“We are delighted to partner with Ismail and the WorldRemit team, who are at the forefront in offering convenient, low-cost solutions, backed by a market leading technology platform, compliance infrastructure, and geographic footprint,” Rosenberg said.
William Blair (exclusive financial advisor) and Weil, Gotshal & Manges (legal) advised TVC in this transaction
The TCV-led Series B round comes less than 12 months after Accel Partners invested $40 million in WorldRemit, one of the largest ever Series A rounds in Europe.
– CAJ News
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