WorldRemit, a UK-based remittances start-up, has secured a $45m in financing from TriplePoint Venture Growth and Silicon Valley Bank to support its growing transfer volumes.
The money transfer service generated $39m in revenue in 2015 – and currently enables around 400,000 transfers every month.
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The company enables users to transfer money abroad from a mobile device or computer with people on the other end being able to receive it in their bank accounts, by cash, to a mobile wallet or as a mobile airtime top-up.
The latest financing brings the total amount of money raised by WorldRemit to date to $192.7m. Its other investors include Accel and TCV.
WorldRemit CEO & founder Ismail Ahmed said: "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."
TriplePoint Venture Growth president Sajal Srivastava said: "WorldRemit represents what the FinTech revolution has to offer: – innovation, empowerment to individuals and new opportunities to the financial services industry."
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By GlobalDataSilicon Valley Bank head of EMEA and president of UK branch said: "Operating across the world gives WorldRemit diversified revenue streams and a huge customer base."
