Photo: WorldRemit

The Series C round was led by LeapFrog Investments, with significant participation from existing investors Accel and TCV

JAKARTA (TheInsiderStories) – United Kingdom’s (UK) leading digital money transfer service WorldRemit has raised US$40 million to drive its next phase of global growth, including an expansion of its Indonesia operation, the company said in a press statement on Dec. 7.

In 2014, WorldRemit had received the backing of Accel Partners, one of the world’s most high-profile investment companies, and an early funder of Facebook, Dropbox and Spotify. Accel invested $40 million at that time.

In early 2015, WorldRemit secured a $100m investment, led by Technology Crossover Venture .

WorldRemit said the new fund use to drive its next phase of growth, supporting its plan to serve 10 million customers connected to emerging markets by 2020.

The Series C funding round brings the total amount raised to $220m. The Series C round was led by LeapFrog Investments, with significant participation from existing investors Accel and TCV.

Across APAC has grown rapidly and the region now accounts for 25 percent of WorldRemit’s total revenue. Within that, Indonesia is a key market with year-on-year growth of WorldRemit’s transfers to the country topping 40 percent. Indonesians living overseas send remittances worth billions of dollars back home every year.

Bryce Currie, Global Business Development Director in the region, comments: “Indonesians are rapidly adopting WorldRemit’s digital first money transfer service which is more convenient and lower-cost than traditional operators. This new funding will allow us to expand our network and service in Indonesia. Having a country manager in place will help us drive our growth even faster.”

WorldRemit handles a growing share of the $600 billion migrant money transfer market – better known as remittances. The company is a global leader in international transfers to mobile money accounts – an emerging market technology where a customer’s phone numbers acts like a bank account to hold funds.

Ismail Ahmed, founder and CEO at WorldRemit, comments: “This new funding will fuel our growth, and help bring our service to millions more customers across the globe”

Stewart Langdon, Partner at LeapFrog Investments, adds: “This investment is an opportunity to bring a global leader in digital remittances into the LeapFrog portfolio.”

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.

This latest funding round follows a Series B investment raised from TCV in 2015 and a Series A from Accel and Project A in 2014 – then one of the largest ever Series A rounds in Europe

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.

WorldRemit was founded in 2010 by Ismail Ahmed, a remittance specialist and former compliance advisor to the United Nations. In June 2017 WorldRemit added Android Pay to its service, offering a new way for WorldRemit’s Android Pay users to safely and securely send money to 130 million mobile money accounts accessible via its network.

WorldRemit has secured $220 million in funding backed by Accel and TCV – early investors in Facebook, Spotify, Netflix and Slack – and LeapFrog. 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.

While, LeapFrog is dedicated equity investor in financial services and healthcare for emerging market consumers, supporting fast-growth firms that deliver social impact alongside commercial returns by empowering low-income customers. LeapFrog’s existing portfolio reaches 111 million people.

Written by Linda Silaen, Email: linda.silaen@theinsiderstories.com

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