WorldRemit raises $45 million

WorldRemit raises $45 million

UK money transfer service WorldRemit has raised $45m in financing from TriplePoint Venture Growth BDC Corp. and Silicon Valley Bank, taking its total funding to nearly $200m.

Billed as the UK’s fastest-growing technology company in Deloitte's technology Fast 50 rankings, WorldRemit generated $39m in revenue in 2015 and currently enables around 400,000 transfers every month.

The WorldRemit app lets people send money straight from their smartphone, instead of having to travel to a money transfer agent. Those receiving money - often in developing countries - can collect the funds as mobile money, bank transfer, for cash pickup or as a mobile airtime top-up.

The firm says the new round of financing will help it pre-fund accounts to an extended network of mobile money partners, banks and payout networks around the world.

Sajal Srivastava, president of TriplePoint Venture Growth, says: "WorldRemit represents what the fintech revolution has to offer: - innovation, empowerment to individuals and new opportunities to the financial services industry."

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