UK-based mobile payments firm WorldRemit has raised $175m in a series D funding round that it says will be used to launch a new payments business aimed at the small and medium enterprises (SME) sector.
WorldRemit has focused on the global remittance market, which continues to grow. In 2018, payments made by worers living aborad reached more than $680bn, a year-on-year increase of 10%.
The company, which was founded in 2010, currently serves more than four million customers sending money from over 50 countries to more than 150 receiving countries.
The financing, led by existing investors TCV, Accel and Leapfrog Investments, brings WorldRemit's total funding to $400m and it comes as the company prepares to scale up its business in the US having become one of a limited number of British payment providers to be granted an operating licence in all 50 US states.
“The leadership team is grateful to our investors for their continued commitment to the business," said WorldRemit chief executive Breon Corcoran. "The new money will help us to further develop the offering and we will launch a solution for small and medium-sized businesses.”
More specifically, the new offering will focus on SMEs from emerging markets that are looking to trade internationally.