Venture capital-backed mobile payments provider WorldRemit has raised a $175m Series D round from some of its existing investors.
TCV, Accel and Leapfrog Investments led the financing for WorldRemit, which has specialised in smartphone and online payments since it was launched in 2010.
The company currently serves almost four million customers transferring money from 50 ‘send’ countries to 150 ‘receive’ countries.
WorldRemit said the Series D funding round comes at a pivotal stage in the company’s growth.
Last year the USA became WorldRemit’s largest send market, following the company becoming one of the first UK financial service firms to secure licenses in all 50 states.
WorldRemit said it would use this new investment to 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.
The transaction is subject to customary closing conditions, including FCA approval.
TCV general partner John Doran said, “Over the past eight years, Ismail and his founding team have built a fantastic business that offers customers a compelling solution and value proposition.
“…in 2018, mobile and online payments to emerging markets reached a record high of $528bn and we expect this number to increase.
“As WorldRemit handles a growing share of this market, we look forward to continue 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 added, “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.”
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