WorldRemit, a London, UK-based online a platform for migrants and expats to send low cost remittance payments to families and friends abroad, closed a $40m Series A venture capital funding.
Accel Partners made the investment.
The company intends to use the funds to expand into new geographies and develop additional products and services.
by Ismail Ahmed, CEO, WorldRemit provides a global online money transfer platform that allows migrants and expats from 34 countries to make online payments to families and friends in over 100 destinations.
Senders can make payments online, through smartphones or tablets, by debit or credit card, or via bank transfer. Recipients can get paid via bank deposit, direct transfers to mobile wallets, cash pickup or delivery, or airtime top-up for their mobile phones.
The company, which also has regional offices in the USA, Canada, Australia, New Zealand and Hong Kong, has partnered with leading international banks, mobile operator hubs and mobile money transfer networks including M-PESA, as well as other local money transfer networks.
It has over 50 employees and expects to expand its staff to 200 employees by the end of the year.
FinSMEs
12/03/2014