Worldremit, UK’s money transfer start up raises 100 million

What Does WorldRemit Do?

WorldRemit is an online service which allows people to send money to friends and family who live abroad using a computer, smart phone or a tablet. This is a convenient service, cost effective and a good alternative to the traditional money transfer companies which charge high fees and high street agents.

WorldRemit service is available to senders in 50 countries. The service offers money transfers to more than 110 destinations across Asia, Africa, Australia, Europe and USA.

How Much WorldRemit Funded?

WorldRemit has raised $100m  in Series B funding  on February 17^th from a Silicon Valley investor in one of largest fundraising rounds for a British technology start up, with a value of $500m. Technology Crossover Ventures, an early backer of Netflix and Facebook has invested in WorldRemit, which is one of the new leading fintech business in London. It values the company at $500m.

This deal illustrates the attractiveness of the London’s financial technology groups as the British groups prepare their moves into the US markets.

Previous funding

WorldRemit has had 7 funding rounds from 7 investors.

Series A Funding– $40m

Investors- Project A ventures and Accel Partners

• $ 1.6 m in October 2013 from Venture
• $ 2.1 m in 2013 from Venture
• $1.3m in 2012 from Venture
• $2.1 m in 2011 from Venture

What’s next of WorldRemit?

With the new money WorldRemit is going to expand internationally. The company recently opened offices in Denver, Colorado where it intends to employ more than 200 people. By the end of the year this online money transfer company is planning to be completely licenced across the country by the end of the year.

Ismail Ahmed, chief executive of WorldRemit said the US is a big part of WorldRemit’s expansion plan which is happening presently. He also said that the funding will help its growth in US.

More of WorldRemit

WorldRemit was founded by Ismail Ahmed. He started WorldRemit in 2010. In 2014 it received the backing of Accel Partners, one of the most prominent investment companies in the world.  WorldRemit focuses on delivering the best possible service to the customers.

It lets people to even send mobile airtime top-ups. WorldRemit’s goal is to get the money to the recipient in whatever way they want whenever necessary.