London-based money transfer service WorldRemit has landed $45m in new funding from TriplePoint Venture Growth BDC Corp and Silicon Valley Bank.
The money, a company statement said, will be used to support the startup’s growth.
Having raised $192.7m in funding to date, WorldRemit allows people to send money straight from their smartphone, as opposed to having to use a money transfer agent.
Ismail Ahmed, WorldRemit’s CEO & Founder, said: “We want to give people the power to share money anytime, anywhere. This latest financing will help more people send instant money transfers to their loved ones through the WorldRemit app. WorldRemit will continue to build partnerships with Mobile Money services, banks and payout networks around the world so that our service becomes universal.”
Ahmed first founded the startup when he was at university, in an attempt to ease the process of sending money to his family in Africa.
Sajal Srivastava, president of TriplePoint Venture Growth BDC Corp, commented on his firm’s involvement: “We are delighted to join Accel Partners and Technology Crossover Ventures in support of WorldRemit’s continued international expansion. It is exciting to be involved with a service that delivers real benefits to people around the world while demonstrating impressive business growth. WorldRemit represents what the FinTech revolution has to offer: – innovation, empowerment to individuals and new opportunities to the financial services industry.”