TCV et al. invest $175m in WorldRemit series-D

Francesca Veronesi
03 June 2019

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US-based returning investors TCV and Accel, and UK-headquartered Leapfrog Investments have injected $175m in a series-D funding round for London-based payments company WorldRemit.

The latest round will help the business to launch services for small and medium-sized businesses, and diversify its offering.

In 2018, the US became WorldRemit's largest send market, following the company becoming one of the first UK financial service firms to secure licenses in all 50 states, according to a statement by WorldRemit.

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

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

Finally, VC firm LeapFrog led a $40m series-C funding round for WorldRemit in Q4 2017. The round of funding also saw investors Accel and TCV reinvest.

Company
Founded in 2010 and based in London, WorldRemit is a smartphone and online payments specialist, providing a low-cost alternative to bricks-and-mortar agents. It allows customers to transfer money abroad with guaranteed exchange rates and low fees. On the sending side, WorldRemit is 100% digital (cashless), which increases convenience and enhances security, according to a statement by the company.

WorldRemit serves almost four million customers transferring money from 50 "send" countries to 150 "receive" countries. Headquartered in London, the business has offices in the US, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.

People
WorldRemit – Breon Corcoran (CEO).
TCV – John Doran (general partner).
Accel – Harry Nelis (partner).