Business Wire

WorldRemit Raises $40M to Target 10 Million Customers and Continue Rapid Growth in Nordics


Leading digital money transfer service WorldRemit has raised $40 million to drive its next phase of growth, supporting its plan to serve 10 million customers connected to emerging markets by 2020. The Series C funding round brings the total amount raised to $220m.

Currently sending from over 50 countries to 148 destinations, the funding will be used to expand WorldRemit’s mobile-first, digital service into new markets, and deepen investment in existing markets, such as in Norway, Sweden and Denmark.

With the Nordic countries pointing the way to cashless societies, the region has been fast to adopt WorldRemit’s mobile-first service, with more than 35% year-on-year growth last year.

The Series C round was led by LeapFrog Investments, with significant participation from existing investors Accel and TCV.

WorldRemit handles a growing share of the $600 billion migrant money transfer market - better known as remittances. The company is a global leader in international transfers to mobile money accounts - an emerging market technology where a customer’s phone numbers acts like a bank account to hold funds.

LeapFrog is the largest dedicated equity investor in financial services and healthcare for emerging market consumers, supporting fast-growth firms that deliver social impact alongside commercial returns by empowering low-income customers. LeapFrog’s existing portfolio reaches 111 million people.

Ismail Ahmed, founder and CEO at WorldRemit, comments: “This new funding will fuel our growth, and help bring our service to millions more customers across the globe. We are pleased to attract LeapFrog Investments, a strategic investor whose profit with a purpose mission is aligned with ours”.

Since its last funding round in 2015, WorldRemit has launched 206 new services across the globe and has grown its transaction volume by 400%. Last month WorldRemit became Arsenal FC’s first-ever online money transfer partner.

This latest funding round follows a Series B investment raised from TCV in 2015 and a Series A from Accel and Project A in 2014 - then one of the largest ever Series A rounds in Europe.


About WorldRemit

WorldRemit was founded in 2010 by Ismail Ahmed, a remittance specialist and former compliance advisor to the United Nations. Personal experience of using money transfer agents convinced Ismail that technology could improve the sending process, enhance compliance and reduce costs to the customer.

In November 2017 WorldRemit became Arsenal FC’s first-ever online money transfer partner in a global sponsorship deal for all Premier League, League Cup and FA Cup games. In June 2017 WorldRemit added Android Pay to its service, offering a new way for WorldRemit’s Android Pay users to safely and securely send money to 130 million mobile money accounts accessible via its network.

WorldRemit has secured $220 million in funding backed by Accel and TCV – early investors in Facebook, Spotify, Netflix and Slack - and LeapFrog. WorldRemit's global headquarters are in London, UK with regional offices in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.

For more information, please visit the WorldRemit web site at

About LeapFrog Investments

LeapFrog invests in extraordinary businesses in Africa and Asia. We partner with their leaders to achieve leaps of growth, profitability and impact. LeapFrog companies now operate across 33 markets reaching 111 million people with financial services and healthcare. Over 93.8 million of those are emerging consumers, often accessing insurance, savings, pensions, credit and healthcare for the first time. LeapFrog companies provide jobs and livelihoods to over 114,626 people. These companies have grown on average by 43.3 per cent per annum since LeapFrog’s investment. LeapFrog was recently named by Fortune as one of the top five companies changing the world, the first private equity firm ever to be listed. @leapfroginvest

About Accel

Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Atlassian, Algolia, Avito, Cloudera, Crowdstrike, Deliveroo, DJI, Dropbox, Etsy, Facebook, Flipkart, Funding Circle, Kayak, QlikTech, Slack, Spotify, Supercell and WorldRemit are among the companies the firm has backed over the past 30 years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn't have a stereotype. For more, visit, or

About TCV

Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. TCV has invested over $9 billion in leading technology companies and has helped guide CEOs through more than 100 IPOs and strategic acquisitions. TCV investments in the financial technology sector include Automated Trading Desk, Avalara, AxiomSL, CCC Information Services, Envestnet, FX Alliance, Green Dot, iPipeline, Lynk Systems, MarketAxess, Payoneer, Retail Merchant Services (RMS), Solarc, Riskmetrics Group, Tastyworks, thinkorswim, and WorldRemit. TCV’s internet and software investments include Altiris, Dollar Shave Club, ExactTarget, Expedia, Facebook, Fandango, GoDaddy, Genesys Software, HomeAway, Merkle, Netflix, Redback Networks, Rent the Runway, Sitecore, Splunk, Spotify, VICE Media, and Zillow. TCV is headquartered in Palo Alto, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, please visit

Photo Media Pack

Contact information

Lucas Germanos, +44 207148 6118 (ext. 775)
Global Lead, PR and Media Relations

Tietoja julkaisijasta

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Tilaa tiedotteet sähköpostiisi

Haluatko tietää asioista jo ennen kuin ne uutisoidaan? Kun tilaat tiedotteemme, saat ne sähköpostiisi yhtä aikaa suomalaisen median kanssa. Tilauksen voit halutessasi perua milloin tahansa.

Lue lisää julkaisijalta Business Wire

Seoul Semiconductor’s SunLike Series LEDs Win Product of the Year Award from Elektronik Magazine23.3.2018 21:28Tiedote

Seoul Semiconductor, a global innovator of LED products and technology, announced on March 23rd that its SunLike Series natural spectrum LED product won the Gold Award at the Elektronik Product of the Year 2018 Awards, hosted by Elektronik (, a leading German electronics publication. This press release features multimedia. View the full release here: Product of the Year Award from Elektronik Magazine (SunLike) (Photo: Business Wire) As a publication specializing in electrical and electronic components, “Elektronik” is a prestigious magazine with an illustrious history and the largest number of subscribers in Germany. Over the past 20 years, they have conducted annual surveys among their subscribers to find the “most creative and innovative products.” Based on these survey results, Elektronik selects the top product that with the most impact in its corresponding field, and confers the awards accordingl

Elliott Welcomes Imminent Bezeq Board Overhaul and New Era for Strong Independent Governance23.3.2018 19:05Tiedote

Elliott Advisors (UK) Limited (“Elliott”), which advises funds which collectively hold a significant economic interest in Bezeq The Israeli Telecommunication Corporation Ltd. (“Bezeq” or the “Company”), welcomes the proposed governance reforms announced by Bezeq last night. In its initial letter to Bezeq Interim Chairman David Granot, dated January 16, 2018, Elliott outlined the urgent need to address the Company’s serious corporate governance issues, and called for changes at the Board level that result in “the right mixture of expertise, independence and integrity for the future.” Elliott stated then, and reiterates now, its belief that “there is significant value to be unlocked if the right steps are taken to improve its corporate governance.” Bezeq has strong business fundamentals, an exemplary workforce, and great potential. Following yesterday’s announcement, Elliott highlights the changes that have occurred since January 16th. Taken together, these amount to a revolution in the

Clovis Oncology Initiates Early Access Program for Rucaparib as Treatment and as Maintenance Therapy in Recurrent Ovarian Cancer in Europe23.3.2018 15:52Tiedote

Clovis Oncology, Inc. (NASDAQ:CLVS) today announced the initiation of an early access program in Europe for rucaparib for treatment and as maintenance therapy in recurrent ovarian cancer. The program will be overseen and implemented by Caligor Coghlan, which specializes in early access to medicines. The program, to be known as the Rucaparib Access Program (RAP), will enable participation from certain countries in Europe, where permitted by applicable rules, procedures and regulatory authorities. The RAP protocol allows for rucaparib treatment of an individual patient with third-line or greater BRCA mutant epithelial, fallopian tube, or primary peritoneal ovarian cancer who has platinum-sensitive disease and is unable to tolerate further platinum-based chemotherapy or has platinum-resistant disease and needs treatment with single agent rucaparib. The RAP protocol will also provide access to rucaparib for maintenance therapy of an individual patient with recurrent epithelial ovarian, fal

CHMP Grants Positive Opinion for Clovis Oncology’s Rubraca® (rucaparib) Tablets23.3.2018 15:50Tiedote

Clovis Oncology, Inc. (NASDAQ: CLVS) today announced that the European Union’s (EU) European Medicines Agency (EMA) Committee for Medicinal Products for Human Use (CHMP) has adopted a positive opinion recommending the granting of a conditional marketing authorization for Rubraca as monotherapy treatment of adult patients with platinum sensitive, relapsed or progressive, BRCA mutated (germline and/or somatic), high-grade epithelial ovarian, fallopian tube, or primary peritoneal cancer, who have been treated with two or more prior lines of platinum based chemotherapy, and who are unable to tolerate further platinum based chemotherapy. The European Marketing Authorization application for the treatment indication was based on objective response rate and duration of response results from two multicenter, single-arm, open-label clinical trials, Study 10 and ARIEL2, in women with advanced BRCA mutant ovarian cancer who had progressed after two or more prior chemotherapies. “The recommendation

Janssen Announces Positive CHMP Opinion for JULUCATM▼ (dolutegravir/rilpivirine)23.3.2018 15:46Tiedote

The Janssen Pharmaceutical Companies of Johnson & Johnson today announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has issued a Positive Opinion recommending marketing authorisation for JULUCA™ (dolutegravir 50mg [ViiV Healthcare UK Ltd]/rilpivirine 25mg [Janssen Sciences Ireland UC]). Dolutegravir/rilpivirine is a single-pill, two-drug regimen for the treatment of human immunodeficiency virus type 1 (HIV-1) infection in adults who are virologically suppressed (HIV-1 RNA <50 c/mL) on a stable antiretroviral regimen for at least six months with no history of virological failure and no known or suspected resistance to any non-nucleoside reverse transcriptase inhibitor (NNRTI) or integrase strand transfer inhibitor (INSTI).1 “We are delighted to be one step closer to bringing JULUCA™ to people living with HIV in Europe,” said Mathai Mammen, M.D., Ph.D., Global Head, Janssen Research & Development, LLC. “Building on our 25-year c

Aitheon Executives Educate World Leaders on Benefits, Challenges of AI at the Annual World Government Summit in Dubai23.3.2018 15:00Tiedote

Aitheon, makers of the world’s first blockchain-powered platform to solve real problems by integrating AI, robotics, IoT, human specialists and cryptocurrency, announced today that executives from the company held a series of high-level briefings with world leaders at the Annual World Government Summit in Dubai. Briefings covered the benefits and challenges of AI, and revolutionary new solutions to world challenges made possible by transformative new technologies. (Read the full release at This press release features multimedia. View the full release here: Aitheon founder and CEO, Andrew Archer, and Chief Strategy Officer, Ryan Burleson, were invited to brief leaders at the Summit by Cyrus Hodes, Co-founder and Director of the AI Initiative, an undertaking of the Future Society at Harvard University’s Kennedy School. Archer and Burleson addressed a variety of AI-related topics, including the impact of AI on

Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.

Tutustu uutishuoneeseemme