Digital money transfer company WorldRemit has netted $40m in its Series C fundraise, which was led by LeapFrog Investments.
London-headquartered WorldRemit is an online remittance business, that helps users send money to friends and family abroad from just their phone, or computer. Transferred money can be received as either a bank deposit, cash pick-up, mobile money or airtime top-up.
The platform is currently available in 20 countries and 148 destinations, and helps to process 74 per cent of international money transfers to mobile money accounts, according to the company.
This capital comes as WorlRemit plans to serve 10 million customers connected to emerging markets by 2020. Proceeds from the round will be used to expand its services into new markets and further its presence in the US market.
WorldRemit is planning to make significant growth in the US after it has seen a 260 per cent YOY growth in the market, and expects the country to represent 40 per cent of its global revenue by 2020.
LeapFrog Investments partner Stewart Langdon said, “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.”
The Series C puts total capital raised by WorldRemit up to $220m, with the company’s Series B closing in 2015 and was led by TCV.
Funding to the remittance sub-sector is evenly split between the North American and Asian markets, with both representing around a 40 per cent share of the market.