London fintech WorldRemit bags whopping $175m investment

Ben Heathcote | June 3, 2019

App Deals

Mobile payments company WorldRemit has entered into an agreement to raise $175 million in Series D funding. The round will be led by returning investors TCV, Accel and Leapfrog Investments.

London-based WorldRemit has become a global leader in smartphone and online payments since it was founded in 2010. It now serves almost four million customers and handles a growing share of the $700 billion remittances sent each year.

“Our mission is to help them transfer money as securely and speedily as possible while reducing the cost to our customers,” said CEO Breon Corcoran. “We will grow our business through differentiation on speed, service, security and value.

“The leadership team is grateful to our investors for their continued commitment to the business. The new money will help us to further develop the offering and we will launch a solution for small and medium-sized businesses.”

The company said the Series D funding comes at a “pivotal” stage in its growth. It will use the investment to further drive global growth and diversify the company’s product offering for both money transfer senders and recipients.

The company is also set to launch a new money transfer solution targeting small and medium-sized business owners who trade internationally, especially in emerging markets.

TCV general partner John Doran added:

“Over the past eight years, Ismail and his founding team have built a fantastic business that offers customers a compelling solution and value proposition. Since passing the reins to Breon and the new management team last year, the business has continued to build on this platform and accelerated. We believe the opportunity and proposition is larger than ever.”