WorldRemit secures £138.6m in Series D funding led by TCV, Accel and Leapfrog Investments to expand international payment services.
The Series D financing was backed by returning investors TCV, Accel and Leapfrog Investments to support new product development.
WorldRemit operates a digital money transfer platform enabling users to send cross-border payments via smartphones and online channels. The business provides an alternative to traditional cash agents by serving millions of customers across dozens of send and receive markets.
WorldRemit has secured £138.6m in a Series D funding round led by TCV, Accel and Leapfrog Investments. The capital injection will support the expansion of the digital remittance platform and facilitate the introduction of financial solutions aimed at small and medium-sized enterprises.
Founded in 2010, the London-headquartered firm provides mobile and online payment services designed to connect expatriates and migrant workers with recipients globally. The transaction remains subject to customary closing conditions, including approval from the Financial Conduct Authority.
From the founder
"For more than eight years our core purpose has been and continues to be to help migrants send money to their families, friends and communities. Our customers play a key role in the economies where they work and their remittances are important to their home countries."
Breon Corcoran
Chief Executive Officer at WorldRemit
Investor perspective
"Over the past eight years, Ismail and his founding team have built a fantastic business that offers customers a compelling solution and value proposition. Since passing the reins to Breon and the new management team last year, the business has continued to build on this platform and accelerated. We believe the opportunity and proposition is larger than ever."
John Doran
General Partner, TCV
Use of funds
- 01Continue product development
- 02Expand into international markets
Investors
Categories
About the company
WorldRemit
WorldRemit provides digital cross-border money transfer and payment services for international senders.