Leading digital money transfer service WorldRemit has raised $40 million to drive its next phase of growth, supporting its plan to serve 10 million customers connected to emerging markets by 2020. The Series C funding round brings the total amount raised to $220m.
WorldRemit’s mobile-first, digital model allows migrants to send money in a few taps directly from their phones or online instead of going to a bricks and mortar agent. Since launching its money transfer service in Japan earlier this year, WorldRemit has seen a strong 25% growth per month in the number of transactions sent.
Currently sending from over 50 countries to 148 destinations, the funding will be used to expand WorldRemit’s service into new markets. The company’s popularity across APAC has grown rapidly and the region now accounts for 25% of WorldRemit’s total revenue.
WorldRemit handles a growing share of the $600 billion migrant money transfer market – better known as remittances. The company is a global leader in international transfers to mobile money accounts – an emerging market technology where a customer’s phone numbers acts like a bank account to hold funds.
Migrants, Photo Credit: Posters.org