Well-known digital money transfer service WorldRemit has raised $40m in Series C funding, bringing its total raised to date to $220m.
Customers using WorldRemit can currently transfer money from more than 50 countries to just over 140 destinations.
The money will be used to expand WorldRemit’s service into new operating markets, deliver new products and services and scale its proprietary technology.
WorldRemit’s round was led by LeapFrog Investments alongside participation from Accel and TCV.
Ismail Ahmed, founder and CEO at WorldRemit, said: “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.”
Stewart Langdon, partner at LeapFrog Investments, said this investment was an opportunity to “bring a global leader in digital remittances into the LeapFrog portfolio”.
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“WorldRemit’s model is uniquely suited to scale and offers a best in class service that is vital to the livelihood of millions of consumers in LeapFrog’s core markets. The company also has a huge potential to expand globally – a combination that puts it at the heart of our profit with purpose philosophy. I’m delighted that a world-class FinTech company like WorldRemit is choosing LeapFrog as its partner for growth in the emerging markets,” he added.
Since its last investment round in 2015, WorldRemit has launched over 206 new services across the globe and says it has increased its transaction volume by 400%.
Today’s announcement comes after the company closed a Series B from TCV in 2015 and a Series A from Accel and Project A the year before.
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