Accel Partners injects $40m into WorldRemit

Amy King
12 March 2014

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Accel Partners has invested $40m in WorldRemit, a global online money transfer firm based in London, in a series-A funding round.

The fresh funding will support the firm's expansion into new geographies and the development of its range of products and services.

According to unquote" data, the transaction is one of the largest series-A funding rounds in Europe recently. Other large series-A rounds in the tech space saw Index lead a $38m round for business software company NumberFour and Tenaya Capital lead a $35m round for ResearchGate, a professional network for scientists.

Company
Founded in 2009 and based in London, WorldRemit is an online money transfer firm that operates globally. Customers can send funds from 35 countries to people in more than 100 destinations. The firm's platform is accessible online, via mobile phones and tablets, and can be used to make payments by debit and credit card or via bank transfer.

The company currently enables more than 1.3 million annualised remittance transactions, employing 50 staff. It expects to employ a further 150 staff by the end of the year. WorldRemit has offices in the UK, the US, Canada, Australia, New Zealand and Hong Kong.

People
Harry Nelis represented Accel on the transaction.

Advisers
Company – William Blair & Company (Corporate finance).