WorldRemit says it has attracted additional $100m funding to drive global growth of its online money transfer services.
The online money transfer service says the Series B funding round led by Technology Crossover Ventures (TCV), with participation from existing investor Accel Partners further reflects massive potential of online money transfers.
WorldRemit is a global leader in smartphone and web-based money transfers – providing a convenient, low-cost alternative to expensive brick-and-mortar agents.
The fresh injection of funding followed a January 2015 pact between the online money transfer service and MTN Group of South Africa under which WorldRemit enables transfers to all 16 of the company’s Mobile Money services.
[su_quote cite=”John Rosenberg, TCV General Partner, “]The $550bn global remittance market is undergoing significant disruption with a clear shift to online and mobile solutions for international money transfer.[/su_quote]
According to the company, more than 50% of all WorldRemit transfers to Africa are currently received as Mobile Money or mobile airtime top-up. Customers can also send mobile airtime top-ups.
The company enables a growing share of the $550bn in remittances sent each year by expatriates and migrant workers to their homelands.
WorldRemit says the new investment will allow the company to extend its existing reach of 50 send countries and 117 receive countries. It also hopes to expand partnerships with Mobile Money wallets operated by telecoms companies in Africa, Asia and Latin America.
“I am delighted that TCV is joining WorldRemit in our mission to enable the seamless movement of money between people across borders, Ismail Ahmed , WorldRemit Founder and CEO says following the new deal.
“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.”
According to John Rosenberg, TCV General Partner, “The $550bn global remittance market is undergoing significant disruption with a clear shift to online and mobile solutions for international money transfer.
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