Online money transfer platform raises $45 million for next expansion round

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February 10, 2016 2:00 PM

According to Deloitte Technology's Fast 50 2015, WorldRemit is the UK’s fastest-growing technology company. The money transfer service generated $39m in revenue in 2015 – making it one of Europe’s biggest FinTech firms – and currently sees around 400,000 transfers every month.

WorldRemit app

Money transfer service WorldRemit has raised $45m in financing from TriplePoint Venture Growth BDC Corp. and Silicon Valley Bank, according to media reports. Leading a mobile-first approach to remittances, WorldRemit plans to use the funds to support its rapidly growing transfer volumes. The company has now raised a total of $192.7m in funding to date inclusive of the $100 million it raised exactly a year ago.

According to Deloitte Technology's Fast 50 2015, WorldRemit is the UK’s fastest-growing technology company. The money transfer service generated $39m in revenue in 2015 – making it one of Europe’s biggest FinTech firms – and currently sees around 400,000 transfers every month.

The latest financing round will aid the company in expanding its network of partners across the world, stepping up availability of instant money transfers to customers.

“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,” Sajal Srivastava, President of TriplePoint Venture Growth BDC Corp.

READ: Mobile money award winners announced

Commenting on the funding round, Phil Cox, Head of EMEA and President of UK Branch, at Silicon Valley Bank, said: “We’re pleased to play a part in driving WorldRemit’s impressive global expansion. Operating across the world gives WorldRemit diversified revenue streams and a huge customer base. This is a great story of tech for good – the social impact of connecting remittances to Mobile Money services in the developing world has been huge and looks set to continue.”

“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,” said Ismail Ahmed, WorldRemit’s CEO & Founder.

The WorldRemit app lets people send money directly from their smartphone, instead of having to visit a money transfer agent. Those receiving money– often in developing countries – can collect the funds as Mobile Money, bank transfer, for cash pickup or as a mobile airtime top-up, thereby simplifying the process.

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