WorldRemit raises $40m capital, targets 5m customers in Africa

[ad_1]

WORLDREMIT has raised $40million to drive its next phase of global growth, aiming to serve 10 million customers connected to Nigeria and other emerging markets.

As part of the expansion, WorldRemit will enable customers in Africa to transfer money to 148 countries as easily as sending an instant message, using the WorldRemit app. Countries in Africa which now receive remittances through WorldRemit, will become send countries. Most importantly, the new service will make sending money within Africa faster, easier and low cost. According to the World Bank, inter-Africa transfers are amongst the most expensive in the world.

Money transfers to Africa account for more than half of WorldRemit’s total volume of transactions. The company currently handles 74 per cent of remittances to popular mobile money services across Africa like MTN, Ecocash, TigoPesa, Vodafone M-Pesa and Airtel Money, making it the global leader in mobile-to-mobile international money transfers.

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. Africa is a crucial market for us and over the next few years, we will expand our services so customers can send and receive with WorldRemit, getting the benefits of our fast, secure online service.”

Since its last funding round in 2015, WorldRemit has launched 206 new services across the globe and has grown its transaction volume by 400 per cent. Last month WorldRemit became Arsenal FC’s first-ever online money transfer partner.

The Series C round was led by LeapFrog Investments – a dedicated equity investor in emerging markets, supporting fast-growth firms that deliver social impact alongside commercial returns. The round also had    significant participation from existing investors Accel and Technology Crossover Ventures (TCV).

This latest funding round follows a Series B investment raised from TCV in 2015 and a Series A from Accel and Project A in 2014 – then one of the largest ever Series A rounds in Europe.

 

[ad_2]

Source link

قالب وردپرس



We hope you enjoyed reading the above post. How about helping us share the information to your fans and friends on social media? Meanwhile, you can rely on us daily for the latest and relevant free forex trading signals, free forex trading market news, free forex trading technical levels, weekly Pool draws, latest news from Nigeria and the world, educational articles and quality academic information, insurance news and scientific knowledge.



Do you need a classical ORGANIST or an excellent music teacher? CALL Fabian on 08033983034 or email him at agfab2013@gmail.com


Follow us on twitter @newsbeatportal

learn how to make profit from your losing bets on nairabet, bet9ja, merrybet, surebet. 07030635051
Engage #SantexTech today to build & install inverters, training on inverters & other electronic designs, projects/kits. Call 08039574535


Click to join Talk Nigeria Today, a group where hot, controversial, and breathtaking issues are brainstormed upon.

Konga Verified Blogger

Leave a Reply