Well-known digital money transfer service WorldRemit has raised $40m in Series C funding, bringing its total raised to date to $220m.
WorldRemit's mobile-first, digital model allows migrants to send money in a few taps directly from their phones or online instead of going to a bricks and mortar agent. The company's popularity across APAC has grown rapidly and the region now accounts for 25% of WorldRemit's total revenue.
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Founded in 2010, WorldRemit targets migrants with a money-transfer "remittance" service created to help them send money to families back home.
Now targeting 10 million global users by 2020, this latest injection of funds will be used to expand its service into new markets and scale its mobile-first tech - where user's phone numbers act like a bank account in order to hold funds.
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WorldRemit now claims customers in more than 50 countries, sending remittances to 148 different locations, and with its latest cash injection it plans to expand its service into new markets and "deliver innovative products and services", according to a press release.
Existing investors Accel and TCV also participated in the capital raise. The company is a global leader in worldwide transfers to mobile money accounts - an emerging market technology where a customer's phone numbers acts like a bank account to hold funds. Last month WorldRemit became Arsenal FC's first-ever online money transfer partner.
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Ismail Ahmed, founder and CEO at WorldRemit, said: "This new funding will fuel our growth, and help bring our service to millions more customers across the globe". Earlier in 2017 it announced a global integration with Android Pay. Personal experience of using money transfer agents convinced Ismail that technology could improve the sending process, enhance compliance and reduce costs to the customer. WorldRemit's global headquarters are in London, UK with regional offices in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.