WorldRemit raises $175 Million as global money transfer market booms

Original Story Published by: Paul Sawers, venturebeat.com
Photo Source: Venture Beat

(Above) WorldRemit Website

The global remittance market is showing no signs of slowing. Recent World Bank data showed that remittances — payments made by individuals working abroad to someone in their home country — hit $689 billion in 2018, a year-on-year increase of around 10%.

For context, remittances account for more global payments each year than foreign aid, serving as a crucial facet of international development financing.

Against this backdrop, we’ve seen a slew of investments in companies that help people move their money between countries. The latest is London-based WorldRemit, which just announced a $175 million series D round, led by Accel, TCV, and Leapfrog Investments. This takes the company’s total funding to more than $400 million and follows its $40 million series C round from back in 2017.

Founded in 2010, WorldRemit targets migrants with a global money transfer service that helps them send money back to their home country. Big-name incumbents such as Western Union and MoneyGram already offer such services, of course, but WorldRemit promises a number of advantages, such as clearer fees and speedier transfers.

Based in San Francisco — with offices in Ghana and Nairobi — Chipper Cash has processed 250,000 transactions for more than 70,000 active users, according to Serunjogi.