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WorldRemit transfers up 55% since $40 million investment

17 December 2014  |  2503 views  |  0 Source: WorldRemit

Online money transfer service WorldRemit today shared details of its rapid growth since receiving a $40 million investment from Accel Partners, an early funder of Facebook, Spotify and Dropbox.

The company's revenue has grown 3x year-on-year, boosted by its partnership with Accel. WorldRemit now handles more than 200,000 transactions every month.

WorldRemit’s international reach has also grown significantly with the service now available to senders in 50 countries, up from 35 earlier in the year. In November, WorldRemit launched in the United States, which is expected to become one of the company’s largest markets in 2015.

The number of countries where people can send money to also increased significantly, growing from 100 to 117. Among the new additions were 15 countries in Latin America which together account for 10% of global remittances.

With more public discussion about ‘FinTech’ than ever before, WorldRemit’s standout growth attracted significant media and industry attention during 2014.

The BBC hailed founder Ismail Ahmed as “The man changing the world of remittances”. In December, WorldRemit was admitted to the prestigious TechCity UK Future Fifty alongside high profile UK tech companies such as Shazam, Hailo, and SwiftKey.

Ismail Ahmed, WorldRemit's CEO said: “This has been an incredible year for WorldRemit with the Accel investment boosting our ability to scale-up and become a truly global service. Among all of the great results, the most important measure for us is customer satisfaction. Seeing the growth of people using our service and the positive feedback we receive from them tells us that people love the speed, convenience and low-cost that WorldRemit offers.”

Other significant landmarks for WorldRemit in 2014 included:

Number of staff grew by 3x to more than 110.
Opening of the first US office in Denver, Colorado.
Launch of mobile Apps for iOS and Android with more than 30,000 downloads to date.

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