Leading digital money transfer service WorldRemit has raised $40 million to drive its next phase of growth, bringing its total amount raised to $220 million.
According to Finextra, the Series C round is led by LeapFrog Investments, with significant participation from existing investors Accel and TCV.
Currently sending from over 50 countries to 148 destinations, WorldRemit is a global leader in international transfers to mobile money accounts. The new funding will be used to expand the company’s service into new markets, deliver innovative products and services, and scale the technology that underpins its mobile-first digital model.
“This new funding will fuel our growth, and help bring our service to millions more customers across the globe,” said Ismail Ahmed, founder and CEO at WorldRemit. “We are pleased to attract LeapFrog Investments, a strategic investor whose profit with a purpose mission is aligned with ours.”
LeapFrog is the largest dedicated equity investor in financial services and healthcare for emerging market consumers. Its existing portfolio reaches 111 million people.
“This investment is an opportunity to bring a global leader in digital remittances into the LeapFrog portfolio,” said Stewart Langdon, partner at LeapFrog. “WorldRemit’s model is uniquely suited to scale and offers a best-in-class service that is vital to the livelihood of millions of consumers in LeapFrog’s core markets. The company also has a huge potential to expand globally – a combination that puts it at the heart of our profit with purpose philosophy. I’m delighted that a world-class FinTech company like WorldRemit is choosing LeapFrog as its partner for growth in the emerging markets.”
Since its last funding round in 2015, WorldRemit has launched 206 new services across the globe and has grown its transaction volume by 400 percent. Last month, WorldRemit became Arsenal FC’s first-ever online money transfer partner.