London based money transfer startup WorldRemit has raised $45m to expand its money remittance business to emerging economies.
The company’s WorldRemit app allows people to transfer their money directly through their smartphones, with plans to use the new funds to support its rapidly growing transfer volumes.
WorldRemit’s CEO and founder Ismail Ahmed said: "We want to give people the power to share money anytime, anywhere.
"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."
Users of the WorldRemit app can transfer money back home through mobile devices or computers without visiting any agents.
The money can be transferred to beneficiary bank accounts in the form of mobile money, bank transfer, cash pickup, and mobile airtime top-up.
WorldRemit claims that money can be transferred like an instant message and in a cheaper way without going through a branch network like rival Western Union.
This round of funding has been provided by TriplePoint Venture Growth BDC and Silicon Valley Bank.
TriplePoint Venture Growth BDC president Sajal Srivastava: "We are delighted to join Accel Partners and Technology Crossover Ventures in support of WorldRemit’s continued international expansion.
"It is exciting to be involved with a service that delivers real benefits to people around the world while demonstrating impressive business growth.
"WorldRemit represents what the FinTech revolution has to offer: – innovation, empowerment to individuals and new opportunities to the financial services industry."
Silicon Valley Bank UK Branch president and head of EMEA Phil Cox said: "We’re pleased to play a part in driving WorldRemit’s impressive global expansion.
"Operating across the world gives WorldRemit diversified revenue streams and a huge customer base. This is a great story of tech for good – the social impact of connecting remittances to Mobile Money services in the developing world has been huge and looks set to continue."
The company’s money transfer service generated $39m in revenue in 2015 and currently handles about 400,000 transfers a month.
Latest funding will help the company expand its network around the world.
In February, the company raised $100m from investors, with the funding led by Technology Crossover Ventures (TCV), taking its valuation to $500m.
WorldRemit is backed by Accel Partners and TCV and so far raised $192.7m.