LeapFrog leads $40m series-C for WorldRemit

Existing investors Accel Partners and US venture capital firm Technology Crossover Ventures (TCV) also participated in the round. The latest financing brings the total amount raised to $220m.

The funding will be used to expand the company's services into new markets.

WorldRemit's series-C is the latest in a growing wave of funding rounds for UK consumer-focused fintech companies. UK-based online bank Monzo raised £19.5m in January earlier this year, with Thrive Capital and Passion Capital taking part. It subsequently raised £71m in November.

Similarly, TransferWise raised a $280m series-E round backed by new and existing investors, including IVP and Sapphire Ventures, in November. 

Meanwhile IW Capital led an £8m series-B funding round for UK-based peer-to-peer currency exchange platform WeSwap in October 2017.

Previous funding
Accel provided WorldRemit with $40m in series-A funding in March 2014.

In February 2015, TCV led a $100m series-B round for WorldRemit. The investment round, in which existing backer Accel also took part, was intended to fund the roll-out of the service in new countries.

Company
Founded in 2009 and based in London, WorldRemit is an online money transfer firm that operates globally. The firm's digital model enables migrants to send money from their phones or online. The firm launched its money transfer service in Japan earlier this year.

Customers can send funds from 50 countries to people in 148 destinations. The business currently employs around 150 people at its London headquarters.

People
LeapFrog Investments – Stewart Langdon (partner). 
WorldRemit – Ismail Ahmed (CEO).

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• Topics
• Expansion
• UK / Ireland
• Financials
• Technology
• United Kingdom
• Accel Ventures
• Passion Capital