UK-based mobile payments company, WorldRemit has entered into a definitive agreement to raise $175 million in a Series D funding round led by returning investors, TCV, Accel and Leapfrog Investments. The company provides a convenient, low-cost alternative to brick-and-mortar agents for smartphone and online payments. The company is also at the forefront of cross border money transfer having a clientele that comprises of over 4 million customers transferring money across from 50 “send” countries to 150 “receive” countries.

Breon Corcoran, CEO, WorldRemint expressed his thoughts on the company’s core objective in helping migrant worker bridge the gap between them and their families via their service offerings. He also thanked the investors in having faith in the company and spoke about launching a solution for small and medium-sized businesses.

This investment would be targeted towards the company’s global expansion of its operation and diversification of the company’s product offering for both money transfer senders and recipients.

TCV General Partner, John Doran, commented on his company’s investment in WorldRemit by stating, “In 2018, mobile and online payments to emerging markets reached a record high of $528 billion and we expect this number to increase. As WorldRemit handles a growing share of this market, we look forward to continuing working with the company to scale its digital platform and expand its service to reach many new customers across the globe.”

Accel’s Harry Nelis said: “Having first partnered with the WorldRemit team in 2014, I have seen the company grow from a London-founded startup to a global business pioneering the future of the remittance market and making international mobile payments more accessible and affordable for millions of individuals and businesses. This investment and CEO Breon Corcoran’s experience leading consumer service-oriented, global digital businesses will help fuel the next phase of global growth. We are excited to deepen our relationship with the team and help them fulfil the company’s vast potential.”

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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